| Tue 9 Nov 2010, 11:10 | | PAN - Pan African Resources plc - Director`s Dealings |
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PAN
PAN
PAN - Pan African Resources plc - Director`s Dealings
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
(`Pan African` or the `Company`)
DIRECTOR`S DEALINGS
Pan African announces that the following issues of ordinary Pan African shares
of 1p each ("Shares") were made on 4 November 2010, following the exercise of
share options:
- 4,000,000 Shares were issued to Mr R G Still, a non-executive director of
the Company, at a price of 4p per Share, for a total consideration of
GBP160,000 under clearance given by a special resolution of the board of
directors of Pan African; and
- 7,500,000 Shares were issued to Pangea Exploration (Proprietary) Limited
("Pangea") at a price of 4p per Share, for a total consideration of
GBP300,000.
In addition Pan African has received written notification of exercise from Ms
J Yates in respect of an option to exercise 3,000,000 Shares in the capital of
the Company granted to her on 27 July 2006, at the option price of 5.5p per
Share, for a total consideration of GBP165,000. It is anticipated that the
3,000,000 Shares will be issued to Ms Yates, an immediate family member of Mr
Still, on 10 November 2010.
Application will be made on 11 November 2010, to the AIM market of the London
Stock Exchange ("AIM") and to the Main Board of JSE Limited ("JSE") for
14,500,000 shares to be admitted to trading on AIM and for listing on the JSE,
with Admission to trading and listing on both markets expected to occur on 17
November 2010.
Following the above issues of shares, the total issued share capital of the
Company comprises 1,434,040,711 Shares.
Mr Still holds 4,000,000 ordinary shares in the Company, representing 0.28% of
the issued capital and has an indirect, non-beneficial interest in Ms Yates`
holding of 3,000,000 Shares in the Company, representing 0.21% of the issued
capital of the Company. In addition, as a director of Pangea and a trustee of
a family trust which owns 33.33% of Pangea, Mr Still is deemed to have an
indirect, non-beneficial interest in Pangea`s total holding of 45,126,605
Shares in the Company, representing 3.15% of the issued capital of the
Company.
On 8 November 2010, Mr J Nelson, the Company`s Chief Executive Officer, sold
2,500,000 Shares on market at an average price of 8.5p per Share for a total
consideration of GBP240,575 ("Disposal"). The Disposal was made under
clearance given by a special resolution of the board of directors of Pan
African and will assist with the payment of further tax arising on the
disposal and the cost of exercise of options by Mr Nelson on 6 October 2010.
Following the Disposal, Mr Nelson holds 1,122,442 shares in the Company,
representing 0.08% of the total issued capital of 1,434,040,711 Shares.
Rosebank
9 November 2010
JSE Sponsor
MACQUARIE FIRST SOUTH ADVISERS (PTY) LIMITED
Enquiries
South Africa UK
Pan African RBC Capital Markets
Jan Nelson, Chief Executive Officer Martin Eales / Brett Jacobs
+27 (0) 11 243 2900 +44 (0) 20 7653 4000
Macquarie First South Advisers (Pty) Ltd St James`s Corporate Services Ltd
Melanie de Nysschen / Yvette Labuschagne / Phil Dexter
Annerie Britz +44 (0) 20 7499 3916
+27 (0) 11 583 2000
Hansard Communications
Justine James
+44 (0) 20 7245 1100 / +44 (0)
7525 324431
Date: 09/11/2010 11:10:02 Produced by the JSE SENS Department.
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