Business
Trading Statement & Dividend Guidance
Trading Statement & Dividend Guidance.
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\" or the \"Group\") \n\n TRADING STATEMENT AND DIVIDEND GUIDANCE \n\nPan African Resources PLC, the JSE and AIM listed gold mining company, provides\nthe following trading statement to shareholders.\n\nThe Company advises shareholders that it expects its 2014 full year earnings\nper share (\"EPS\") in both South African Rand (\"ZAR\")and Pound Sterling (\"GBP\")\nterms to be over 20 per cent lower than the EPS for the year ended 30 June\n2013.\n\nPan African is incorporated in England and Wales under Companies Act 1985 and\naccordingly its presentation currency is GBP.\n\nIn terms of paragraph 3.4(b) of the Listings Requirements of JSE Limited, a\nlisted company is required to publish a trading statement as soon as it is\nsatisfied that a reasonable degree of certainty exists that the financial\nresults for the period to be reported on next, will differ by at least 20 per\ncent from those of the previous corresponding period.\n\nShareholders are reminded that the 2013 financial year EPS included an\nexceptional gain related to the acquisition of Evander Mines (Proprietary)\nLimited from Harmony Gold Limited and impairment charges/losses on disposal\nrelated to Phoenix Platinum (Proprietary) Limited and Auroch Minerals NL. The\nnet effect of these once-off transactions was increased earnings of ZAR71.9\nmillion (4.44 cents per share) or GBP7.4 million (0.46 pence per share) for\n2013.\n\n2014 EPS, denominated in GBP, are expected to be between 42 per cent and 47 per\ncent lower than those of the previous corresponding period (2013: 2.63 pence\nper share).\n\n2014 EPS, calculated in ZAR, using the average ZAR: GBP exchange rate of 16.88\nthat prevailed for the year ended 30 June 2014 (2013: 13.84), are expected to\nbe between 26 per cent and 31 per cent lower than those of the previous\ncorresponding period (2013: 34.51 cents per share).\n\nWhen adjusted for the 2013 exceptional items mentioned above, headline earnings\nper share (\"HEPS\"), denominated in GBP, are expected to be between 30 per cent\nand 35 per cent lower than those of the previous cor...