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Why but the subscription price works out at about 1.6p.Better to buy now? Nice late buy.
why???? this may be the reason why the share price is lower here then SA ???? SacOil shareholders should note that the Rights Offer is not being made into the United Kingdom and holders of SacOil depository interests, as traded on AIM, are not able to subscribe for shares pursuant to this transaction. seems a bit odd ????
New Directors seem to have plenty of experience.
RESULTS OF GENERAL MEETING AND APPOINTMENT OF DIRECTORS SacOil Shareholders are referred to the notice of general meeting attached to the circular posted to Shareholders on 7 November 2013 (the "Circular") containing details of the conversion of the Gairloch debt to equity and the capital raising of up to R570 million by way of a renounceable rights offer. Capitalised terms in this announcement shall have the same meaning given to them in the Circular, unless the context indicates otherwise. 1. Results of the General Meeting Shareholders are advised that, at the General Meeting held today, all the ordinary and special resolutions tabled were approved by the requisite majority of votes required from Shareholders present in person or represented by proxy. The special resolution passed at the General Meeting will be filed with, and registered where required, by the Companies and Intellectual Property Commission. 2. Appointment of Directors At the General Meeting, Mr Danladi Verheijen and Ms Lola Akinleye were appointed as non-executive Directors of the Company with effect from the Completion Date (as defined in Annexure 5 of the Circular), which is expected to be on or about Monday, 27 January 2014. The following further information in relation to the appointments of Mr Verheijen and Ms Akinleye is disclosed in accordance with Schedule 2(g) of the AIM Rules for Companies: Full name: Mr Danladi Michael Verheijen Age: 37 Experience and principal activities: Danladi is the managing director of Verod Capital Management Limited ("Verod"), a West African focused investment firm, which he co-founded in 2008. Verod invests in high growth, medium-sized companies across several sectors, including consumer products, manufacturing, technology/media and real estate. He previously was a Vice President at Citibank Nigeria where he led corporate finance and investment banking transactions. He also had responsibility over Citibank's equity investment portfolio and represented the bank on the investment and advisory committee of Nigeria's largest private equity firm. Prior to that, he held roles at Ocean and Oil Holdings and at McKinsey & Company. Current directorships and partnerships: Verod Harvard Business School Association of Nigeria Christian Care for Widows and the Aged Directorships and partnerships held in the last five years: Royal Exchange Finance and Investment Limited Energy Equity Resources (Norway) Limited Full name: Titilola Abisoye Akinleye Age: 41 Experience and principal activities: Lola has over 15 years' finance and investment banking experience with significant experience in corporate finance advisory, equity and debt capital raising, structured project finance and with public and private partnerships for development of infrastructure. She began her career at General Electric London a
Volume and this will fly! Only one MM on 1.5 Rest on 1.85. L2 3 v 1
Had to go to NG trade! but my buy at 1.395 ticked the ask up to 1.45! MM are short imo. All slowly coming together.
3. Withdrawal of cautionary announcement As the pro forma financial information has been disclosed, shareholders are advised that they are no longer required to exercise caution when dealing in the Company's securities. Johannesburg 5 December 2013 Sorry figures will not copy and paste.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT 1. Introduction Shareholders are referred to the announcement dated 12 September 2013 containing details of the conversion of the Gairloch debt to equity (the "Specific Issue") and the capital raising of up to R570 million by way of a renounceable rights offer (the "Rights Offer") (collectively the "Transactions"). Shareholders are further referred to the announcement dated 25 October 2013 relating to the renewal of cautionary announcement. The pro forma financial effects of the Specific Issue and Rights Offer disclosed in the circular posted to shareholders on 7 November 2013 (the "Circular") were based on SacOil's published annual financial results for the year ended 28 February 2013. On 22 November 2013, SacOil published its reviewed interim results for the six months ended 31 August 2013 ("Interim Results"). As required by the JSE Limited Listings Requirements, the Company has updated the unaudited pro forma financial information relating to the Transactions. 2. Pro forma financial information relating to the Transactions The unaudited pro forma financial effects of the Transactions on SacOil's earnings per share ("EPS"), headline earnings per share ("HEPS"), net asset value per share ("NAV") and tangible net asset value per share ("TNAV") are set out below. The unaudited pro forma financial information is presented for illustrative purposes only, and, because of its nature, may not fairly present SacOil's financial position, changes in equity, and results of operations or cash flows. Thepro forma financial information is the responsibility of the Board of Directors.
Withdrawal of cautionary
For the chartists : 22-Nov-13 1.7 ▲ Fri SAC London 22-Nov-13 1.7 Bull Chikou Span Cross Strong " " Bull Kumo Breakout " " Bull Kijun Sen Cross Weak 29-Oct-13 1.6 Bear Tenkan/Kijun Cross Strong " " Bear Senkou Span Cross
Buys 20k worth in open market! Very nice and a signal as to where this share price is going!
Net asset value of 2.5p per share and even taking out intangibles its 1.17p per share, if these figures are correct the share price looks well underpinned at the moment, I dont see much downside risk but plenty potential reward on the upside. It may turn out this is not the dead parrot after all, all we need now is the price of oil to increase.
FINANCIAL REVIEW For the six months ended 31 August 2013, the Group reported a profit of R27,0 million (2012: loss of R11,8 million) primarily arising from an increase in investment income earned and decreases in finance and operating costs, relative to the corresponding prior period. Other income for the period under review comprised foreign exchange gains amounting to R43,7 million (2012: R38,9 million) arising on the remeasurement of the following US Dollar denominated balances:
Johannesburg Stock Exchange Volume 442,065 finished on a high Just noticed £400 loss more money than sense, Hope they made it up else where Some good buying tomorrow please
Quiet here today results out tomorrow so interest should return with some coverage over the weekend. Notice one impatient punter lost £400 in a couple of hours LOL! Not sure if results out 1st thing but I will have to catch up tomorrow pm as out early damn. GL
Positive earnings, great , rights offer coming soon as well , that will leave no debt in company. Meeting soon to vet conversion of existing debt to equity and rigths offer. ( December )
Looking positive here! results out 22/11 will I have time to top up?
Nice bounce tomorrow...............
Our sum-of-the-parts valuation comes out at $326.6 million, which equates to a 22.1p per share target price on a fully diluted basis. No value was included for the profitable manganese operations which are now seen to be a non-core business and are likely to be disposed of in the future. For a stock trading around the 4p mark, our target price might appear high but it is justified by our analysis and it has to be pointed out that the shares were trading fairly close to that level in the past eighteen months. Our recommendation is Speculative Buy with a target price of 22p.
http://**************/shop/page-advice/action-advertorial.show/id-130017521
http://www.sacoilholdings.com/investor-relations/share-price-information/?id=21
I think are buys best bid price prior to tick up was 1.43.
The EPS is going to be/ is higher than the current SP?!! If so, how has the SP not rocketed on that news? That's mad.
Going through buy or sells?