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Pan African Resources to acquire Emmerson in £163 million all-share deal
The South African gold miner will consolidate full ownership of the Tennant Creek joint venture in Australia through a court-approved scheme of arrangement Pan African Resources PLC (LSE:PAF, OTCQX:PAFRY, JSE:PAN), the London and Johannesburg-listed gold producer, has agreed to acquire Australian mining company Emmerson Resources in an all-share deal valuing Emmerson at approximately £163 million. Under the terms of the deal, Emmerson shareholders will receive 0.1493 new Pan African shares for each Emmerson share held, with consideration delivered in the form of CHESS Depositary Interests (CDIs), a structure used to allow foreign-listed shares to trade on the Australian Securities Exchange (ASX).
