REG-Pan African Resources Plc: Pan African Concludes Five-Year Wage Agreement at Barberton Mines and Maturation of the Barberton Mines' Employee Share Ownership Plan (ESOP)

Pan African ResourcesAnnouncement

04/06/2024 07:15

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”)              Pan African Resources Funding Company Limited Incorporated in the Republic of South Africa with limited liability Registration number: 2012/021237/06 Alpha code: PARI  

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

 

 Corporate information                                                                                                                                                                                                                                                                                                                                                                       
 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                                                                                            Registered office 2 nd Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0)20 7796 8644 info@paf.co.za  
 Chief executive officer  Cobus Loots    Office: + 27 (0)11 243 2900                                                                                                                                                                                                  Financial director and debt officer Deon Louw    Office: + 27 (0)11 243 2900                                           
 Head: Investor relations Hethen Hira                                                                                                                                                                                                                                 Website: www.panafricanresources.com                                                                                   
  Tel: + 27 (0)11 243 2900                                                                                                                                                                                                                                                                                                                                                                   
  E-mail: hhira@paf.co.za                                                                                                                                                                                                                                                                                                                                                                    
 Company secretary Jane Kirton St James's Corporate Services Limited Office: + 44 (0)20 7796 8644                                                                                                                                                                     Nominated adviser and joint broker Ross Allister/Georgia Langoulant Peel Hunt LLP Office: +44 (0)20 7418 8900          
 JSE Sponsor and JSE debt sponsor Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: + 27 (0) 11 011 9200 (https://www.google.co.za/search?q=questco&rlz=1C1EJFC_enZA816ZA818&oq=questco&aqs=chrome..69i57j0l5.1159j0j4&sourceid=chrome&ie=UTF-8)  Joint broker Thomas Rider/Nick Macann BMO Capital Markets Limited Office: +44 (0)20 7236 1010                          
                                                                                                                                                                                                                                                                      Joint broker Matthew Armitt/Jennifer Lee Joh. Berenberg, Gossler & Co KG Office: +44 (0)20 3207 7800                   

 



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