PAN African Resources said it would list its shares on Johannesburg’s A2X Markets whilst retaining primary listings on the London and Johannesburg stock exchanges.
“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,” said Cobus Loots, CEO of Pan African.
“Our investors will now enjoy the benefits offered by A2X, including added liquidity, lower exchange fees and narrower spreads,” he said.
Pan African will also maintain its Level-1 ADR programme in the US, a move it made in September 2020 in an effort to reach much a deep, diverse capital pool.
Shares in the company are nearly 20% weaker on a 12-month basis after hitting the heights in 2020 on a record rand gold price. Although the rand has weakened lately, in part owing to the emergence of the omicron variant of the Covid-19 virus, the gold price has moderated from last year’s levels of $1.900/oz.
Pan African’s ordinary shares will become available for trade on A2X Markets from December 13. “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,” said Kevin Brady, CEO of A2X Markets.
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.