By: Creamer media

The company advised earlier this month its intention to buy back up to R200-million, or £8.2-million, worth of ordinary shares in the company.

The board believes that, at the current share price, the company’s shares offer significant value given the quality and profitability of the group’s existing operations and growth projects.

The board took the decision to implement a share buyback programme as part of the company’s broader strategy to deliver value to its shareholders.

Pan African had $155-million of net debt as of June 30, having reduced its net debt by $72-million, or 32%, since December 31, 2024.

The group expects to be fully de-geared during the 2026 financial year. “From this position of strength, we feel it is appropriate to return additional capital to our shareholders and this buyback programme recognises both the significant value in the shares as well as the positive outlook for the business,” comments CEO Cobus Loots.

In the UK, Peel Hunt has been appointed to carry out purchases pursuant to the programme, while the South African register will be implemented on-market through the LSE by way of a two-limb structure where Peel Hunt will act as principal.

In this regard, Peel Hunt will acquire the shares through the JSE order book and sell such shares to Pan African on market through the LSE.

Pan African has mining and tailings retreatment operations in South Africa, which produce about 186 000 oz/y of gold.