Pan African Resources Commences Share Buyback Programme

Strategic Insights -

Pan African Resources PLC has announced the commencement of its share buyback programme, aimed at purchasing up to ZAR 200 million (approximately £8.2 million) worth of its ordinary shares. The programme, approved by the company's board of directors, will run in parallel on both the London Stock Exchange's (LSE) AIM Market and the Johannesburg Stock Exchange (JSE). The move is part of the company's broader strategy to deliver value to its shareholders, with CEO Cobus Loots stating that the company's shares offer significant value given the quality and profitability of its existing operations and growth projects.

Key Takeaways:

  • The share buyback programme will involve the purchase of up to ZAR 200 million worth of Pan African Resources' ordinary shares.
  • The programme will run in parallel on both the LSE's AIM Market and the JSE.
  • The company will acquire shares at a price not exceeding 105% of the average closing price of a share on the relevant market.
  • The shares will be acquired through an agreement with Peel Hunt LLP, which will act as principal on the LSE and the JSE.
  • The company has entered into a two-limb structure with Peel Hunt to implement purchases made under the programme.
  • Details of any purchases made under the programme will be provided via RNS and SENS announcements and published on the company's website.

Statistics:

  • The share buyback programme has a maximum price of 105% of the average closing price of a share on the relevant market.
  • The programme will run for an undetermined period, with the company intending to cancel the shares acquired pursuant to the programme.
  • The company has a registered share capital of 1,444,860,333 shares.
  • The company has a maximum number of shares that can be acquired under the programme, of 144,486,033 shares (10% of the registered share capital).

Sources:

  • The Johannesburg Stock Exchange
  • Pan African Resources PLC
  • Peel Hunt LLP
  • The Companies Act 2006
  • The Market Abuse Regulation (EU) 2016/1052
  • The JSE Listings Requirements
  • The European Union (Withdrawal) Act 2018
  • The Market Abuse Regulation (Amendment) (EU Exit) Regulations 2019