Pan African to list on A2X

Pan African Resources, a mid-tier Africa-focused gold miner, has received approval for a secondary listing on A2X Markets, taking the alternate exchange’s total number of listings to 58. Pan African’s ordinary shares will be available for trade on A2X on December 13.

Pan African Resources, a midtier Africa-focused gold miner, has received approval for a secondary listing on A2X Markets, taking the alternate exchange’s total number of listings to 58.

Pan African’s ordinary shares will be available for trade on A2X from December 13 though it will retain its primary listings on the Alternative Investment Market (AIM) of the London Stock Exchange, the JSE, as well as its Level-1 American depositary receipts programme in the US.

Its issued share capital will be unaffected by the secondary listing on A2X and its ordinary shares will be available for trade on the AIM, JSE, its American depositary receipts programme and on A2X from December 13.

“Our investors will now enjoy the benefits offered by A2X, including added liquidity, lower exchange fees and narrower spreads,” Pan African CEO Cobus Loots said.

Pan African, which has a current production capacity of about 200,000oz of gold a year, joins fellow miners Exxaro, Tharisa and African Rainbow Minerals on the A2X.

Its listing will boost A2X’s combined market capitalisation to about R5-trillion.

“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,” Kevin Brady, CEO of A2X Markets, said.

A2X is licensed to provide a secondary listing venue for companies in SA and is regulated by the Financial Sector Conduct Authority and the Prudential Authority.

The exchange, which counts African Rainbow Capital and Absa among its shareholders, told Business Day in October that it was planning to seek a primary listings licence within the next two years.