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Pan
African Resources PLC
(Incorporated
and registered in England and Wales under the Companies Act 1985
with registered number 3937466 on 25 February 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”)
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Pan
African Resources Funding Company Limited
Incorporated
in the Republic of South Africa with limited liability
Registration
number: 2012/021237/06
Alpha
code: PARI
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PAN
AFRICAN CONCLUDES FIVE-YEAR WAGE AGREEMENT AT BARBERTON MINES AND
MATURATION OF THE BARBERTON MINES’ EMPLOYEE SHARE OWNERSHIP PLAN
(ESOP)
Pan
African is pleased to inform shareholders and noteholders that the
Company has concluded a milestone five-year wage agreement (“the
Agreement”) for wage increases and other conditions of service with
the National Union of Mineworkers (NUM), the representative union
for Category 4 to 8 bargaining unit employees, at its Barberton
Mines operations. The agreed increases for the period 1 June 2024 to 30 June
2029 amounts to an average annual increase of approximately
5.3% per annum over the five-year period.
The
current five-year wage agreement with UASA (the other
representative union at Barberton Mines), entered into in 2021, is
valid for another two years, until 30 June
2026. The agreement provides for an increase of 5.0% or CPI,
whichever is higher, capped at 6%. This agreement affords the
parties a once-off option to re-negotiate these increases, in the
event of CPI being lower than 4% or higher than 7.5%.
Maturation
of Barberton Mines’ ESOP scheme
The
maturation of this ESOP scheme has realised meaningful benefits for
qualifying employees over its life.
The scheme
was destined to mature on 30 June
2024, after a ten-year term, but an early settlement of the
scheme, at 31 March 2024, was
negotiated with employees and unions. Qualifying employees received
dividends of more than R40 million during the scheme's tenor, with
the final maturity benefits paid to employees during May 2024.
More than
2,200 employees qualified to receive final maturity payments, with
payments dependent on the number of completed years of
service.
Pan
African CEO Cobus Loots
commented:
“We
are pleased to have entered into multi-year wage agreements at
Barberton Mines, which will ensure stability in labour relations at
this operation over the coming years. The maturation of Barberton’s
ESOP has also realised tangible benefits to all its
participants.”
Certain
information communicated in this announcement was, prior to its
publication, inside information for the purposes of Article 7 of
Regulation 596/2014.
Rosebank
4 June 2024
For
further information on Pan African, please visit the Company's
website at
www.panafricanresources.com
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Corporate
information
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Corporate
office
The Firs
Building
2nd Floor,
Office 204
Cnr.
Cradock and Biermann Avenues
Rosebank,
Johannesburg
South
Africa
Office: +
27 (0)11 243 2900
info@paf.co.za
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Registered
office
2nd
Floor
107
Cheapside
London
EC2V
6DN
United
Kingdom
Office: +
44 (0)20 7796 8644
info@paf.co.za
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Chief
executive officer
Cobus
Loots
Office: +
27 (0)11 243 2900
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Financial
director and
debt officer
Deon
Louw
Office: +
27 (0)11 243 2900
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Head:
Investor relations
Hethen
Hira
Tel: + 27
(0)11 243 2900
E-mail:
hhira@paf.co.za
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Website:
www.panafricanresources.com
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Company
secretary
Jane
Kirton
St
James's Corporate Services Limited
Office: +
44 (0)20 7796 8644
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Nominated
adviser and joint broker
Ross
Allister/Georgia Langoulant
Peel
Hunt LLP
Office:
+44 (0)20 7418 8900
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JSE
Sponsor and JSE debt sponsor
Ciska
Kloppers
Questco
Corporate Advisory Proprietary Limited
Office: +
27 (0)11
011 9200
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Joint
broker
Thomas
Rider/Nick Macann
BMO
Capital Markets Limited
Office:
+44 (0)20 7236 1010
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Joint
broker
Matthew
Armitt/Jennifer Lee
Joh.
Berenberg, Gossler & Co KG
Office:
+44 (0)20 3207 7800
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