14 Mar 2013 12:51
PAN AFRICAN RESOURCES PLC - Completion of the Acquisition of EvanderPAN AFRICAN RESOURCES PLC - Completion of the Acquisition of Evander
PR Newswire
London, March 14
(Incorporated and registered in England and Wales under Companies Act 1985
with registered number 3937466 on 25 February 2000) AIM Code: PAF JSE Code: PAN ISIN: GB0004300496 ("Pan African" or " the Company")ANNOUNCEMENT REGARDING THE COMPLETION OF THE ACQUISITION OF EVANDER GOLD MINES
LIMITED ("EVANDER") FROM HARMONY GOLD MINING COMPANY LIMITED ("TRANSACTION")
Pan African shareholders are referred to the announcement published by theCompany on 15 February 2013 wherein they were advised that the Transaction hadbecome unconditional.
Pan African is pleased to further advise its shareholders that, as envisaged inthe announcement of 15 February 2013, the Company assumed effective controlover Evander on 28 February 2013 and has settled the Transaction purchaseconsideration ("Purchase Consideration") in full.
Payment of the Purchase Consideration was funded through a combination of cashresources held by Pan African and Evander (including the proceeds receivedthrough Pan African's R703 million rights offer) ("Cash Resources") and bankfunding in the form of a R600 million revolving credit facility ("RCF"). PanAfrican utilised R350 million from the RCF for purposes of funding a portion ofthe Purchase Consideration, with the remaining portion being funded from CashResources.
Following payment of the Purchase Consideration, R250 million of the RCFremains unutilised and the Pan African group had operational cash resourcesavailable of R157.4 million as at 13 March 2013.
14 March 2013
Lead Corporate Adviser, Transaction Sponsor and JSE Sponsor to Pan African
One Capital Joint Corporate Adviser and Independent Transaction Sponsor to Pan African Nedbank Capital Legal Counsel to Pan African Werksmans Inc. PAN AFRICAN ENQUIRIES UK South Africa Pan African Resources Canaccord Genuity Limited - Nomad and Joint BrokerMr Cobus Loots Andrew Chubb / Peter Stewart /Non-executive director and Joint Interim Sebastian Jones / Joe WeavingChief Executive Officer +44 (0) 20 7523 8350+27 (0) 11 305 8900 Mr Ron Holding Chief Operating Officer and Joint Interim Chief Executive Officer +27 (0) 11 243 2900 One Capital finnCap Limited - Joint Broker Sholto Simpson / Megan Young Elizabeth Johnson / Joanna Weaving +27 (0) 11 550 5000 +44 (0) 20 7220 0500 Vestor Investor Relations St James's Corporate Services Limited Louise Brugman Phil Dexter +27 (0) 11 787 3015 +44 (0) 20 7499 3916 +27 83 504 1186 Gable Communications Justine James +44 (0) 20 7193 7463 / +44 (0) 7525 324431For further information on Pan African, please visit the website atwww.panafricanresources.com
Pan African Resources (PAF)