7th Nov 2017 07:00
Pan African Resources Plc - Fulfilment of all Conditions Precent - Phoenix PlatinumPan African Resources Plc - Fulfilment of all Conditions Precent - Phoenix Platinum
PR Newswire
London, November 6
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 OfficeThe Firs Office Building1st Floor, Office 101Cnr. Cradock and Biermann AvenuesRosebank, JohannesburgSouth AfricaOffice: + 27 (0) 11 243 2900Facsimile: + 27 (0) 11 880 1240 | Registered OfficeSuite 31Second Floor107 CheapsideLondonEC2V 6DNUnited KingdomOffice: + 44 (0) 207 796 8644Facsimile: + 44 (0) 207 796 8645 |
| Cobus Loots Pan African Resources PLCChief Executive Officer Office: + 27 (0) 11 243 2900 | Deon LouwPan African Resources PLCFinancial DirectorOffice: + 27 (0) 11 243 2900 |
| Phil DexterSt James's Corporate Services LimitedCompany SecretaryOffice: + 44 (0) 207 796 8644 | John Prior / Paul GillamNumis Securities LimitedNominated Adviser, Joint BrokerOffice: +44 (0) 20 7260 1000 |
| Sholto SimpsonOne CapitalJSE SponsorOffice: + 27 (0) 11 550 5009 | Ross Allister / Chris BurrowsPeel Hunt LLPJoint BrokerOffice: +44 (0) 207 418 8900 |
| Jeffrey Couch/Neil Haycock/Thomas RiderBMO Capital Markets LimitedJoint BrokerOffice: +44 (0) 207 236 1010 | Bobby Morse/Chris JuddBuchanan CommunicationsPublic & Investor Relations UKOffice: + 44 (0) 207 466 5000 |
| Julian GwillimAprio Strategic CommunicationsPublic & Investor Relations SAOffice: +27 (0)11 880 0037 www.panafricanresources.com | |
Related Shares:
Pan African Resources