Pan African Pan African Resources Funding
Resources PLC Company Limited
(Incorporated Incorporated in the Republic of
and South Africa with limited
registered in liability
England and
Wales under Registration number:
the Companies 2012/021237/06
Act 1985 with
registered Alpha code: PARI
number
3937466 on 25 ("PAR Funding Company" or the
February "Debt Issuer")
2000)
Share code on
AIM: PAF
Share code on
JSE: PAN
ISIN:
GB0004300496
ADR ticker
code: PAFRY
("Pan
African" or
the "Company"
or the
"Group")
LISTING OF NEW SUSTAINABILITY-LINKED INSTRUMENT, NOTIFICATION OF ADDITIONAL
GUARANTORS AND NOTIFICATION OF A PARTIAL CAPITAL REDEMPTION
Issue and listing of PARS03
PAR Funding Company is pleased to announce that, following an oversubscribed
bookbuild for Senior Second Ranking Secured Sustainability-linked Notes ("PARS03
Notes"), it will issue and list PARS03 Notes to the value of R840 million with
effect from Tuesday, 22 October 2024.
The JSE Limited has granted approval for the listing of the PARS03 Notes under
PAR Funding Company's ZAR5 billion domestic medium term note programme dated 17
October 2023 (the "DMTN") as follows:
+----------------------------------------------+-------------------------------+
|Debt security code: |PARS03 |
+----------------------------------------------+-------------------------------+
|ISIN: |ZAG000209834 |
+----------------------------------------------+-------------------------------+
|Type of debt security: |Senior Second Ranking Secured |
+----------------------------------------------+-------------------------------+
|Listing: |Sustainability segment of the |
| |JSE |
+----------------------------------------------+-------------------------------+
|Guarantors: |Pan African Resources Plc; |
| | |
| |Evander Gold Mining Proprietary|
| |Limited; |
| | |
| |Barberton Mines Proprietary |
| |Limited; |
| | |
| |Evander Gold Mines Proprietary |
| |Limited; |
| | |
| |Pan African Resources SA |
| |Holdings Proprietary Limited; |
| | |
| |Evander Solar Solutions |
| |Proprietary Limited; |
| | |
| |Mogale Tailings Retreatment |
| |Proprietary Limited; |
| | |
| |Mogale Gold Proprietary |
| |Limited; and |
| | |
| |Mintails SA Soweto Cluster |
| |Proprietary Limited |
+----------------------------------------------+-------------------------------+
|Issue date: |22 October 2024 |
+----------------------------------------------+-------------------------------+
|Issue price: |100% |
+----------------------------------------------+-------------------------------+
|Nominal amount per note: |ZAR1,000,000 |
+----------------------------------------------+-------------------------------+
|Aggregate nominal amount: |ZAR840,000,000 |
+----------------------------------------------+-------------------------------+
|Reference rate: |3 Month ZAR-JIBAR, or in the |
| |event that the ZAR-JIBAR- |
| |ceases to apply, such other |
| |rate as may be determined by |
| |the Calculation Agent and |
| |notified to the Noteholders |
| |pursuant to |
| |Condition21(Notices) |
+----------------------------------------------+-------------------------------+
|Margin: |305 basis points to be added to|
| |the Reference Rate |
+----------------------------------------------+-------------------------------+
|Interest commencement date: |22 October 2024 |
+----------------------------------------------+-------------------------------+
|Interest payment basis: |Floating Rate |
+----------------------------------------------+-------------------------------+
|Interest rate determination date(s): |22 December, 22 March, 22 June |
| |and 22 September (or the first |
| |Business Day of each Interest |
| |Period) of each year until the |
| |Maturity Date, with the first |
| |Interest Rate Determination |
| |Date being 17 October 2024 |
+----------------------------------------------+-------------------------------+
|First interest payment date: |22 December 2024, or, if such |
| |day is not a Business Day, the |
| |Business Day on which interest |
| |will be paid, as determined in |
| |accordance with the Applicable |
| |Business Day Convention |
+----------------------------------------------+-------------------------------+
|Interest payment dates: |22 December, 22 March, 22 June |
| |and 22 September, of each year |
| |until the Maturity Date or, if |
| |such day is not a Business Day,|
| |the Business Day on which |
| |interest will be paid, as |
| |determined in accordance with |
| |the Applicable Business Day |
| |Convention |
+----------------------------------------------+-------------------------------+
|Last day to register: |By 17h00 on 16 December, 16 |
| |March, 16 June and 16 September|
| |of each year until the Maturity|
| |Date, or if such day is not a |
| |Business Day, the Business Day |
| |before each Books Closed Period|
+----------------------------------------------+-------------------------------+
|Books close: |The Register will be closed |
| |from 17 December to 21 |
| |December, 17 March to 21 March,|
| |17 June to 21 June and 17 |
| |September to 21 September and |
| |of each year until the Maturity|
| |Date (all dates inclusive), or |
| |if any early redemption occurs,|
| |5 Days prior to the actual |
| |Redemption Date |
+----------------------------------------------+-------------------------------+
|Business day convention: |Following Business Day |
+----------------------------------------------+-------------------------------+
|Maturity date: |22 March 2028 |
+----------------------------------------------+-------------------------------+
|Instalment Amounts (expressed as a percentage |25% on 22 March 2026; |
|of the aggregate Nominal Amount of the Notes):| |
| |25% on 22 March 2027; and |
| | |
| |50% on 22 March 2028 |
+----------------------------------------------+-------------------------------+
|Summary of additional terms: |Please refer to Appendix 1 of |
| |the Applicable Pricing |
| |Supplement relating to |
| |Sustainability-Linked Bonds |
+----------------------------------------------+-------------------------------+
|Total Programme amount authorised: |ZAR5,000,000,000 |
+----------------------------------------------+-------------------------------+
|Dealer: |Rand Merchant Bank, a division |
| |of FirstRand Bank Limited |
+----------------------------------------------+-------------------------------+
A copy of the applicable pricing supplement can be downloaded from the Pan
African website at https://www.panafricanresources.com/investors/domestic-medium
-term-note-programme/.
The sustainability-linked framework and second party opinion have been updated
to reflect the 2024 amendments to the sustainability-linked bond principles.
Copies of the updated sustainability-linked framework and second party opinion
can be downloaded from the Pan African website at
https://www.panafricanresources.com/investors/sustainability-linked-finance
-framework/
Notification of Additional Guarantors
Using the terms defined in the DMTN, Noteholders and investors are hereby
notified in accordance with Condition 21 of the DMTN (Notices) that the
following members of the Group have acceded to and have become Additional
Guarantors to the Guarantee provided by the Guarantors under the DMTN in
accordance with Condition 9.5 of the DMTN (Additional Guarantors):
- Mintails SA Soweto Cluster Proprietary Limited;
- Mogale Gold Proprietary Limited;
- Mogale Tailings Retreatment Proprietary Limited; and
- Evander Solar Solutions Proprietary Limited.
+------------+--------------+--------------+--------------+---------------------
--+
|Full name: |Mintails SA |Mogale Gold |Mogale |Evander Solar
Solutions|
| |Soweto |Proprietary |Tailings |Proprietary Limited
|
| |Cluster |Limited |Retreatment |
|
| |Proprietary | |Proprietary |
|
| |Limited | |Limited |
|
+------------+--------------+--------------+--------------+---------------------
--+
|Registration|2003/011659/07|1996/010274/07|2022/508458/07|2019/586862/07
|
|number: | | | |
|
+------------+--------------+--------------+--------------+---------------------
--+
|Registered |The Firs, 2nd |The Firs, 2nd |The Firs, 2nd |The Firs, 2nd Floor,
|
|address: |Floor, Office |Floor, Office |Floor, Office |Office 2024, Cnr
|
| |2024, Cnr |2024, Cnr |2024, Cnr |Biermann and Cradock
|
| |Biermann and |Biermann and |Biermann and |Avenues, Rosebank,
|
| |Cradock |Cradock |Cradock |Johannesburg, Gauteng
|
| |Avenues, |Avenues, |Avenues, |South Africa, 2196
|
| |Rosebank, |Rosebank, |Rosebank, |
|
| |Johannesburg, |Johannesburg, |Johannesburg, |
|
| |Gauteng South |Gauteng South |Gauteng South |
|
| |Africa, 2196 |Africa, 2196 |Africa, 2196 |
|
+------------+--------------+--------------+--------------+---------------------
--+
|General |Gold |Gold |Gold |A solar photovoltaic
|
|business: |reclamation |reclamation |reclamation |renewable energy
plant |
| |from sand and |from sand and |from sand and |located in Evander
and |
| |slime surface |slime surface |slime surface |the planned
development|
| |tailings |tailings |tailings |of a solar PV
renewable|
| |dumps |dumps. |dumps. |energy plant at
|
| | | | |Barberton Mines and
the|
| | | | |extension of Evander
|
| | | | |Mines' solar PV
|
| | | | |renewable energy
plant.|
+------------+--------------+--------------+--------------+---------------------
--+
|Full names |Jacob |Jacob |Marileen Kok |Marileen Kok
|
|of |Johannes |Johannes | |
|
|directors: |Moolman |Moolman |Jacobus |Jacobus Albertus
|
| | | |Albertus |Johannes Loots
|
| |Craig Richard |Craig Richard |Johannes |
|
| |Le Court De |Le Court De |Loots |
|
| |Billot |Billot | |
|
| | | |Orhovelani |
|
| |Orhovelani |Orhovelani |Oriel |
|
| |Oriel |Oriel |Shikwambana |
|
| |Shikwambana |Shikwambana | |
|
| | | |Itumeleng |
|
| | | |Annah |
|
| | | |Phoshoko |
|
+------------+--------------+--------------+--------------+---------------------
--+
Investors are further advised that PAR Funding Company has updated its
information statement to, inter alia, incorporate the details of the Additional
Guarantors, including registration numbers, addresses and details of directors.
The updated information statement can be downloaded from the Pan African website
at https://www.panafricanresources.com/investors/domestic-medium-term-note
-programme/.
Notification of a Partial Capital Redemption (PARS01)
The Issuer wishes to advise Noteholders of the partial capital redemption of its
PARS01 Notes effective on 22 October 2024.
The partial capital redemption is due to the relevant PARS01 Noteholders
electing to exchange their PARS01 Notes for PARS03 Notes.
+--------------------------------+---------------+
|Debt security code: |PARS01 |
+--------------------------------+---------------+
|ISIN: |ZAG000192758 |
+--------------------------------+---------------+
|Nominal amount before reduction:|R585000000 |
+--------------------------------+---------------+
|Reduction in nominal amount: |R437876000 |
+--------------------------------+---------------+
|Nominal amount after reduction: |R147124 000 |
+--------------------------------+---------------+
|Exchange price: |101.158978 |
+--------------------------------+---------------+
|Record date: |21 October 2024|
+--------------------------------+---------------+
Rosebank
21 October 2024
Debt Sponsor
Questco Corporate Advisory Proprietary Limited
Legal Advisors
Bowman Gilfillan Inc.
Paying Agent, Issuer Agent, Transfer Agent and Settlement Agent
First Rand Bank Limited (acting through its Rand Merchant division)
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