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Pan African Resources PLC said on Thursday it has been granted conditional approval to list on the Australian Securities Exchange. The Rosebank-headquartered gold producer plans to list on the ASX as part of its plan to acquire Perth, Australia-based Emmerson Resources Ltd. Pan African early in March agreed to buy Australia-based Emmerson in an all-share deal. Under the terms of the proposed deal, Emmerson shareholders will receive 0.1493 of a new Pan African share for each Emmerson share held. Based on Pan African’s closing price of £1.58 per share on March 6, the transaction implies a fully-diluted equity value for Emmerson of £163 million, or A$311 million. Emmerson shareholders will vote on the deal at a scheme meeting on Monday next week. It expects to delist from the ASX on July 2. The Emmerson board unanimously recommends that Emmerson shareholders vote in favour of the acquisition. Pan African has said it would seek to list on the ASX, but noted the ASX listing will have no effect on its primary listings on the London Stock Exchange and the Johannesburg Stock Exchange. On Thursday, Pan African said it has received a conditional admission letter from the ASX, indicating the stock exchange will admit the gold producer to its official list. The Emmerson transaction also remains subject to Australian court approval. Emmerson shares closed down 3.5% to A$0.28 on Thursday in Sydney. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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