Business
Delay in Share Capital Reduction
Pan African Resources PLC has announced a delay in its proposed share capital reduction, which involves cancelling the company's share premium account and certain shares. The Court did not approve the reduction due to insufficient notice being given to all shareholders, particularly some in South Africa who had indicated they would not normally receive company notices. Consequently, the reduction will not proceed as originally planned. Pan African intends to convene a new general meeting in the New Year to seek renewed approval for the share capital reduction, with the aim of pursuing it thereafter if approved. Disclaimer*
About this update from Pan African Resources Plc
[{"type":"text","content":"\n\n \n \n \n \n \n \n \n \n Pan African Resources PLC\n \n \n \n \n Pan African Resources Funding Company\n \n \n (Incorporated and registered in England and Wales \n \n \n Limited\n \n \n under Companies Act 1985 with registered \n \n \n \n Incorporated in the Republic of South Africa\n \n \n number 3937466 on 25 February 2000)\n \n \n \n with limited liability\n \n \n Share code on LSE: PAF\n \n \n \n \n \n Registration number: 2012/021237/06\n \n \n Share code on JSE: PAN\n \n \n \n \n \n Alpha code: PARI\n \n \n ISIN: GB0004300496\n \n \n ADR code: PAFRY\n \n \n (“\n \n Pan African\n \n ” or “the \n \n Company\n \n ” or “the \n \n Group\n \n ”) \n \n \n \n \n \n \n \n \n DELAY IN SHARE CAPITAL REDUCTION\n \n \n \n Pan African refers to the proposed share capital reduction involving the cancellation of the Company’s share premium account and the cancellation and extinguishment of certain shares in the Company’s capital (\"\n \n Share Capital Reduction\n \n \"). Pan African announces that, at a hearing held on 19 December 2025, the Court was not satisfied that notice of the general meeting at which resolutions were passed to approve and implement the Share Capital Reduction had been appropriately given to all shareholders. Certain shareholders in South Africa had indicated that they would not normally wish to receive notices from the Company and hence did not receive the formal notification of the capital reduction. Notwithstanding that several of shareholders in this category became aware of the meeting through other means and voted on the resolutions in any event, the Court determined that the Share Capital Reduction could not proceed. Accordingly, the Share Capital Reduction will not be proceeding on the timetable originally envisaged.\n \n \n Instead, it is envisaged that the Company will convene another general meeting, by distributing a new circular and notice of general meeting to all shareholders, in the New Year. The purpose of the general meeting will be to seek a renewed approval of the Share Capital Reduction. If approved, the Company intends to pursue the Share Capital Reduction shortly thereafter.\n \n \n Rosebank\n \n \n 22 December 2025\n \n \n \n \n \n For further inf...