Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                         
                                                                                        
                                                                                        
                                                                                        
1. Identity of the issuer or the underlying issuer                                      
of existing shares to which voting rights are                  Pan African Resources Plc
attached:ii                                                                             
                                                                                        
2 Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                      YES    
                                                                                        
An acquisition or disposal of qualifying financial instruments which may                
result in the acquisition of shares already issued to which voting rights               
are attached                                                                            
                                                                                        
An acquisition or disposal of instruments with similar economic effect to               
qualifying financial instruments                                                        
                                                                                        
An event changing the breakdown of voting rights                                        
                                                                                        
Other (please specify):                                                                 
                                                                                        
3. Full name of person(s) subject to the                           ALLAN GRAY UNIT TRUST
notification obligation:iii                                          MANAGEMENT LIMITED.
                                                                                        
4. Full name of shareholder(s)                                                          
 (if different from 3.):iv                                                              
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                                             19/10/2011
reached: v                                                                              
                                                                                        
6. Date on which issuer notified:                                                       
                                                                                        
7. Threshold(s) that is/are crossed or                                                5%
reached: vi, vii                                                                        
                                                                                        


 

8. Notified details:                                                                                  
                                                                                                      
A: Voting rights attached to shares viii, ix                                                          
                                                                                                      
Class/type   Situation previous             Resulting situation after the triggering transaction      
of           to the triggering                                                                        
shares       transaction                                                                              
                                                                                                      
             Number            Number       Number      Number of voting       % of  voting rights x  
if possible  of                of           of shares   rights                                        
using        Shares            Voting                                                                 
the ISIN                       Rights       Direct      Direct xi     Indirect Direct    Indirect     
CODE                                                                  xii                             
                                                                                                      
                                                                                                      
                                                                                                      
GB0004300496 97,039,417        97,039,417   107,210,019 107,210,019            5.0006%                
                                                                                                      
                                                                                                      
                                                                                                      
                                                                                                      
                                                                                                      
B: Qualifying Financial Instruments                                                                   
                                                                                                      
Resulting situation after the triggering transaction                                                  
                                                                                                      
Type of        Expiration       Exercise/                Number of voting               % of voting   
financial      date xiii        Conversion Period xiv    rights that may be             rights        
instrument                                               acquired if the                              
                                                         instrument is                                
                                                         exercised/ converted.                        
                                                                                                      
                                                                                                      
                                                                                                      
                                                                                                      
                                                                                                      
C: Financial Instruments with similar economic effect to Qualifying Financial                         
Instruments xv, xvi                                                                                   
                                                                                                      
Resulting situation after the triggering transaction                                                  
                                                                                                      
Type of       Exercise price   Expiration  Exercise/    Number of voting rights  % of voting rights   
financial                      date xvii   Conversion   instrument refers to     xix, xx              
instrument                                 period xviii                                               
                                                                                                      
                                                                                                      
                                                                                 Nominal   Delta      
                                                                                                      
                                                                                                      
                                                                                                      
                                                                                                      
                                                                                                      
Total (A+B+C)                                                                                         
                                                                                                      
Number of voting rights                            Percentage of voting rights                        
                                                                                                      
107,210,019                                        5.0006%                                            
                                                                                                      


 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable: xxi                          
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                                        
Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                                                           
                                                                                        
11. Number of voting rights proxy holder will cease                                     
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                                       
voting rights:                                                                          
                                                                                        
                                                                                        
                                                                                        
                                                                                        
13. Additional information:                                                             
                                                                                        
14. Contact name:                                                                       
                                                                                        
15. Contact telephone number: