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 African" or "Company")
PAN AFRICAN'S RIGHTS OFFER SUBSCRIBED TO THE EXTENT OF 175%
1. RESULTS OF THE RIGHTS OFFER
Pan African is pleased to announce to its shareholders ("Shareholders") the
successful completion of the Company's ZAR703 million rights offer, to be
implemented through the issue of 370,071,902 new Pan African ordinary shares ("
Rights Shares") at a subscription price of ZAR1.90 or 14 pence per Rights Share
("Subscription Price") ("Rights Offer").
The Rights Offer closed on Friday, 11 January 2013. Pan African received
subscription applications for a total of 645,898,862 Rights Shares, equating to
175% of the available Rights Shares. Accordingly, Pan African has successfully
raised the full ZAR703 million from the Rights Offer.
Pan African shall apply the Rights Offer proceeds towards the acquisition of
Evander Gold Mines Limited.
The details of the Rights Offer take-up are as follows:
Number of Rights % of available
Shares Rights Shares
Total Rights Shares available in terms of 370,071,902 100
the Rights Offer
Rights Shares subscribed for by following 350,996,361 95
of rights
Excess Rights Shares available 19,075,541 5
Excess Rights Shares applied for 294,902,501 80
Oversubscription 275,862,960 75
Jan Nelson, CEO of Pan African, said:
"The overwhelming support of the rights offer by investors indicates a strong
message of confidence for the Evander acquisition and Pan African's longer term
strategy. We have raised sufficient equity funding which, together with our
strong cash generation from the operations and secured revolving line of
credit, allows us to comfortably fund this acquisition.
We intend to extract maximum benefit from Evander whilst eliminating our
historical single asset risk by diversifying the company's risk across two
profitable assets."
2. SALIENT DATES FOR THE ISSUE AND SETTLEMENT OF THE RIGHTS SHARES
The expected timetable of principal events relating to the issue and settlement
of the Rights Shares in South Africa ("SA") is set out below:
2013
SA dematerialised Shareholders' ("SA Dematerialised 9.00 am on 14
Shareholders") (or their renouncees') accounts credited January
with Rights Shares and debited with the aggregate
Subscription Price by their CSDP or broker
Certificates in respect of Rights Shares posted to SA 14 January
certificated Shareholders ("SA Certificated Shareholders")
(or their renouncees) on or about
Results of Rights Offer published in the SA press 15 January
SA Dematerialised Shareholders' (or their renouncees') 9.00 am on 16
accounts will be credited with excess Rights Shares (if January
any) and debited with the aggregate Subscription Price
Share certificates and/or refund cheques in respect of 16 January
excess Rights Shares will be posted to SA Certificated
Shareholders (or their renouncees) on or about
The expected timetable of principal events relating to the issue and settlement
of the Rights Shares in the United Kingdom is set out below:
2013
Dealings in Rights Shares, fully paid, commenced on the 8.00 am on 14
AIM Market of the LSE January
Rights Shares credited to CREST stock accounts 14 January
Expected date for crediting excess Rights Shares to CREST 16 January
stock accounts
Despatch of definitive share certificates for the Rights by no later than 28
Shares and excess Rights Shares in certificated form and/ January
or refund cheques in respect of excess Rights Shares
14 January 2013
Sole Bookrunner, Corporate Adviser and JSE Transaction Sponsor to the Rights
Offer
One Capital
Independent Sponsor to the Rights Offer
Nedbank Capital
SA Attorneys to the Rights Offer
Cliffe Dekker Hofmeyr Inc.
UK Legal Counsel to the Rights Offer
Fasken Martineau
Enquiries
South Africa UK
Pan African Resources Canaccord Genuity Limited - Nomad and
Joint Broker
Jan Nelson, Chief Executive Officer
Rob Collins / Peter Stewart / Sebastian
+27 (0) 11 243 2900 Jones / Joe Weaving
+44 (0) 20 7523 8350
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 324431
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