26th Jun 2007 07:02
Pan African Resources PLC26 June 2007 26 June 2007 Pan African Resources plc ("Pan African" or "the Company") Update on Barberton Transaction Pan African Resources plc (AIM: PAF), the African based exploration company,announces that it has obtained South African Reserve Bank ("SARB") approval forthe proposed Barberton acquisition. Highlights: •SARB approval a major step forward in completing the Barberton Acquisition •Documentation for shareholder approval to be issued during the first half of July The Company is pleased to announce that South African Reserve Bank approval hasbeen obtained for the proposed acquisition of Barberton Mines Limited, announcedon 20 December 2006. All material conditions to the successful completion of theBarberton transaction have now been fulfilled except for Johannesburg StockExchange ("JSE") and Shareholder approvals. The Company is expected to submitdocumentation for final JSE approval in the next week. Once approval is receivedfrom the JSE the Company will post documentation which will fully describe thetransaction to shareholders, with a notice convening an extraordinary generalmeeting. The Company expects to post this documentation during the first half ofJuly and it is expected that trading in the Company's shares on AIM willre-commence with the issue of the documentation. Jan Nelson, CEO of Pan African, said: "We are delighted with the announcementfrom SARB. We are now looking forward to our re-admission onto AIM andsubsequent secondary listing onto AltX. This is the springboard of almost ayear's work and will significantly enhance shareholder value in the Company aswell as strategically position Pan African for further growth opportunities." ENDS Enquiries Pan African Resources Ambrian Partners Jan Nelson / CEO Richard Brown / NOMAD +27 (0) 82 4945628 +44 (0) 207 776 6400 Colin Bird / Chairman + 44 (0) 207 584 2144 Parkgreen Communications - United Kingdom Justine Howarth/Clare Irvine +44 (0) 207 851 7480 FD Beachhead - South Africa Jennifer Cohen/Louise Brugman +27 (0) 82 468 6469 / + 27 (0) 83 504 1186 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pan African Resources