PAN African Resources (PAF)

 

LSE:PAF: Fulfilment of all Conditions Precent - Phoenix Platinum

PAN African Resources

07 Nov 2017 07:00:00

Pan African Resources Plc

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?)

FULFILMENT OF ALL CONDITIONS PRECEDENT TO THE SALE OF PHOENIX PLATINUM MINING PROPRIETARY LIMITED (?PHOENIX PLATINUM?)

Further to the announcement published on 31 July 2017, Pan African is pleased to announce that all conditions precedent to the disposal of 100% of the shares and loan accounts in Phoenix Platinum to Sylvania Platinum Limited (?Transaction?) have now been fulfilled.

This follows, amongst other conditions, the approval of the Transaction by the South African Competition Authorities in accordance with the Competition Act, No. 89 of 1998.

The effective date of the Transaction is 6 November 2017, following the cash settlement of the Transaction consideration of R89 million or approximately US$6.3 million.

By order of the Board

Johannesburg

7 November 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

Ross Allister / Chris Burrows
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  


www.panafricanresources.com