MTX - Metorex Limited - Update on reverse acquisit
MTX
MEMTX
MTX - Metorex Limited - Update on reverse acquisition of Pan African
Resources plc
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
Share code: MTX & ISIN: ZAE000022745
Issuer code: MEMTX
("Metorex" or "the company)
METOREX LIMITED
Update on reverse acquisition of Pan African Resources plc
On 20 December 2006, Metorex Limited ("Metorex") announced that it would
dispose of its 74% interest in Barberton Mines (Pty) Ltd ("Barberton") to
Pan African Resources plc ("PAR"), an African based gold exploration
company quoted on the Alternative Investment Market ("AIM") of the London
Stock Exchange. This disposal would result in a reverse acquisition, with
Metorex owning 55% in PAR. The rationale for the disposal was to provide
Metorex with a controlling interest in a separately listed gold company
with a strong exploration play, which is expected to create significant
shareholder value.
We wish to draw the attention of shareholders to an announcement made on
the London Stock Exchange by PAR today noting that South African Reserve
Bank approval has been obtained for the proposed transaction. All material
conditions to the successful completion of the proposed transaction have
now been fulfilled, except for JSE Limited and PAR Shareholder approvals.
PAR expects to post its shareholder documentation during the first half of
July 2007, at which point trading in its share on AIM will recommence.
Metorex Limited
Johannesburg
South Africa
ENDS
Issued by Metorex Limited
26 June 2007
For further information contact:
Charles Needham
Chief Executive Officer
Tel: +27 11 880 3155
Fax: +27 11 880 3322
JSE; LSE; ADR-BoNY
Registered office:
Cradock Heights
21 Cradock Avenue
Rosebank
Johannesburg
South Africa.
Date: 26/06/2007 15:26:00 Produced by the JSE SENS Department.
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