20th Feb 2020 13:27
(Alliance News) - Pan African Resources PLC said Thursday that Chief Executive Officer Cobus Loots bought 150,000 shares on Wednesday.
The purchase on the Johannesburg Stock Exchange was at ZAR2.47 per share and worth ZAR370,500 in total. The stock was down 0.8% on Thursday at ZAR2.48. In London, it was up 0.3% at 12.50 pence.
Loots's total holding following the purchase on Wednesday was 1.2 million shares.
Pan African Resources on Tuesday had reported improved performance in the first half of its current financial year despite challenges.
The Johannesburg-based gold producer said pretax profit more than doubled to USD27.2 million in the six months to the end of 2019 from USD12.0 million reported a year earlier, as revenue rose to USD132.7 million from USD97.5 million.
The company highlighted that South Africa's operating environment remains "challenging", with key issues being electricity availability, illegal mining, community protests and disruptions, escalating costs and regulatory uncertainty.
Gold produced by Pan African during the first half increased by 15% to 92,941 ounces from 81,014 ounces a year ago, taking total gold sales for the period up 14% to 90,602 ounces from 79,765 ounces.
By Tom Waite; [email protected]
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