Business
Further re Conditional acquisition of 25% stake...
Further re Conditional acquisition of 25% stake....
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \n30 April 2010\n\n Pan African Resources PLC \n\n (`Pan African' or the `Company' or the `Group') \n\n(Incorporated and registered in England and Wales under Companies Act 1985 with\n registered number 3937466 on 25 February 2000) \n\n Share code on AIM: PAF \n\n Share code on JSE: PAN \n\n ISIN: GB0004300496 \n\n Date extended for Pan African to complete due diligence investigations in \n respect of its conditional acquisition of a 25% stake in the RK1 Consortium, \n and renewal of cautionary announcement \n\nShareholders are referred to the announcement released on Wednesday, 31 March\n2010 in which Pan African advised that it had signed a conditional Sale and\nPurchase Agreement to acquire a 25% interest in the RK1 Consortium (`RK1') (the\n`Transaction'). RK1 owns a Chromite Tailings Retreatment Plant ('CTRP')\nsituated at Kroondal on the Western Limb of the Bushveld Complex in the North\nWest Province of South Africa, which produces Platinum Group Metals (`PGM')\nconcentrate. The Transaction, if completed, is expected to provide Pan African\nwith access to low cost attributable PGM ounces and further strengthen the\nCompany's earnings and operating cash flows.\n\nThe Transaction is subject to, inter alia, the successful completion of a\ntechnical and financial due diligence investigation (`Due Diligence') by Pan\nAfrican, which was anticipated to have been completed by the Company by the end\nof April 2010. Shareholders are advised that the parties to the Sale and\nPurchase Agreement have agreed to extend the period for the completion of the\nDue Diligence to Monday, 17 May 2010.\n\nRenewal of Cautionary announcement\n\nShareholders are referred to the cautionary announcement released on Wednesday,\n31 March 2010, and are advised that the pro forma financial effects of the\nTransaction are still being determined and may have a material effect on the\nprice of the securities of the Company. Accordingly, shareholders are advised\nto continue exercising caution when dealing in the securities of the Company\nuntil the pro forma financial effects of the Transaction have been announced on\nthe JSE Limited Securities Exchange News Service and the London Stock Exchange\nRegulatory News Service.\n\n ENDS \n\nFor further information on Pan African Resources please visit the website at\nwww.panafricanresources.com\n\nEnquiries: \n ...