Pan African Resources PLC

(Incorporated and registered in England
and Wales under the Companies Act 1985    Pan African Resources Funding Company
with registered number 3937466 on 25      Limited
February 2000)
                                          Incorporated in the Republic of South
Share code on AIM: PAF                    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)

REGISTRATION OF CAPITAL REDUCTION AND EFFECTIVE DATE

The Company is pleased to announce that, further to the announcement on 10 June 2024, confirming the passing of the resolution at the general meeting of the Company to approve the cancellation of the Company’s share premium account (the “Capital Reduction Resolution”), the reduction of capital (“Capital Reduction”) has now become effective.

 

Following the passing of this resolution, formal approval by the High Court of Justice (the "Court") of the Capital Reduction was granted on 2 July 2024. The Court order confirming the Capital Reduction and statement of capital approved by the Court, was registered with the Registrar of Companies on 18 July 2024, and therefore the Capital Reduction became effective on this date.  

 

Details of the Capital Reduction, the purpose of which was to create distributable reserves and to enable the Company to address certain historic dividends issues, were more particularly set out in the Company's notice of general meeting, published by the Company on 24 May 2024, a copy of which is available on the Company’s website.

 

Following the Capital Reduction, the Company’s net asset value and   number of ordinary shares of 2,222,862,046 in issue (including 306,358,058 shares held in treasury) remains unchanged.

 

Rosebank

19 July 2024

For further information on Pan African, please visit the Company's website at

www.panafricanresources.com

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|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 3869 0706        |
|                                      |                                    |
|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 3869 0706          |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         |
|______________________________________|____________________________________|