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Pan African Resources Plc - Director/PDMR Shareholding

·10-min read

Pan African Resources PLC

(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

ADR ticker code: PAFRY

(“Pan African” or "the Company")

PDMR Dealings

Shareholders are referred to the announcement of 17 September 2020 and 30 June 2021, where some of the group's long-term incentive schemes were restructured with the intent of simplifying and consolidating these schemes and improving their retention capability.

Pan African announces that, following the restructuring of the Group’s long-term incentive schemes as announced on 30 June 2021, the Company has received notifications from the Directors and Persons Discharging Managerial Responsibilities (PDMR) set out in the tables below.

As part of the restructuring, certain executive directors including the Chief Executive Officer, Cobus Loots, the Financial Director, Deon Louw, and Albertus Abraham van den Berg, the Chief Operating Officer of the group (details of which are set out in the tables below) (“Affected Participants”) have agreed to relinquish the share options issued to them on 1 July 2019 (“PARSMSS 1st issue”) and 1 July 2020 (“PARSMSS 2nd issue”) under the Pan African Senior Management Share Scheme (“PARSMSS”).

In lieu of the relinquishment set out above, restricted class C ordinary shares (“Class C-Shares”) and class D ordinary shares (“Class D-Shares”) of no par value in the share capital of PAR Gold Proprietary Limited (“PAR Gold”), will be issued to the Affected Participants in terms of a newly established Pan African C Executive Incentive Scheme (“C-Share Scheme”) and Pan African D Executive Incentive Scheme (“D-Share Scheme”).

1.

Details of the person discharging managerial responsibilities / person closely associated

a.

Name

Cobus Loots

2.

Reason for the notification

a.

Position/status

Chief Executive Officer

b.

Initial notification/Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.

Name

Pan African Resources PLC

b.

LEI

213800EAXURCXMX6RL85

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a.

Description of the Financial instrument, type of instrument Identification code

Options over ordinary shares of 1p each
Identification code: GB0004300496

b.

Nature of the transaction

Relinquishment of share options

c.

Price(s) and volume(s)

Price(s)

Volume(s)

n/a

4,667,768
(PARSMSS 1st issue)
2,998,480
(PARSMSS 2nd issue)

d.

Aggregated information


Total options relinquished 7,666,248

e.

Date of the transaction

30 June 2021

f.

Place of the transaction

Off market

1.

Details of the person discharging managerial responsibilities / person closely associated

a.

Name

Deon Louw

2.

Reason for the notification

a.

Position/status

Financial Director

b.

Initial notification/Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.

Name

Pan African Resources PLC

b.

LEI

213800EAXURCXMX6RL85

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a.

Description of the Financial instrument, type of instrument Identification code

Options over ordinary shares of 1p each
Identification code: GB0004300496

b.

Nature of the transaction

Relinquishment of share options

c.

Price(s) and volume(s)

Price(s)

Volume(s)

n/a

3,826,998
(PARSMSS 1st issue)
2,458,387
(PARSMSS 2nd issue)

d.

Aggregated information


Total options relinquished 6,285,385

e.

Date of the transaction

30 June 2021

f.

Place of the transaction

Off market

1.

Details of the person discharging managerial responsibilities / person closely associated

a.

Name

Albertus Abraham van den Berg

2.

Reason for the notification

a.

Position/status

Chief Operating Officer

b.

Initial notification/Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.

Name

Pan African Resources PLC

b.

LEI

213800EAXURCXMX6RL85

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a.

Description of the Financial instrument, type of instrument Identification code

Options over ordinary shares of 1p each
Identification code: GB0004300496

b.

Nature of the transaction

Relinquishment of share options

c.

Price(s) and volume(s)

Price(s)

Volume(s)

n/a

1,244,444
(PARSMSS 1st issue)
799,406
(PARSMSS 2nd issue)

d.

Aggregated information


Total options relinquished 2,043,850

e.

Date of the transaction

30 June 2021

f.

Place of the transaction

Off market

1.

Details of the person discharging managerial responsibilities / person closely associated

a.

Name

Cobus Loots

2.

Reason for the notification

a.

Position/status

Chief Executive Officer

b.

Initial notification/Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.

Name

PAR Gold Proprietary Limited

b.

LEI

N/A

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a.

Description of the Financial instrument, type of instrument Identification code

Restricted class C ordinary shares of no par value

b.

Nature of the transaction

Award of shares

c.

Price(s) and volume(s)

Price(s)

Volume(s)

R0.0001

4,434,380

d.

Aggregated information


See above

e.

Date of the transaction

30 June 2021

f.

Place of the transaction

Off market

1.

Details of the person discharging managerial responsibilities / person closely associated

a.

Name

Cobus Loots

2.

Reason for the notification

a.

Position/status

Chief Executive Officer

b.

Initial notification/Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.

Name

PAR Gold Proprietary Limited

b.

LEI

N/A

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a.

Description of the Financial instrument, type of instrument Identification code

Restricted class D ordinary shares of no par value

b.

Nature of the transaction

Award of shares

c.

Price(s) and volume(s)

Price(s)

Volume(s)

R0.0001

2,848,556

d.

Aggregated information


See above

e.

Date of the transaction

30 June 2021

f.

Place of the transaction

Off market

1.

Details of the person discharging managerial responsibilities / person closely associated

a.

Name

Deon Louw

2.

Reason for the notification

a.

Position/status

Financial Director

b.

Initial notification/Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.

Name

PAR Gold Proprietary Limited

b.

LEI

N/A

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a.

Description of the Financial instrument, type of instrument Identification code

Restricted class C ordinary shares of no par value

b.

Nature of the transaction

Award of shares

c.

Price(s) and volume(s)

Price(s)

Volume(s)

R0.0001

3,635,648

d.

Aggregated information


See above

e.

Date of the transaction

30 June 2021

f.

Place of the transaction

Off market

1.

Details of the person discharging managerial responsibilities / person closely associated

a.

Name

Deon Louw

2.

Reason for the notification

a.

Position/status

Financial Director

b.

Initial notification/Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.

Name

PAR Gold Proprietary Limited

b.

LEI

N/A

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a.

Description of the Financial instrument, type of instrument Identification code

Restricted class D ordinary shares of no par value

b.

Nature of the transaction

Award of shares

c.

Price(s) and volume(s)

Price(s)

Volume(s)

R0.0001

2,335,468

d.

Aggregated information


See above

e.

Date of the transaction

30 June 2021

f.

Place of the transaction

Off market

1.

Details of the person discharging managerial responsibilities / person closely associated

a.

Name

Albertus Abraham van den Berg

2.

Reason for the notification

a.

Position/status

Chief Operating Officer

b.

Initial notification/Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.

Name

PAR Gold Proprietary Limited

b.

LEI

N/A

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a.

Description of the Financial instrument, type of instrument Identification code

Restricted class C ordinary shares of no par value

b.

Nature of the transaction

Award of shares

c.

Price(s) and volume(s)

Price(s)

Volume(s)

R0.0001

1,182,222

d.

Aggregated information


See above

e.

Date of the transaction

30 June 2021

f.

Place of the transaction

Off market

1.

Details of the person discharging managerial responsibilities / person closely associated

a.

Name

Albertus Abraham van den Berg

2.

Reason for the notification

a.

Position/status

Chief Operating Officer

b.

Initial notification/Amendment

Initial Notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.

Name

PAR Gold Proprietary Limited

b.

LEI

N/A

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a.

Description of the Financial instrument, type of instrument Identification code

Restricted class D ordinary shares of no par value

b.

Nature of the transaction

Award of shares

c.

Price(s) and volume(s)

Price(s)

Volume(s)

R0.0001

759,436

d.

Aggregated information


See above

e.

Date of the transaction

30 June 2021

f.

Place of the transaction

Off market

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

www.panafricanresources.com

Rosebank

30 June 2021

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

www.panafricanresources.com

Contact information

Corporate Office
The Firs Office Building
2nd Floor, Office 204
Cnr. 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

Cobus Loots
Pan African Resources PLC
Chief Executive Officer
Office: + 27 (0)11 243 2900

Deon Louw
Pan African Resources PLC
Financial Director
Office: + 27 (0)11 243 2900

Phil Dexter/Jane Kirton
St James's Corporate Services Limited
Company Secretary
Office: + 44 (0)20 7796 8644

Ross Allister/David McKeown
Peel Hunt LLP
Nominated Adviser and Joint Broker
Office: +44 (0)20 7418 8900

Ciska Kloppers
Questco Corporate Advisory Proprietary Limited
JSE Sponsor
Office: + 27 (0)11 011 9200

Thomas Rider/ Nick Macann
BMO Capital Markets Limited
Joint Broker
Office: +44 (0)20 7236 1010

Hethen Hira
Pan African Resources PLC
Head : Investor Relations
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za

Sholto Simpson
Vestra Advisory Proprietary Limited
Corporate Advisor
Office: +27 (82) 449 1355



Website: www.panafricanresources.com

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