REG-Pan African Resources Plc: Intention to move from AIM to London Main Market

Pan African ResourcesAnnouncement

Mon 07:02

THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION TO BUY, SUBSCRIBE FOR OR
OTHERWISE ACQUIRE SHARES IN PAN AFRICAN RESOURCES PLC IN ANY JURISDICTION IN
WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

Pan African Resources PLC    Pan African Resources Funding Company

(Incorporated and registered in England and Wales   Limited

under Companies Act 1985 with registered    Incorporated in the Republic of
South Africa

number 3937466 on 25 February 2000)   with limited liability

Share code on AIM: PAF     Registration number: 2012/021237/06

Share code on JSE: PAN     Alpha code: PARI

ISIN: GB0004300496

ADR code: PAFRY

(’Pan African’ or ‘the Company’ or ‘the Group’)

 

INTENTION TO MOVE FROM AIM TO LONDON MAIN MARKET

Pan African is pleased to announce its intention to apply for the Company’s
ordinary shares (‘Ordinary Shares’) to be admitted to the Equity Shares
(Commercial Companies) (‘ESCC’) category of the Official List maintained
by the Financial Conduct Authority (‘FCA’) (‘Official List’) and to
trading on London Stock Exchange plc’s (‘London Stock Exchange’) main
market for listed securities (‘Main Market’) (together, ‘Admission’).

Pan African, guided by a highly experienced management team, has delivered
consistent commercial and financial success since its listings on the AIM
Market of the London Stock Exchange (’AIM’) and the Johannesburg Stock
Exchange (’JSE ’) in 2007, underpinned by substantial production growth.
With its current portfolio of high-margin, quality operations across South
Africa and Australia, the Company is on track to increase annual gold
production for the financial year ending 30 June 2026 (’FY26’) to between
275,000oz and 292,000oz, an increase of approximately 40% compared to the
production for the financial year ended 30 June 2025 (as detailed in the
announcement published on 11 June 2025). The Group’s gold production is
completely unhedged from 1 July 2025, and able to fully benefit from the
current record high gold prices.

The Company’s results for the year ended 30 June 2025 will be released on
10 September 2025.

Pan African’s Board of Directors believes that the proposed move to the Main
Market could enhance the Company’s corporate profile and broaden the
Company’s access to a wider pool of UK and global investors, supporting its
next phase of growth.

Pan African does not intend to raise any funds or offer any new securities in
connection with Admission or the publication of the related prospectus. The
proposed Admission will be effected through an introduction of the Company’s
existing Ordinary Shares and will have no impact on the Company’s listing on
the JSE. For the avoidance of doubt, following the proposed Admission, the
Company will be dual primary listed on the Main Market and the main board of
the JSE.  

Admission is subject, among other things, to the approval by the FCA of a
prospectus and the Ordinary Shares being admitted by the FCA to the ESCC
category of the Official List and by the London Stock Exchange to trading on
the Main Market. The Company is currently progressing workstreams to
facilitate the Admission and, subject to the satisfaction of these conditions,
Admission is expected to occur prior to 31 December 2025.

Pan African will make a further announcement on the status of the proposed
applications for Admission, together with the timeline for Admission and the
proposed cancellation of the Ordinary Shares from admission to trading on AIM,
in due course.

Admission is not expected to be conditional upon shareholder approval.
Shareholders should note that the Ordinary Shares will no longer be traded on
AIM with effect from Admission and should consult their own professional
advisers regarding the consequences of Admission.

Peel Hunt LLP and Joh. Berenberg, Gossler & Co. KG, London Branch are acting
as joint sponsors exclusively to the Company and no one else in connection
with Admission.

Cobus Loots, Pan African’s CEO commented:

“Our proposed listing on the Main Market of the London Stock Exchange
represents a natural continuation of Pan African’s growth. Over the last
decade, we have consistently grown both organically and through acquisitions
whilst returning capital to our loyal shareholders. We are currently
benefitting from the strong gold price environment which we expect will enable
us to be fully de-geared (from a net debt perspective) during the course of
FY26. We believe the proposed move from AIM to the Main Market will enable us
to access a deeper pool of capital and enhance liquidity for the group as we
continue our ambitious growth strategy.”

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service (RIS) and SENS, this inside
information is now considered to be in the public domain.

Rosebank

8 September 2025

 

For further information on Pan African, please visit the Company's website at

www.panafricanresources.com

 

 Corporate information                                                                                                                                                                                                                                                                                              
 Corporate Office The Firs Building 2nd Floor, Office 204 Corner Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0)11 243 2900 info@paf.co.za  Registered Office 107 Cheapside, 2 nd Floor London, EC2V 6DN United Kingdom Office: + 44 (0)20 3869 0706  jane.kirton@corpserv.co.uk  
 Chief Executive Officer  Cobus Loots  Office: + 27 (0)11 243 2900                                                                                                            Financial Director and debt officer Marileen Kok Office: + 27 (0)11 243 2900                                                          
 Head: Investor Relations Hethen Hira                                                                                                                                         Website: www.panafricanresources.com                                                                                                  
  Tel: + 27 (0)11 243 2900                                                                                                                                                                                                                                                                                          
  E-mail: hhira@paf.co.za                                                                                                                                                                                                                                                                                           
 Company Secretary Jane Kirton St James's Corporate Services Limited Office: + 44 (0)20 3869 0706                                                                             Joint Sponsor, Nominated Adviser and Joint Broker Ross Allister/Georgia Langoulant Peel Hunt LLP Office: +44 (0)20 7418 8900          
 JSE Sponsor & JSE Debt Sponsor Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: + 27 (0) 63 482 3802                                                    Joint Broker Thomas Rider/Nick Macann BMO Capital Markets Limited Office: +44 (0)20 7236 1010                                         
                                                                                                                                                                              Joint Sponsor and Joint Broker Matthew Armitt/Jennifer Lee/Dan Gee-Summons Berenberg Office: +44 (0)20 3207 7800                      

 

Important Notice

This announcement contains statements that are, or may be deemed to be,
“forward-looking statements”. These forward-looking statements can be
identified by the use of words such as “will”, “expect”, “could”,
“believe”, “intend”, “should” and words of similar meaning. All
statements other than statements of historical facts included in this
announcement, including those regarding the Company’s strategy, plans and
objectives and the anticipated Admission are forward-looking statements.
Readers are cautioned not to place undue reliance on such statements.
Forward-looking statements involve a number of known and unknown risks,
uncertainties and other factors, many of which are difficult to predict and
generally beyond the control of Pan African. These forward-looking statements
speak only as of the date of this announcement. Pan African expressly
disclaims any obligation or undertaking to update or revise any
forward-looking statement (except to the extent legally required).

Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated in the United
Kingdom by the FCA, is acting exclusively for the Company  as Joint
Sponsor and no one else in connection with Admission and it will not regard
any other person as a client in relation to Admission and will not be
responsible to anyone other than the Company  for providing the protections
afforded to its clients or for providing advice in relation to Admission or
any other transaction, matter, or arrangement referred to in this
announcement.

Joh. Berenberg, Gossler & Co. KG, London Branch (“Berenberg”), which is
authorised and regulated by the German Federal Financial Supervisory Authority
and in the United Kingdom is subject to limited regulation by the FCA, is
acting exclusively for the Company  as Joint Sponsor and no one else in
connection with Admission and it will not regard any other person as a client
in relation to Admission and will not be responsible to anyone other than the
Company  for providing the protections afforded to its clients or for
providing advice in relation to Admission or any other transaction, matter, or
arrangement referred to in this announcement.

This announcement has been issued by, and is the sole responsibility of, the
Company. No representation or warranty, express or implied, is or will be made
as to, or in relation to, and no responsibility or liability is or will be
accepted by Peel Hunt or Berenberg or any other advisers to the Company or by
any of their respective affiliates, partners, directors, officers, employees,
advisers or agents as to or in relation to, the accuracy or completeness of
this announcement or any other written or oral information made available to
or publicly available to any interested party or its advisers, and any
liability therefore is expressly disclaimed.



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