31 May 2013 07:30
SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE share code: SCL AIM share code: SAC
ISIN: ZAE000127460
("SacOil" or "the Company")
Resignation of Directors and application of suspension to trading of shares on AIM and the JSE
SacOil announces that, following the shareholder vote yesterday against Special Resolution Number 1, Messrs John Bentley and Bill Guest have resigned as non-executive directors and Mr Robin Vela has resigned as Executive Director and Chief Executive Officer of the Company with immediate effect. The three directors, representing a majority of the board, believed that the conversion of the Gairloch Limited loans to equity was in the best interests of the Company and its shareholders and had recommended that shareholders vote in favour of the resolution approving such conversion.
Following these resignations application has been made for the trading of the Company's shares on AIM and the JSE to be suspended pending further appointments to the board. Shareholders will be kept appraised of matters in this regard.
ENDS
JSE Sponsor
Nedbank Capital
31 May 2013
For further information please contact: |
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finnCap Limited (Nominated Adviser and Broker) |
| +44 (0) 20 7220 0500 |
Matthew Robinson / Christopher Raggett |
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FirstEnergy Capital (Joint Broker UK) Majid Shafiq Travis Inlow |
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+44 (0) 20 7448 0200
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GMP Securities Europe LLP (Joint Broker UK) Rob Collins James Pope |
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+44 (0) 20 7647 2800 |
Keyter Rech Investor Solutions (SA) Vanessa Ingram Lynne Bothma
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+27 (0) 11 447 2993
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Pelham Bell Pottinger (UK) |
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Philip Dennis |
| +44 (0) 20 7861 3919 |
Nick Lambert |
| +44 (0) 20 7861 3936 |
Rollo Crichton-Stuart |
| +44 (0) 20 7861 3918 |