Business
Interim Results
Interim Results.
About this update from Pan African Resources Plc
[{"type":"text","content":"\n Pan African Resources PLC\n24 May 2007\n\n\n24th May 2007\n\n PAN AFRICAN RESOURCES PLC\n\n 9 Month Interim Statement at 31 December 2006\n\n\nResult for the period\n\nDuring the period under review, the Group returned a loss of £685,805 as\ncompared with a loss of £865,249 in the eighteen-month period to 31 March 2006.\nAs at 31 December 2006 the Company had a cash balance of approximately £750,704.\n\n\nMarket Update\n\nThe Company announced on 20 December that it had signed a conditional Sale of\nShares Agreement with Metorex Limited to purchase 74% of Barberton Mines Limited\nin South Africa. The proposed transaction is intended to provide the Company\nwith a strong production base to further pursue its exploration and development\nstrategy.\n\nThis transaction is near conclusion and the Group's advisers are awaiting\ncertain regulatory approvals prior to release of an Admission Document and the\nconvening of an EGM for shareholders to consider and if thought appropriate,\napprove the transaction.\n\nOn publication of the Admission Document the shares will recommence trading,\nwhich hopefully will arise as soon as the regulatory approvals are received.\n\nAs Barberton prepares accounts to 30 June, the Group will report its next full\nresult to 30 June 2007. Accordingly, nine month interims have been prepared.\n\nIn order to continue to incentivise the current continuing Directors and Pangea\nExploration, options over their 20,700,000 ordinary shares of 1p each\nexerciseable at 4p per share have been extended for a further three years,\nconditional upon approval of the transaction referred to above. Formal details\nwill be included in the Admission Document.\n\nYour Board thanks the shareholders for their patience during the period since 20\nDecember while the transaction has been processed, but trust that the enhanced\nvalue of the enlarged group once completed will make the delay worthwhile.\n\n\nFor further information please contact:\n\nPan African Resources Ambrian Partners Limited Parkgreen Communications\nNathan Steinberg Richard Brown Justine Howarth\nFinance Director +44 (0) 20 7776 6417 +44 (0) 20 7851 7480\n+44 (0) 20 7845 7500\n\n\nPAN AFRICAN RESOURCES PLC\nAND SUBSIDIARIES\n\n\nCONSOLIDATED PROFIT AND LOSS ACCOUNT\nPeriod ended 31 December 2006\n\n 9 months to 18 months to\n 31/12/06 31/03/06\n (restated)\...