Pan African shares rise as gold miner embarks on R50m buyback
Group says buyback represents less than 0.5% of what it has in issue but is a sign it will use this tool to unlock value for investors
01 April 2022 - 13:22
Mid-tier gold miner Pan African Resources bucked a trend of general pressure on its JSE-listed peers on Friday, after it said it would buy back as much as R50m of its own shares, indicating the market has undervalued it.
While small, potentially affecting less than 0.5% of what it has in issue, Pan African said it was a signal it was prepared to consider buybacks as a means to unlock value for shareholders...
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