Pan African Resources has been approved for a secondary listing on A2X Markets, bringing the number of instruments available for trade on A2X to 58. Its ordinary shares will become available for trade on the stock exchange from 13 December 2021.
Pan African will retain its primary listings on the Alternative Investment Market (AIM) of the London Stock Exchange and on the Johannesburg Stock Exchange (JSE) and its Level-1 ADR programme in the United States (ADR).
Its issued share capital will be unaffected by the secondary listing on A2X and its ordinary shares will be available to be traded on the AIM, JSE, its ADR programme and on A2X from 13 December 2021.
Pan African is a mid-tier African-focused gold producer with current production capacity of approximately 200,000 oz of gold per annum. The company owns and operates a portfolio of quality, high-margin operations and projects in South Africa.
Pan African CEO, Cobus Loots commented:
“Pan African has a track record of pursuing innovation and new technologies to generate efficiencies, compelling returns and long-term performance, and our listing on A2X is another example of this.
“Our investors will now enjoy the benefits offered by A2X, including added liquidity, lower exchange fees and narrower spreads.”
Kevin Brady, CEO of A2X Markets said, “We welcome Pan African to A2X. We will help them increase value for shareholders through lower exchange fees and price improvement as well as provide their investors with more choice in trading venues.”
Pan African joins mining companies Exxaro, Tharisa and African Rainbow Minerals, which are already listed on A2X. This listing will boost A2X’s combined market capitalisation to about R5 trillion.
A2X has listings from many key sectors, including mining, media, property, technology, agriculture, banking, retail, FMCG, financial services, insurance, healthcare and telecommunications.
A2X is a licensed stock exchange that provides a secondary listing venue for companies. It is regulated by the Financial Sector Conduct Authority and the Prudential Authority (SARB) in terms of the Financial Markets Act.