Acceptance of the Jadeite Offer

About this update from Pan African Resources Plc

[{"type":"text","content":"\n \nPan African Resources PLC\n\n(Incorporated and registered in England and Wales under Companies Act 1985with registered number 3937466 on 25 February 2000)\n\nShare code on AIM: PAF\n\nShare code on JSE: PAN\n\nISIN: GB0004300496\n\n(“Pan African” or the “Company”)\n\nACCEPTANCE OF THE JADEITE OFFER\n\nPan African shareholders (“Shareholders”) are referred to the announcement published by the Company on 26 May 2016 (“Jadeite Announcement”), wherein Shareholders were advised that the Company had presented an offer (“Offer”) to Jadeite Limited (“Jadeite”) to acquire its 33.6% interest in Shanduka Gold Proprietary Limited subject to certain terms and conditions (“Jadeite Transaction”), and had concluded a bookbuild in terms of which it had secured undertakings from certain Shareholders and new institutional investors to acquire a maximum of 111 711 791 new Pan African ordinary shares (“Placement Shares”) pursuant to a vendor consideration placing (“Vendor Placing”).\n\nFurther to the Jadeite Announcement, Shareholders are advised that Jadeite has accepted the Offer and both the SBSA Transaction and Jadeite Transaction (the “Transactions”) have become unconditional. The Company expects the Transactions to be concluded simultaneously on or about 7 June 2016.\n\nApplication has been made to the London Stock Exchange for admission of the Placement Shares to trading on AIM. The Company has received approval from the JSE Limited for the listing and trading of the Placement Shares on its Main Board (“Main Board”). It is expected that admission and listing of the Placement Shares on AIM and the Main Board will become effective on or about 3 June 2016.\n\nCompletion of the Vendor Placing remains conditional on, inter alia, admission of the Placement Shares to trading on AIM.\n\nRosebank, Johannesburg\n\n1 June 2016\n\nFor further information on Pan African, please visit the Company’s website at http://www.panafricanresources.com/     \n\nSole Corporate Advisor in respect of the Transactions, South African Bookrunnerand JSE Sponsor to Pan AfricanOne Capital\n\nSouth African Legal Advisors to Pan AfricanWebber Wentzel\n\nUK Bookrunners\n\n\n\nNumis Securities Limited\nPeel Hunt LLP\n\n\n\nUK Legal Advisors to Pan AfricanFladgate LLP\n\nLegal Advisors to UK Bo...

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