11 Oct 2013 16:00
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")
Update on suspension in trading of shares
Since the suspension of trading in the Company's shares on 31 May 2013, the Company believes that it has fulfilled the conditions to warrant the lifting of the suspension of trade in the Company's shares on the Main Board of the JSE Limited ("JSE") and the AIM Market ("AIM") of the London Stock Exchange. In this respect the Company has fulfilled the following conditions:
· The SacOil board of Directors ("the Board") has been properly constituted, together with the required Board committees, in terms of the Company's Memorandum of Incorporation, the JSE Listings Requirements, the Companies Act No.71 of 2008, as amended and the AIM listing rules, as detailed in the announcement dated 12 September 2013;
· The Company has published its audited financial results for the year ended 28 February 2013, as detailed in the announcement dated 17 September 2013;
· The Company is in discussions with Energy Equity Resources (Norway) Limited ("EERNL") to agree a repayment schedule in respect of the loan advanced by the Company to EERNL, as detailed in the announcement dated 17 September 2013; and
· The Company announced its intention to convert the Gairloch Limited debt to equity and to recapitalise the Company within a reasonable period of time, as detailed in the announcement dated 12 September 2013.
In addition to the abovementioned, and further to the announcement dated 23 September 2013, the Board has finalised its holistic review of the Company. To this extent, the Company has held positive negotiations to source interim finance and is in the process of finalising a loan agreement to give effect to the proposed interim finance. The Board is confident that such arrangements will be finalised in the short term.
Therefore, the Board is confident that the Company has, and will have, the funds necessary to continue to trade as a going concern up to the receipt of funds from the proposed rights offer (which is supported by one of the Company's material shareholders), as detailed in the announcement dated 12 September 2013. The significance of the rights offer to SacOil is detailed in note 35 of SacOil's Integrated Annual Report for the year ended 28 February 2013.
Accordingly, the Company is pleased to announce that it is seeking the restoration of trading in its shares on both the JSE and AIM, and anticipates that such restoration will occur and trading will recommence in the Company's shares on or about 14 October 2013.
11 October 2013
END
Investment Bank, Corporate Advisor and JSE Sponsor
Nedbank Capital, a division of Nedbank Limited
Legal Advisor
Norton Rose Fulbright South Africa
Nominated Adviser and Broker
finnCap Limited
For further information please contact: | ||
SacOil Holdings Limited Roger Rees / Tariro Mudzimuirema
|
+27 (0)11 575 7232 | |
Nedbank Capital, a division of Nedbank Limited (Investment Bank, Corporate Advisor and Sponsor) Michelle Benade
finnCap Limited (Nominated Adviser and Broker) | +27 (0) 11 294 3524
+44 (0) 20 7220 0500 | |
Matthew Robinson / Christopher Raggett | ||
FirstEnergy Capital (Joint Broker UK) Majid Shafiq Travis Inlow |
|
+44 (0) 20 7448 0200
|
Pelham Bell Pottinger (UK) | ||
Philip Dennis | +44 (0) 20 7861 3919 | |
Nick Lambert | +44 (0) 20 7861 3936 | |
Rollo Crichton-Stuart | +44 (0) 20 7861 3918 | |