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Pan African Resources PLC said on Monday it has agreed to acquire Australian-based Emmerson Resources Ltd in an all-share deal. Under the terms of the proposed deal, Emmerson shareholders will receive 0.1493 new Pan African shares for each Emmerson share held. Based on Pan African’s last closing price of £1.58 per share on Friday last week, the transaction implies a fully-diluted equity value for Emmerson of £163 million of A$311 million. The acquisition is subject to shareholder and regulatory approvals. Under Australian law, the takeover requires the approval of at least 75% of all votes cast by Emmerson shareholders. The Emmerson board unanimously recommends that Emmerson shareholders vote in favour of the acquisition. Pan African said it will seek to list on the Australian Securities Exchange. It also said the ASX listing will have no effect on its primary listings on the London Stock Exchange and the Johannesburg Stock Exchange. ‘This transaction represents the logical next step since acquiring the Tennant Consolidated Mining Group in 2024 and consolidates our position in the prospective Tennant Creek mineral field, a district with significant long-term potential,’ Pan African Chief Executive Officer Cobus Loots said. Pan African acquired the rest of Tennant Consolidated Mining Group Pty Ltd for $54.2 million in November 2024. ‘Emmerson has been a valued joint venture partner since establishing the Tennant Creek Joint Venture in 2020, and together we have made progress advancing the Tennant Creek Joint Venture assets,’ Loots said. In Johannesburg, Pan African shares were down 1.2% at R 33.96 on Monday morning. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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