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PAN AFRICAN RESOURCES PLC - Shanduka Shareholding in Pan African

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Pan African Resources PLC

("Pan African" or the “Group”)

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

Share code on AIM: PAF

Share code on JSE: PAN

ISIN: GB0004300496


Pan African shareholders are referred to media reports during the last week, where it was announced that transaction agreements between the Shanduka Group (Proprietary) Limited (“Shanduka Group”) and the Pembani Group (Proprietary) Limited (collectively “Mergeco”) had been entered into, and the requisite regulatory filings submitted, in order to merge the two entities (the “Transaction”). The merger remains subject to regulatory and other approvals.

Currently Shanduka Group holds 23.86% of the issued share capital of Pan African, via its wholly-owned subsidiary Shanduka Gold (Proprietary) Limited (“Shanduka Gold”). Pan African has been informed that following the completion of the Transaction, Mergeco will not hold any interest in Shanduka Gold or in Pan African. The direct shareholding in Shanduka Gold, and indirect 23.86% shareholding in Pan African, will instead be held by the following entities and in the following proportions:

-The Mabindu Trust (49.5%);

-Jadeite Limited (33.6%), an investment vehicle of the China Investment Corporation; and

-The Standard Bank of South Africa Limited (16.9%).

The Mabindu Trust is a broad-based black economic empowerment trust, with historically disadvantaged South Africans as beneficiaries.

Pan African believes that the Transaction does not negatively affect the Group’s existing black economic empowerment credentials.

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

9 June 2015

JSE Sponsor
One Capital
Contact Details
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
Facsmile: + 27 (0) 11 880 1240
Registered Office
Suite 31
Second Floor
107 Cheapside
United Kingdom
Office:   + 44 (0) 207 796 8644
Facsmile: + 44 (0) 207 796 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 Peter Stewart
St James's Corporate Services Limited Canaccord Genuity Limited        
Company Secretary Nominated Adviser
Office: + 44 (0)207 796 8644 Office: +44 (0)207 523 8350
Matthew Armitt / Ross Allister
Peel Hunt LLP
Joint Broker
Office: +44 (0) 020 7418 8900


Nigel Gordon                     Sholto Simpson
Fasken Martineau LLP              One Capital
Solicitors in the UK              JSE Sponsor
Office: +44 (0)207 917 8500       Office: + 27 (0)11 550 5009


Julian Gwillim Daniel Thole
Aprio Strategic Communications Bell Pottinger PR
Public & Investor Relations SA Public & Investor Relations UK
Office: +27 (0)11 880 0037 Office: + 44 (0)203 772 2500

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