Business
Acquisition and Readmission
Acquisition and Readmission.
About this update from Pan African Resources Plc
[{"type":"text","content":"\n Pan African Resources PLC\n04 July 2007\n\n\n \n\n4 July 2007\n\n\n Pan African Resources plc\n\n ('Pan African' or the 'Company')\n\n\n PROPOSED ACQUISITION OF BARBERTON MINES (PTY) LIMITED ('BARBERTON MINES') AND\n RE-ADMISSION TO AIM\n\n\nThe Directors of Pan African are pleased to provide more details of the\nCompany's proposed acquisition of 74 per cent. of Barberton Mines which will\nestablish Pan African as a gold production company. Shareholders are also\ninformed that an admission document (the 'Admission Document') has been\npublished today, together with a notice convening an Extraordinary General\nMeeting of the Company to be held at 10.30 am on 27 July 2007 (or as soon\nthereafter as the Annual General Meeting of the Company convened for the same\ndate and place shall have been concluded or adjourned).\n\n\nThe Existing Ordinary Shares of the Company were suspended from trading pending\nthe publication of the Admission Document and have recommenced trading today. A\ncopy of the Admission Document is available from the Company's web site,\nwww.panafricanresources.com and is expected to be posted to Shareholders\nshortly.\n\n\nCapitalised terms used in this announcement but not otherwise defined have the\nmeanings given to them in the Admission Document.\n\n\nSummary\n\n\n • Proposed acquisition of a 74 per cent. interest in Barberton Mines\n resulting in the issue of 593,740,476 Ordinary Shares\n • Proposed issue of 60,000,000 Ordinary Shares to Pangea\n • Adoption of the new share option plan\n • Admission of Enlarged Share Capital to trading on AIM\n • Secondary listing of the Enlarged Share Capital on Altx\n\n\nJan Nelson, Chief Executive Officer of Pan African said, 'The proposed\ntransaction will result in Pan African being transformed from a junior gold\nexplorer to a mid-tier gold producer and explorer that can fund its own\nexploration activities. It allows the Company to form a strategic partnership\nwith Metorex which brings with it access to seasoned entrepreneurial, management\nand technical skills. This will not only greatly assist the Company in the\ndevelopment of its projects but also enhance its ability to source new projects.\nIn addition, the Company also gains Shanduka Resources as a shareholder and\nstrategic partner providing the Company with another avenue to source\nexploration op...