Further to the announcement published on 31 July 2017, Pan African is pleased to announce that all conditions precedent to the disposal of 100% of the shares and loan accounts in Phoenix Platinum to Sylvania Platinum Limited (“Transaction”) have now been fulfilled.
This follows, amongst other conditions, the approval of the Transaction by the South African Competition Authorities in accordance with the Competition Act, No. 89 of 1998. The effective date of the Transaction is 6 November 2017, following the cash settlement of the Transaction consideration of R89 million or
approximately US$6.3 million.
By order of the Board