Update: Uitkomst coal acquisition
As is now virtually a semi-annual event, Pan African (PAF) has released a trading statement under paragraph 3.4 (b) of the JSE listing requirements stating that its FY15 results will differ by at least 20% from FY14. In this case, PAF has indicated that EPS will be 43-63% lower than its 1.47pp in FY14 – ie in the range 0.54-0.84pp cf a prior analysts’ consensus of 0.8-1.4pp (source: Bloomberg). PAF has also announced the acquisition of the 400ktpa Uitkomst colliery in KwaZulu Natal for ZAR200m, (US$15.9m, £10.4m or US$0.62 per mineable tonne of coal in-situ). The acquisition is expected to be immediately earnings and cash-flow accretive.
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