REG-Pan African Resources Plc: Correction : Trading Statement <Origin Href="QuoteRef">PAFR.L</Origin>

Pan African ResourcesAnnouncement

21/08/2017 16:30

The original announcement should have included the following text… The
financial information contained in this trading statement has neither been
reviewed nor audited by the Company’s auditors.

The corrected announcement is attached.

 

Pan African Resources PLC
("Pan African" or “the Company" or “the Group”)
(Incorporated and registered in England and Wales under Companies Act 1985
ith registered number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496

TRADING STATEMENT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2017

In 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.

Pan African is incorporated in England and Wales under the Companies Act 1985
and accordingly, its presentation currency is Pounds Sterling (“GBP”).

The average ZAR:GBP exchange rate affects the reporting of results in GBP. For
the reporting period ended 30 June 2017 (“current reporting period”), the
average prevailing ZAR:GBP exchange rate will be used to translate earnings
per share (“EPS”) and headline earnings per share (“HEPS”) from ZAR to
GBP. 

For the reporting period ended 30 June 2016 (“prior reporting period”),
the average ZAR:GBP exchange rate was ZAR21.45:1. For the current reporting
period, the ZAR strengthened against the GBP, with an average exchange rate of
ZAR17.25:1. This 19.6% year-on-year appreciation in the average exchange rate
should be taken into account for purposes of a comparison with the prior
reporting period.

The Group records its revenue from precious metals sales in ZAR. The strength
in the value of the ZAR/USD exchange rate during the period under review had
an adverse impact on the USD metals revenue received when translated into ZAR.
In the current reporting period, the average ZAR/USD exchange rate was 6.3%
stronger at R13.59:1 (2016: R14.51:1).

In the current reporting period the Group’s weighted average number of
shares in issue decreased by 13.6% to 1,564,346,115 shares, from 1,811,427,377
shares in the prior reporting period. This reduction is due to the following:
* For accounting purposes, the weighted average number of shares upon
consolidation excludes the 436,358,058 shares held by PAR Gold Proprietary
Limited (“PAR Gold”). The PAR Gold shares were acquired on 7 June 2016
and, in the current reporting period, the Group benefitted from a full year
exclusion of these shares in the calculation of the weighted average number of
shares outstanding. In the prior reporting period, these shares were only
excluded for less than a month for the purposes of calculating the weighted
average number of shares in issue.
* In the current reporting period, on 12 April 2017, the Group issued
291,480,983 ordinary shares to fund the equity component of the Elikhulu
tailings retreatment plant’s construction.
Shareholders are referred to the recent Group operational update released on
20 July 2017, which highlighted the Group’s production performance for the
year ended 30 June 2017.

Pan African advises shareholders that its EPS and HEPS for the current
reporting period are expected to be between:
1. EPS: 39% to 29% lower than the 30.20 cents for the prior reporting period
(being expected EPS of 18.30 cents to 21.32 cents).
1. HEPS: 38% to 28% lower than the 30.20 cents for the prior reporting period
(being expected HEPS of 18.66 cents to 21.68 cents).
Using the average ZAR:GBP 17.25:1 exchange rate that prevailed during the
current reporting period, the Group’s EPS and HEPS in GBP terms for the
current reporting period are expected to be between:
1. EPS: 24% to 13% lower than the 1.41 pence for the prior reporting period
(being expected EPS of 1.07 pence to 1.22 pence).
1. HEPS: 22% to 12% lower than the 1.41 pence for the prior reporting period
(being expected HEPS of 1.10 pence to 1.24 pence).
Phoenix Platinum (Pty) Ltd. and Uitkomst Colliery (Pty) Ltd. were classified
as discontinued operations at the end of the current reporting period,
therefore the EPS and HEPS guidance provided above comprises earnings from
discontinued and continued operations. There were no discontinued operations
in the prior reporting period.

The financial information contained in this trading statement has neither been
reviewed nor audited by the Company’s auditors. The Group’s audited year
end results for the year ended 30 June 2017 will be released on 21 September
2017.

For further information on Pan African, please visit the Company’s website
at www.panafricanresources.com

21 August 2017

Corporate Office

The Firs Office Building

1st Floor, Office 101

Cnr. Cradock and Biermann Avenues

Rosebank, Johannesburg

South Africa

Office:   + 27 (0) 11 243 2900

Facsimile: + 27 (0) 11 880 1240

Registered Office

Suite 31

Second Floor

107 Cheapside

London

EC2V 6DN

United Kingdom

Office:   + 44 (0) 20 7796 8644

Facsimile: + 44 (0) 20 7796 8645

 Cobus Loots                            Deon Louw                                
 Pan African Resources PLC              Pan African Resources PLC                
 Chief Executive Officer                Financial Director                       
 Office: + 27 (0) 11 243 2900           Office: + 27 (0) 11 243 2900             
                                                                                 
                                                                                 
                                                                                 
 Phil Dexter                            John Prior / Paul Gillam                 
 St James's Corporate Services Limited  Numis Securities Limited                 
 Company Secretary                      Nominated Adviser and Joint Broker       
 Office: + 44 (0) 20 7796 8644          Office: +44 (0) 20 7260 1000             
                                                                                 
 Sholto Simpson                         Matthew Armitt / Ross Allister           
 One Capital                            Peel Hunt LLP                            
 JSE Sponsor                            Joint Broker                             
 Office: + 27 (0) 11 550 5009           Office: +44 (0) 20 7418 8900             
                                                                                 
 Julian Gwillim                         Jeffrey Couch/Neil Haycock/Thomas Rider  
 Aprio Strategic Communications         BMO Capital Markets Limited              
 Public & Investor Relations SA         Joint Broker                             
 Office: +27 (0)11 880 0037             Office: +44 (0) 20 7236 1010             

Bobby Morse/Chris Judd

Buchanan Communications

Public & Investor Relations UK

Office: +44 (0) 207 466 5000

www.panafricanresources.com



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