Pan African Resources PLC
26 June 2007
26 June 2007
Pan African Resources plc
('Pan African' or 'the Company')
Update on Barberton Transaction
Pan African Resources plc (AIM: PAF), the African based exploration company,
announces that it has obtained South African Reserve Bank ('SARB') approval for
the proposed Barberton acquisition.
Highlights:
•SARB approval a major step forward in completing the Barberton
Acquisition
•Documentation for shareholder approval to be issued during the first half
of July
The Company is pleased to announce that South African Reserve Bank approval has
been obtained for the proposed acquisition of Barberton Mines Limited, announced
on 20 December 2006. All material conditions to the successful completion of the
Barberton transaction have now been fulfilled except for Johannesburg Stock
Exchange ('JSE') and Shareholder approvals. The Company is expected to submit
documentation for final JSE approval in the next week. Once approval is received
from the JSE the Company will post documentation which will fully describe the
transaction to shareholders, with a notice convening an extraordinary general
meeting. The Company expects to post this documentation during the first half of
July and it is expected that trading in the Company's shares on AIM will
re-commence with the issue of the documentation.
Jan Nelson, CEO of Pan African, said: 'We are delighted with the announcement
from SARB. We are now looking forward to our re-admission onto AIM and
subsequent secondary listing onto AltX. This is the springboard of almost a
year's work and will significantly enhance shareholder value in the Company as
well as strategically position Pan African for further growth opportunities.'
ENDS
Enquiries
Pan African Resources Ambrian Partners
Jan Nelson / CEO Richard Brown / NOMAD
+27 (0) 82 4945628 +44 (0) 207 776 6400
Colin Bird / Chairman
+ 44 (0) 207 584 2144
Parkgreen Communications - United Kingdom
Justine Howarth/Clare Irvine
+44 (0) 207 851 7480
FD Beachhead - South Africa
Jennifer Cohen/Louise Brugman
+27 (0) 82 468 6469 / + 27 (0) 83 504 1186
This information is provided by RNS
The company news service from the London Stock Exchange