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Delay in Share Capital Reduction
Pan African Resources PLC Pan African Resources Funding Company
(Incorporated and registered in England and Wales Limited
under Companies Act 1985 with registered Incorporated in the Republic of South Africa
number 3937466 on 25 February 2000) with limited liability
Share code on LSE: PAF Registration number: 2012/021237/06
Share code on JSE: PAN Alpha code: PARI
ISIN: GB0004300496
ADR code: PAFRY
("Pan African" or "the Company" or "the Group")
DELAY IN SHARE CAPITAL REDUCTION
Pan African refers to the proposed share capital reduction involving the cancellation of the Company's share
premium account and the cancellation and extinguishment of certain shares in the Company's capital ("Share
Capital Reduction"). Pan African announces that, at a hearing held on 19 December 2025, the Court was not
satisfied that notice of the general meeting at which resolutions were passed to approve and implement the
Share Capital Reduction had been appropriately given to all shareholders. Certain shareholders in South
Africa had indicated that they would not normally wish to receive notices from the Company and hence did
not receive the formal notification of the capital reduction. Notwithstanding that several of shareholders in
this category became aware of the meeting through other means and voted on the resolutions in any event,
the Court determined that the Share Capital Reduction could not proceed. Accordingly, the Share Capital
Reduction will not be proceeding on the timetable originally envisaged.
Instead, it is envisaged that the Company will convene another general meeting, by distributing a new circular
and notice of general meeting to all shareholders, in the New Year. The purpose of the general meeting will
be to seek a renewed approval of the Share Capital Reduction. If approved, the Company intends to pursue
the Share Capital Reduction shortly thereafter.
Rosebank
22 December 2025
For further information on Pan African, please visit the Company's website at
www.panafricanresources.com
Corporate information
Corporate Office Registered Office
The Firs Building 107 Cheapside, 2nd Floor
2nd Floor, Office 204 London, EC2V 6DN
Corner Cradock and Biermann Avenues United Kingdom
Rosebank, Johannesburg Office: + 44 (0)20 3869 0706
South Africa jane.kirton@corpserv.co.uk
Office: + 27 (0)11 243 2900
info@paf.co.za
Chief Executive Officer Financial Director and debt officer
Cobus Loots Marileen Kok
Office: + 27 (0)11 243 2900 Office: + 27 (0)11 243 2900
Head: Investor Relations Website: www.panafricanresources.com
Hethen Hira
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za
Company Secretary Joint Broker
Jane Kirton Ross Allister/Georgia Langoulant
St James's Corporate Services Limited Peel Hunt LLP
Office: + 44 (0)20 3869 0706 Office: +44 (0)20 7418 8900
JSE Sponsor & JSE Debt Sponsor Joint Broker
Ciska Kloppers Thomas Rider/Nick Macann
Questco Corporate Advisory Proprietary Limited BMO Capital Markets Limited
Office: + 27 (0) 63 482 3802 Office: +44 (0)20 7236 1010
Joint Broker
Matthew Armitt/Jennifer Lee
Joh. Berenberg, Gossler & Co KG (Berenberg)
Office: +44 (0)20 3207 7800
Date: 22-12-2025 10:00:00
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