Pan African Resources Plc - Pan African Concludes Five-Year Wage Agreement at Barberton Mines and Maturation of the Barberton Mines' Employee Share Ownership Plan (ESOP)
Pan African Resources PLC
(Incorporated and registered in England
and Wales under the Companies Act 1985
with registered number 3937466 on 25 Pan African Resources Funding Company February 2000 ) Limited
Share code on AIM: PAF Incorporated in the Republic of South
Africa with limited liability
Share code on JSE: PAN
Registration number: 2012/021237/06
ISIN: GB0004300496
Alpha code: PARI
ADR ticker code: PAFRY
(“Pan African” or the “Company” or the
“Group”)
PAN AFRICAN CONCLUDES FIVE-YEAR WAGE AGREEMENT AT BARBERTON MINES AND MATURATION OF THE BARBERTON MINES’ EMPLOYEE SHARE OWNERSHIP PLAN (ESOP)
Pan African is pleased to inform shareholders and noteholders that the Company has concluded a milestone five-year wage agreement (“the Agreement”) for wage increases and other conditions of service with the
The current five-year wage agreement with UASA (the other representative union at Barberton Mines), entered into in 2021, is valid for another two years, until
Maturation of Barberton Mines’ ESOP scheme
The maturation of this ESOP scheme has realised meaningful benefits for qualifying employees over its life.
The scheme was destined to mature on
More than 2,200 employees qualified to receive final maturity payments, with payments dependent on the number of completed years of service.
Pan African CEO
“We are pleased to have entered into multi-year wage agreements at Barberton Mines, which will ensure stability in labour relations at this operation over the coming years. The maturation of Barberton’s ESOP has also realised tangible benefits to all its participants.”
Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.
Rosebank
For further information on Pan African, please visit the Company's website at
___________________________________________________________________________ |Corporate information | |___________________________________________________________________________| |Corporate office |Registered office | | | | |The Firs Building |2nd Floor | | | | |2nd Floor, Office 204 |107 Cheapside | | | | |Cnr. Cradock and Biermann Avenues |London | | | | |Rosebank, Johannesburg |EC2V 6DN | | | | |South Africa |United Kingdom | | | | |Office: + 27 (0)11 243 2900 |Office: + 44 (0)20 7796 8644 | | | | |info@paf.co.za|info@paf.co.za | |______________________________________|____________________________________| |Chief executive officer |Financial directorand debt officer | | | | |Cobus Loots |Deon Louw | | | | |Office: + 27 (0)11 243 2900 |Office: + 27 (0)11 243 2900 | |______________________________________|____________________________________| |Head: Investor relations | | | | | |Hethen Hira |Website: www.panafricanresources.com| |Tel: + 27 (0)11 243 2900 | | |E-mail: hhira@paf.co.za | | |______________________________________|____________________________________| |Company secretary |Nominated adviser and joint broker | | | | |Jane Kirton |Ross Allister/Georgia Langoulant | | | | |St James's Corporate Services Limited |Peel Hunt LLP | | | | |Office: + 44 (0)20 7796 8644 |Office: +44 (0)20 7418 8900 | |______________________________________|____________________________________| |JSE Sponsor and JSE debt sponsor |Joint broker | | | | |Ciska Kloppers |Thomas Rider/Nick Macann | | | | |Questco Corporate Advisory Proprietary|BMO Capital Markets Limited | |Limited | | | |Office: +44 (0)20 7236 1010 | |Office: + 27 (0)11 011 9200 | | |______________________________________|____________________________________| | |Joint broker | | | | | |Matthew Armitt/Jennifer Lee | | | | | |Joh. Berenberg, Gossler & Co KG | | | | | |Office: +44 (0)20 3207 7800 | |______________________________________|____________________________________|
