Pan African Resources PLC
(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 Africanâ€)
FULFILMENT OF ALL CONDITIONS PRECEDENT TO THE SALE OF UITKOMST COLLIERY
Further to the announcement published on 5 April 2017, Pan African is pleased to announce that all conditions precedent to the disposal of 100% of the shares and loan accounts in Pan African Resources Coal Holdings Proprietary Limited (“PAR Coalâ€) (“the Transactionâ€) have now been fulfilled. This follows Uitkomst Colliery Proprietary Limited (“Uitkomstâ€) having entered into a supply of coal agreement on terms acceptable to Coal of Africa Limited (“CoALâ€).
As a result, the effective date of the Transaction will be 30 June 2017 (“Effective Dateâ€), when CoAL will take ownership, control and management of PAR CoAL and Uitkomst and Pan African will receive its consideration which will be settled as follows:
By order of the Board
Johannesburg
26 June 2017
Contact information |
|
Corporate Office The Firs Office Building 1st Floor, Office 101 Cnr. Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0) 11 243 2900 Facsimile: + 27 (0) 11 880 1240 |
Registered Office Suite 31 Second Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0) 207 796 8644 Facsimile: + 44 (0) 207 796 8645 |
Cobus Loots Pan African Resources PLC Chief Executive Officer Office: + 27 (0) 11 243 2900 |
Deon Louw Pan African Resources PLC Financial Director Office: + 27 (0) 11 243 2900 |
Phil Dexter St James's Corporate Services Limited Company Secretary Office: + 44 (0) 207 796 8644 |
John Prior / Paul Gillam Numis Securities Limited Nominated Adviser, Joint Broker Office: +44 (0) 20 7260 1000 |
Sholto Simpson One Capital JSE Sponsor Office: + 27 (0) 11 550 5009 |
Matthew Armitt / Ross Allister Peel Hunt LLP Joint Broker Office: +44 (0) 207 418 8900 |
Jeffrey Couch/Neil Haycock/Thomas Rider BMO Capital Markets Limited Joint Broker Office: +44 (0) 207 236 1010 |
Bobby Morse/Chris Judd Buchanan Communications Public & Investor Relations UK Office: + 44 (0) 207 466 5000 |
Julian Gwillim Aprio Strategic Communications Public & Investor Relations SA Office: +27 (0)11 880 0037 |
Marius Saaiman M Squared Resources Transaction advisor Office: +27 (0)11 648 0207 |