Aim- and JSE-listed Pan African Resources has completed Phase 1 of its share buyback programme announced in April, having bought back 11.8-million ordinary shares for R50.3-million, or £2.55-million.
About 7.5-million shares were bought back on the LSE, while the remainder was repurchased on the JSE.
All shares under the programme have been cancelled and Pan African therefore has 2.2-billion ordinary shares in issue, of which 306-million shares are held in treasury.