Pan African Resources Plc - Fulfilment of conditions precedent Uitkomst Colliery
June 26 2017 - 1:00AM
PR Newswire (US)
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 UITKOMST
COLLIERY
Further to the announcement published on 5 April 2017, Pan African is pleased to announce
that all conditions precedent to the disposal of 100% of the shares
and loan accounts in Pan African Resources Coal Holdings
Proprietary Limited (“PAR Coal”) (“the Transaction”) have now been
fulfilled. This follows Uitkomst Colliery Proprietary Limited
(“Uitkomst”) having entered into a supply of coal agreement on
terms acceptable to Coal of Africa Limited (“CoAL”).
As a result, the effective date of the Transaction will be
30 June 2017 (“Effective Date”), when
CoAL will take ownership, control and management of PAR CoAL and
Uitkomst and Pan African will receive its consideration which will
be settled as follows:
- R125 million in cash on the Effective Date.
- R125 million through the issue of 261,287,625 new ordinary
shares in CoAL on the Effective Date.
- R25 million in deferred consideration (the “Deferred
Consideration”). The Deferred Consideration may be paid by CoAL at
any time prior to the second anniversary of the Effective Date. The
Deferred Consideration will bear interest at the South African
prime overdraft rate from the Effective Date. If the Deferred
Consideration and any interest accrued thereon is not paid to Pan
African by the second anniversary of the Effective Date, Pan
African may elect to have the amount due to it settled through the
issue of new CoAL ordinary shares at a price per share equal to the
30-day volume weighted average price of a CoAL ordinary share as
traded on the exchange operated by the JSE prevailing on the last
trading day immediately prior to the date that such election is
made.
By order of the Board
Johannesburg
26 June 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 |
Matthew Armitt / Ross Allister
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 |
Marius Saaiman
M Squared Resources
Transaction advisor
Office: +27 (0)11 648 0207 |
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