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Appointment of Directors

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”)

Appointment of Directors

SacOil is pleased to announce the formal appointment of Mr Tito Titus Mboweni as its new independent non-executive Chairman, and Ambassador Mzuvukile Jeff Maqetuka and Mr Stephanus (Steve) Hilgard Muller as independent non-executive directors of the Company, with effect from 10 June 2013.

As previously announced, Mr Mboweni is the immediate past Governor of the South African Reserve Bank, the current Chairman of AngloGold Ashanti Limited, the current non-executive Chairman of Nampak Limited, and an international advisor to Goldman Sachs International.

Ambassador Maqetuka has extensive pan-African experience having served as South Africa’s Ambassador to the People’s Democratic Republic of Algeria and as Director General of the State Security Agency department of the Republic of South Africa.

Mr Muller has extensive experience in the audit and investment banking disciplines, having qualified as a charted accountant in 1985, and served as an executive director of Gensec Bank Limited. Currently he sits on the audit and risk committee of Amalgamated Appliance Holdings Limited and KAP Industrial Holdings Limited as an independent non-executive director.

Commenting on the new appointments, Mr Moseneke said:

“We are delighted to welcome such a distinguished and experienced group of individuals to the Board of SacOil. With these appointments the Company is now able to consider the appointment of an interim CEO and to accelerate the efforts to have lifted the suspension in trading of its shares on both AIM and the JSE. The lifting of the suspensions will require, amongst others, bringing clarity to the financial position of the Company, and the Board approving and publishing the financial results for the financial year ended 28 February 2013 in accordance with JSE Rules. These appointments will enable the Board to, amongst others, constitute an audit committee and be able to progress to conclusion the preparation of the financial results.”

The following further information in relation to the appointments of Messrs Mboweni, Maqetuka and Muller is disclosed in accordance with Schedule 2(g) of the AIM Rules for Companies:

Full name: Tito Titus Mboweni
Age: 54

Current directorships and partnerships:

Directorships and partnerships held in the last 5 years:

Anglogold Ashanti Limited

Nampak Limited

Mr Mboweni does not currently hold any shares in the capital of SacOil.

Full name: Mzuvukile Jeff Maqetuka
Age: 61

Current directorships and partnerships:

Directorships and partnerships held in the last 5 years:

Ikhala Lemvelo Trading Proprietary Limited

Living Aloe Proprietary Limited

Eastern Cape Development Corporation

Karoo Mining Development Proprietary Limited

Ambassador Maqetuka does not currently hold any shares in the capital of SacOil.

Full name: Stephanus Hilgard Muller
Age: 52

Current directorships and partnerships:

Directorships and partnerships held in the last 5 years:

Amalgamated Appliance Holdings Limited

KAP Industrial Holdings Limited

Mr Muller has a short position of 821,997 shares in the capital of SacOil. This position arose as a result of an administrative error in a transaction that Mr Muller previously undertook in SacOil shares, which position he could not close as a result of the suspension in trading of the Company’s shares.

10 June 2013
ENDS

JSE Sponsor
Nedbank Capital

For further information please contact:

finnCap Limited (Nominated Adviser and Broker)

Matthew Robinson / Christopher Raggett

+44 (0) 20 7220 0500

FirstEnergy Capital (Joint Broker UK)

Majid Shafiq

Travis Inlow

+44 (0) 20 7448 0200

GMP Securities Europe LLP (Joint Broker UK)

Rob Collins

James Pope

+44 (0) 20 7647 2800

Keyter Rech Investor Solutions (SA)

Vanessa Ingram

Lynne Bothma

+27 (0) 11 447 2993

Pelham Bell Pottinger (UK)

Philip Dennis

Nick Lambert

Rollo Crichton-Stuart

+44 (0) 20 7861 3919

+44 (0) 20 7861 3936

+44 (0) 20 7861 3918

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