Trading Statement for the six months ended 31 D...

About this update from Pan African Resources Plc

[{"type":"text","content":"\n \nPan African Resources PLC(Incorporated and registered in England and Walesunder Companies Act 1985 with registered number3937466 on 25 February 2000)Share code on AIM: PAFShare code on JSE: PANISIN: GB0004300496(“Pan African” or “the Company”)\n\nTRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019\n\nIn terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next, will differ by at least 20% from those of the previous corresponding period.\n\nPan African changed its presentation currency from pounds sterling (“GBP”) in the previous reporting period to United States dollars (“USD”) for the six months ended 31 December 2019 (“current reporting period”). Reporting in USD provides a more comparable presentation currency for the group’s financial position, financial performance and cash flow. All group subsidiaries are incorporated in South Africa and their functional currency is South African rand (“ZAR”). The group’s business is conducted in ZAR and the accounting records are maintained in the same currency, except precious metal product sales, which are conducted in USD prior to conversion into ZAR.\n\nThe ZAR:USD exchange rate affects the reporting of results in USD. For the current reporting period, the average ZAR:USD exchange rate is used in translating ZAR results into USD.\n\nDuring the current reporting period, the average ZAR:USD exchange rate was R14.70:1 (2018: R14.19:1), and the closing ZAR:USD exchange rate was R14.08:1 (2018: R14.36:1). The H1-on-H1 change in the average and closing exchange rates of 3.6% and (1.9%), respectively, must be taken into account for the purposes of translating and comparing H1-on-H1 results. The weighted average number of shares in issue remained unchanged at 1,928.3 million shares (2018: 1,928.3 million shares).\n\nPan African advises shareholders that its USD earnings per share (“EPS”) and headline earnings per share (“HEPS”) in respect of its operations for the current reporting period are expected to be as follows:\n\n\n\n\nSix months ended31 December 2019Expected results(USD cents)\nSix months ended 31 December 2018 \nSix ...

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