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Pan African (PAF) has made a number of announcements since Edison’s last note in May, including an operational update, the conclusion of the Uitkomst disposal and the disposal of Phoenix Platinum to Sylvania for a total cash consideration of ZAR89m (£5.2m, US$6.8m or US$10.80/oz of Phoenix resource), which is actually accretive relative to PAF’s current group-wide resource multiple of US$8.40/oz. Most recently, on 18 August, it released its customary JSE listing requirement paragraph 3.4b announcement indicating annual EPS in the range 1.07-1.22p for FY17.

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