REG-Pan African Resources Plc: Share Buyback Programme

Pan African ResourcesAnnouncement

01/04/2022 07:15

Pan African Resources PLC

(Incorporated and registered in England and Wales under the Companies Act 1985
with registered number 3937466 on 25 February 2000)

Share code on AIM: PAF

Share code on JSE: PAN

ISIN: GB0004300496

ADR ticker code: PAFRY

(“Pan African” or the “Company” or the “Group”)

PAN AFRICAN RESOURCES PLC SHARE BUYBACK PROGRAMME

Pan African, the South African gold producer, is pleased to announce the
initiation of phase one of a share buyback programme to purchase up to ZAR 50
million (approximately £2.6 million) of ordinary shares of £0.01 each in the
Company (“Ordinary Shares”) over one month, commencing on 1 April 2022
("the Programme").

The Board of Pan African (the “Board”) believes that at the current price,
the Company’s shares offer significant value given the quality and
profitability of its existing operations and growth projects. The Board has
therefore taken the decision to implement a share buyback programme as part of
the Company's broader strategy to deliver value to its shareholders.

Cobus Loots, CEO of Pan African commented:

"The Company has a demonstrable track record of circumspect capital allocation
and this share buyback is compelling in its returns for shareholders, given
the prevailing share price. Although it’s a small initial buyback, it
signals that the company is prepared to consider share buyback as a means of
retuning capital to shareholders, when it is commercial to do so.”

Process

Purchases pursuant to the Programme will be made under the authority the
Company has in place to make market acquisitions in accordance with the
Companies Act 2006 (the "Existing Authority"). The Existing Authority permits
the purchase of a maximum of 111,734,375 Ordinary Shares at a maximum price
(excluding expenses) of 105 per cent of the average market value of an
Ordinary Share as derived from the AIM Appendix to the London Stock Exchange
Daily Official List for the five business days immediately preceding the date
of purchase. The Programme will be conducted in compliance with the MAR
buy-back technical standards (Commission Delegated Regulation (EU) 2016/1052)
(the "MAR Buy-Back Regulation") and the Listings Requirements of the JSE
Limited.

Purchases will take place on the London Stock Exchange (“LSE”) and
Johannesburg Stock Exchange (“JSE”) with approximately ZAR 25 million
(approximately £1.3 million) purchased on each exchange. Shares bought back
on the JSE will be bought back in compliance with the MAR Buy-Back Regulation
to maintain consistency between exchanges.

Purchases will be carried out in compliance with the relevant conditions for
trading, restrictions regarding time and volume, disclosure and reporting
obligations, and price conditions. The Ordinary Shares will be repurchased at
a price (excluding expenses) that does not exceed the last independent trade
or the highest current independent bid on the relevant trading platform. The
Company intends to cancel those Ordinary Shares purchased. 

Pan African has entered into agreements with each of Peel Hunt LLP ("Peel
Hunt") and RMB Morgan Stanley (“RMBMS”), to carry out on-market purchases
of its Ordinary Shares. The agreements grant Peel Hunt and RMBMS the authority
to enact purchases and make trading decisions concerning the timing of the
purchases under the Programme independently of the Company.

Details of any purchases made under the Programme will be provided via RNS
announcements and published on the Company's website.

The information contained in this update is the responsibility of the Pan
African board of directors and has not been reviewed or reported on by the
Group’s external auditors.

Rosebank

1 April 2022

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

www.panafricanresources.com

 Corporate information                                                                                                                                                                                                                                                                                    
 Corporate office The Firs Office 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 Suite 31 Second Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0) 20 7796 8644  
 Chief executive officer  Cobus Loots Office: + 27 (0) 11 243 2900                                                                                                                    Financial director Deon Louw Office: + 27 (0) 11 243 2900                                                           
 Head: Investor relations  Hethen Hira Tel: + 27 (0)11 243 2900 E-mail: hhira@paf.co.za                                                                                               Website: www.panafricanresources.com                                                                                
 Company secretary Phil Dexter/Jane Kirton  St James's Corporate Services Limited Office: + 44 (0) 20 7796 8644                                                                       Nominated Adviser and Joint Broker Ross Allister/Alexander Allen  Peel Hunt LLP Office: +44 (0) 20 7418 8900        
 JSE Sponsor Ciska Kloppers  Questco Corporate Advisory Proprietary Limited Office: + 27 (0) 11 011 9200                                                                              Joint Broker Thomas Rider/Nick Macann  BMO Capital Markets Limited Office: +44 (0) 20 7236 1010                     



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