The group says the buyback represents less than 0.5% of what it has in issue
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...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
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