Results of the Rights Offer and Specific Issue of Shares

SacOil Shareholders are referred to the circular posted to Shareholders on 7 November 2013 (the “Circular”) containing details of the capital raising of up to R570 million by way of a renounceable rights offer and the conversion of the Gairloch debt to equity.

Capitalised terms in this announcement shall have the same meaning given to them in the Circular, unless the context indicates otherwise.

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Dealing in Securities by a Director

In terms of paragraph 3.63 – 3.65 of the JSE Limited Listings Requirements, the following information, relating to the dealings in the securities by a director, is disclosed:

Ignatius Sehoole

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Circular to Shareholders

  • a renounceable rights offer of up to 2 111 111 111 Rights Offer Shares at an issue price of R0.27 per Share in the ratio of 220.80013 Rights Offer Shares for every 100 SacOil Shares held at the close of business on Friday, 3 January 2014; and incorporating:
  • a form of instruction in respect of a renounceable (nil paid) letter of allocation (to be completed by holders of Certificated Shares only).
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