Pan African Resources PLC
("Pan African")
(Incorporated and registered in England and Wales under Companies Act 1985 with
registered number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
27 August 2015
RESPONSE TO INTERNATIONAL FERRO METALS LIMITED ANNOUNCEMENT REGARDING BUSINESS
RESCUE
Pan African shareholders are referred to the regulatory announcement published
on 26 August 2015 by International Ferro Metals Limited ("IFL"), whereby IFL
announced that as a result of deteriorating business conditions, its South
African subsidiary, International Ferro Metals (SA) Pty Limited ("IFMSA"), has
entered into Business Rescue. Business Rescue is a statutory means of enabling
a financially distressed company to continue business, under the supervision of
a Business Rescue Practitioner, protected from its creditors.
Pan African's wholly-owned subsidiary, Phoenix Platinum Mining (Proprietary)
Limited ("Phoenix"), is situated on the IFMSA property, and a portion of the
feedstock for the Phoenix operation (currently approximately 20%) is obtained
from tailings arising from IFMSA's current processing activities. Phoenix is
not solely reliant on material from IFMSA, and has alternative sources of
feedstock.
Phoenix also sources electricity, water and certain other services from IFMSA.
At this stage, Phoenix is not in a position to fully assess the impact of the
Business Rescue proceedings referred to above on Phoenix's operations. Phoenix
and Pan African will work closely with the IFMSA Business Rescue Practitioner
to ensure that the operations and interests of Phoenix are safeguarded, which
includes the services currently provided by IFMSA. All stakeholders will be
kept informed as these discussions progress.
For the half year ended December 2014, Phoenix contributed approximately 7% to
Pan African's profit after tax.
For further information on Pan African Resources plc, please visit the
Company's website at http://www.panafricanresources.com/
Contact Details
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
Facsmile: + 27 (0) 11 880 1240
Registered Office
Suite 31
Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office: + 44 (0) 207 796 8644
Facsmile: + 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/ James Black
St James's Corporate Services Limited Numis Securities Limited
Company Secretary Nominated Adviser and Joint Broker
Office: + 44 (0)207 796 8644 Office: +44 (0)207 260 1000
Nigel Gordon Sholto Simpson
Fasken Martineau LLP One Capital
Solicitors in the UK JSE Sponsor
Office: +44 (0)207 917 8500 Office: + 27 (0)11 550 5009
Julian Gwillim Daniel Thole
Aprio Strategic Communications Bell Pottinger PR
Public & Investor Relations SA Public & Investor Relations UK
Office: +27 (0)11 880 0037 Office: + 44 (0)203 772 2500
Matthew Armitt / Ross Allister
Peel Hunt LLP
Joint Broker
Office: +44 (0)020 7418 8900
www.panafricanresources.com
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
25.65 GBX | +3.43% | +11.76% | +52.14% |
Mar. 27 | Sainsbury's, Petershill Partners upped to 'buy' | AN |
Feb. 14 | Transcript : Pan African Resources PLC, H1 2024 Earnings Call, Feb 14, 2024 |
EPS Revisions
1st Jan change | Capi. | |
---|---|---|
+52.14% | 592M | |
+2.73% | 49.27B | |
+19.89% | 32.63B | |
-1.04% | 29.96B | |
+11.89% | 24.43B | |
+33.41% | 9.95B | |
-.--% | 8.61B | |
+16.58% | 8.27B | |
+3.07% | 8.19B | |
+18.32% | 6.08B |
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