JOHANNESBURG (miningweekly.com) – Dual-listed Pan African Resources has completed the restructuring of its black economic empowerment (BEE) ownership structures.
The company has replaced the current BEE equity shareholdings in the company, held through interests in PAR Gold, with BEE shareholdings in Emerald Panther Investments.
SA Holdco will house all Pan African’s South African mining operations following implementation of the transaction, the company said in an update to shareholders on Friday.
Pan African’s BEE ownership is calculated at 26%, comprising 21% in SA Holdco and 5% from its on-mine employee ownership schemes.
Further, while the prior BEE ownership structure terminates during December 2018, the new BEE structure will only terminate on December 31, 2021, equating to a three-year extension.
Pan African has established a new BEE entity, Concrete Rose, which will house the interests to be acquired in SA Holdco, with Mabindu holding 24.75%; Pan African Resources Management Trust 10.5%; Pan African Resources Education Trust 4.95%; and Alpha Investment 9.9%.
The remaining shares in Concrete Rose are held by Fund Co with 49.9%.
Concrete Rose will subscribe for 22.11% of SA Holdco’s shares for notional value through a notional vendor financed transaction.