Pan African Resources Plc Fulfilment of conditions precedent Uitkomst Colliery
June 26 2017 - 1:00AM
UK Regulatory
TIDMPAF
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 Registered Office
The Firs Office Building Suite 31
1st Floor, Office 101 Second Floor
Cnr. Cradock and Biermann Avenues 107 Cheapside
Rosebank, Johannesburg London
South Africa EC2V 6DN
Office: + 27 (0) 11 243 2900 United Kingdom
Facsimile: + 27 (0) 11 880 1240 Office: + 44 (0) 207 796 8644
Facsimile: + 44 (0) 207 796 8645
Cobus Loots Deon Louw
Pan African Resources PLC Pan African Resources PLC
Chief Executive Officer Financial Director
Office: + 27 (0) 11 243 2900 Office: + 27 (0) 11 243 2900
Phil Dexter John Prior / Paul Gillam
St James's Corporate Services Numis Securities Limited
Limited Nominated Adviser, Joint Broker
Company Secretary Office: +44 (0) 20 7260 1000
Office: + 44 (0) 207 796 8644
Sholto Simpson Matthew Armitt / Ross Allister
One Capital Peel Hunt LLP
JSE Sponsor Joint Broker
Office: + 27 (0) 11 550 5009 Office: +44 (0) 207 418 8900
Jeffrey Couch/Neil Haycock/Thomas Bobby Morse/Chris Judd
Rider Buchanan Communications
BMO Capital Markets Limited Public & Investor Relations UK
Joint Broker Office: + 44 (0) 207 466 5000
Office: +44 (0) 207 236 1010
Julian Gwillim Marius Saaiman
Aprio Strategic Communications M Squared Resources
Public & Investor Relations SA Transaction advisor
Office: +27 (0)11 880 0037 Office: +27 (0)11 648 0207
END
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