Business
Statement re Metorex Disposes of stake in Pan A...
Statement re Metorex Disposes of stake in Pan A....
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \n PAN AFRICAN RESOURCES PLC \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 (\"Pan African\" or the \"Company\") \n\n METOREX LIMITED (\"METOREX\")DISPOSES OF STAKE IN PAN AFRICAN \n\n 1. INTRODUCTION\n \nPan African has been informed that its controlling shareholder, Metorex, has\nbeen engaged in a bookbuilding exercise in order to dispose of its\napproximately 53.4% shareholding in Pan African (\"the Metorex Bookbuild\"). The\nresults of the Metorex Bookbuild were announced by Metorex on SENS earlier\ntoday and notified in writing to the Company.\n\nThe Metorex Bookbuild was conducted exclusively in regard to the shares held by\nMetorex in Pan African and did not involve the issue of or subscription for any\nnew Pan African shares. The Metorex Bookbuild is expected to significantly\nincrease the liquidity of trading in Pan African shares as a consequence of the\nintroduction of more institutional and retail shareholders to Pan African and\nthe removal of Metorex as the controlling shareholder of Pan African.\n\nShanduka Gold (Proprietary) Limited (\"Shanduka Gold\") has, in addition to the\nshare exchange (\"the Shanduka Share Exchange\") detailed in the announcement\ndated 19 June 2009 (\"the Share Exchange Announcement\"), increased its\nshareholding in Pan African through the purchase of an additional 5% of the\nenlarged share capital of Pan African post the Share Exchange, subject to the\nterms and conditions set out in paragraph 4 below.\n\n 2. RESULTS OF THE BOOK BUILD\n \nPan African is pleased to note that the Metorex Bookbuild was oversubscribed.\nThe price at which Metorex disposed of its Pan African shares through the\nMetorex Bookbuild was ZAR 0.65 per Pan African ordinary share (approximately\n4.9 pence).\n\nPan African has been informed that the following entities acquired Pan African\nshares through the Metorex Bookbuild:\n\n PreShanduka \n Share Exchange\n \nAcquired by No of Shares % of Pan \n African \n \nCoronation Fund Managers Limited 244,400,000 21.97% \n \nAllan Gray Limited 107,000,000 9.62% \n \nShanduka Gold 1 70,417,036 6.33% \n \nJP Morgan Securities (United 60,000,000 5.39% \nKingdom) \n \nInvestec Limited 50,000,000 4.49% \n \...