Business
SHANDUKA TO EXCHANGE ITS 26% IN BARBERTON FOR 2...
SHANDUKA TO EXCHANGE ITS 26% IN BARBERTON FOR 2....
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \nPan African Resources plc\n\n(Incorporated and registered in England and Wales under Companies Act 1985 with\nregistered number 3937466 on 25 February 2000)\n\nShare code on AIM: PAF\n\nShare code on JSE: PAN\n\nISIN: GB0004300496\n\n(\"Pan African\" or the \"Company\")\n\nSHANDUKA TO EXCHANGE ITS 26% SHAREHOLDING IN BARBERTON MINES FOR A 21%\nSHAREHOLDING IN PAN AFRICAN AND SUPERSESSION AND REPLACEMENT OF EXISTING\nSHANDUKA RIGHTS\n\n1. INTRODUCTION\n\nPan African announces that on 18 June 2009 it concluded an agreement with\nShanduka Gold (Proprietary) Limited (\"Shanduka Gold\") and Shanduka Gold's\nholding company, Shanduka Resources (Proprietary) Limited (\"Shanduka\nResources\"), (together \"Shanduka\") (the \"Share Exchange Agreement\") whereby Pan\nAfrican will acquire Shanduka Gold's current 26% shareholding in Barberton\nMines (Proprietary) Limited (\"Barberton Mines\"), in exchange for the issue of\nnew ordinary shares in Pan African to Shanduka Gold (\"Share Exchange\" or\n\"Transaction\"). The new ordinary shares to be issued to Shanduka Gold will\nrepresent 21% of the enlarged issued share capital of Pan African following\nimplementation of the Share Exchange. Upon implementation of the Transaction,\nBarberton Mines will become a wholly-owned subsidiary of Pan African.\n\n2. SUPERSESSION AND REPLACEMENT OF SHANDUKA'S EXISTING RIGHTS\n\nShanduka was granted certain rights detailed in paragraph 6.4 of Part VI of the\nCompany's Pre-Listing Statement and Re-admission Document dated 4 July 2007,\nwhich rights were amended in August 2008 (the \"Shanduka Rights\").\n\nFollowing implementation of the Transaction, the Shanduka Rights will be\nsuperseded and replaced in terms of the Share Exchange Agreement. The Shanduka\nRights which will be superseded and replaced include:\n\n * the right granted by Pan African to Shanduka Resources whereby Shanduka\n Resources has the option to exchange its 26% shareholding in Barberton\n Mines for 208,611,579 new ordinary Pan African shares (\"Flip-up Right\");\n and\n \n * the right granted by Pan African to Shanduka Resources whereby Shanduka\n Resources has the option to subscribe for an additional 64,304,622 ordinary\n Pan African shares at a 15% discount to the three month volume weighted\n average trading price of Pan African shares on all markets immediately\n preceding the s...