Pan African Resources delays capital reduction after court ruling

Pan African Resources PLC announced a delay in its proposed share capital reduction, which involves cancelling the company's share premium account and certain shares. The decision follows a hearing on December 19, 2025, where the court ruled that the notice for the general meeting, at which the resolutions were passed, was not appropriately given to all shareholders. Specifically, some South African shareholders, who typically opt out of receiving notices, did not receive formal notification, despite many becoming aware through other means and voting.

Consequently, the share capital reduction will not proceed as originally planned. Pan African Resources now intends to convene another general meeting in the new year. This will involve distributing a new circular and notice to all shareholders to seek renewed approval for the share capital reduction.

If approved, the company plans to pursue the share capital reduction shortly thereafter. For further information, stakeholders can visit the company's website at www.panafricanresources.com.