Business
Proposed Capital Reduction & Notice of Genera...
Pan African Resources PLC is convening a new general meeting on March 26, 2026, to seek shareholder approval for a proposed capital reduction, which aims to rectify past dividend payments totaling approximately US$28.249 million and share buybacks amounting to £958,169, and to amend the company's Articles of Association. This capital reduction involves cancelling the company's share premium account, which stood at US$10,877,178 as of June 30, 2025, and extinguishing shares repurchased in July 2025. The company is undertaking this process to ensure it has sufficient distributable reserves to support its progressive dividend policy and to avoid potential claims against shareholders and directors. The proposed capital reduction is expected to become effective on April 29, 2026, subject to court confirmation. Disclaimer*
About this update from Pan African Resources Plc
[{"type":"text","content":"\n\n \n \n \n \n \n \n \n \n \n \n \n \n Pan African Resources PLC\n \n \n (Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 3937466 on 25 February 2000)\n \n \n Share code on LSE: PAF\n \n \n Share code on JSE: PAN\n \n \n ISIN: GB0004300496\n \n \n ADR ticker code: PAFRY\n \n \n (“Pan African Resources” or the “Company” or the “Group”) \n \n \n \n \n \n \n \n \n \n \n Pan African Resources Funding Company Limited\n \n \n Incorporated in the Republic of South Africa with limited liability\n \n \n Registration number: 2012/021237/06\n \n \n Alpha code: PARI\n \n \n \n \n \n \n \n \n \n \n PROPOSED CAPITAL REDUCTION AND NOTICE OF GENERAL MEETING\n \n \n \n Shareholders are referred to the announcement published on 22 December 2025, in terms of which the Company advised, \n \n inter alia\n \n , that the previously 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 (“Capital Reduction”) would not proceed, as a result of the Court not being satisfied that notice of the general meeting (at which resolutions were passed to approve and implement the Capital Reduction) had been appropriately given to all shareholders. \n \n \n \n \n \n In the circumstances, the Company hereby gives notice that a new general meeting of shareholders (“General Meeting”) will be held at the offices of Druces LLP, Sixth Floor, 99 Gresham Street, London EC2V 7NG on Thursday, 26 March 2026 at 11:00 a.m. (London time). The purpose of the General Meeting will be to seek, \n \n inter alia\n \n , a renewed approval of the Capital Reduction and approval of a proposed amendment to the Company’s Articles of Association.\n \n \n \n \n \n Shareholders are advised that the notice of General Meeting and circular will be distributed to shareholders today, being Tuesday, 17 February 2026.\n \n \n \n \n \n \n The circular provides information, in respect of a capital reduction to enable the Company to pay future dividends, address the payment of certain past distributions by the Company by way of dividends, and in respect of certain share buy backs as well as the resultant related party transactions and a proposed amendment to the Company’s Articles of...