LONDON - In a significant transaction for Pan African Resources PLC, Tembo Capital Holdings Guernsey Ltd ("Tembo Capital"), has announced its intention to offload its entire stake in the company. The sale consists of approximately 58.8 million existing ordinary shares, representing Tembo Capital’s full holding in Pan African Resources.
The disposal of shares will be conducted through an accelerated bookbuild to eligible institutional investors, as disclosed on Tuesday. The bookbuild is being managed by Joh. Berenberg, Gossler & Co. KG ("Berenberg") and BMO Capital Markets Limited ("BMO Capital Markets"), who are serving as Joint Bookrunners for the placement.
The pricing of each share to be sold in the placement will be determined by the accelerated bookbuild process, which began immediately following the announcement and may conclude abruptly upon short notice. The market awaits further details, which will be disclosed after the bookbuild process is completed and the placement is priced.
It’s important to note that Pan African Resources is not involved in the transaction and will not receive any proceeds from the placement. The company, a mid-tier African-focused gold producer, has not issued any additional comments regarding the placement.
This information is based on a press release statement and is intended to inform the public and the market about the current events surrounding Pan African Resources PLC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.