Correction : Trading Statement

About this update from Pan African Resources Plc

[{"type":"text","content":"\n \nThe original announcement should have included the following text… The financial information contained in this trading statement has neither been reviewed nor audited by the Company’s auditors.\n\nThe corrected announcement is attached.\n\n \n\nPan African Resources PLC(\"Pan African\" or “the Company\" or “the Group”)(Incorporated and registered in England and Wales under Companies Act 1985ith registered number 3937466 on 25 February 2000)Share code on AIM: PAFShare code on JSE: PANISIN: GB0004300496\n\nTRADING STATEMENT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2017\n\nIn terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next, will differ by at least20% from those of the previous corresponding period.\n\nPan African is incorporated in England and Wales under the Companies Act 1985 and accordingly, its presentation currency is Pounds Sterling (“GBP”).\n\nThe average ZAR:GBP exchange rate affects the reporting of results in GBP. For the reporting period ended 30 June 2017 (“current reporting period”), the average prevailing ZAR:GBP exchange rate will be used to translate earnings per share (“EPS”) and headline earnings per share (“HEPS”) from ZAR to GBP. \n\nFor the reporting period ended 30 June 2016 (“prior reporting period”), the average ZAR:GBP exchange rate was ZAR21.45:1. For the current reporting period, the ZAR strengthened against the GBP, with an average exchange rate of ZAR17.25:1. This 19.6% year-on-year appreciation in the average exchange rate should be taken into account for purposes of a comparison with the prior reporting period.\n\nThe Group records its revenue from precious metals sales in ZAR. The strength in the value of the ZAR/USD exchange rate during the period under review had an adverse impact on the USD metals revenue received when translated into ZAR. In the current reporting period, the average ZAR/USD exchange rate was 6.3% stronger at R13.59:1 (2016: R14.51:1).\n\nIn the current reporting period the Group’s weighted average number of shares in issue decreased by 13.6% to 1,564,346,115 shares, from 1,811,427,377 shares in the prior reporting p...

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