Pan African confirms July 1 start of LSE, JSE share buyback
Midtier gold producer Pan African Resources has confirmed it will start with a share buyback programme on both the LSE and JSE from July 1.
The company advised earlier this month its intention to buy back up to R200-million, or £8.2-million, worth of ordinary shares in the company.
The board believes that, at the current share price, the company’s shares offer significant value given the quality and profitability of the group’s existing operations and growth projects.
The board took the decision to implement a share buyback programme as part of the company’s broader strategy to deliver value to its shareholders.
Pan African had $155-million of net debt as of June 30, having reduced its net debt by $72-million, or 32%, since December 31, 2024.
The group expects to be fully de-geared during the 2026 financial year. “From this position of strength, we feel it is appropriate to return additional capital to our shareholders and this buyback programme recognises both the significant value in the shares as well as the positive outlook for the business,” comments CEO Cobus Loots.
In the UK, Peel Hunt has been appointed to carry out purchases pursuant to the programme, while the South African register will be implemented on-market through the LSE by way of a two-limb structure where Peel Hunt will act as principal.
In this regard, Peel Hunt will acquire the shares through the JSE order book and sell such shares to Pan African on market through the LSE.
Pan African has mining and tailings retreatment operations in South Africa, which produce about 186 000 oz/y of gold.
Comments
Projects
Latest Multimedia
Latest News
Showroom
Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.
VISIT SHOWROOM
We are responsible manufacturers of essential components. Manufacturing 80 million parts a week, we have over 1 billion parts in stock.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
