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Appointment of Directors – CEO and FD

(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 – CEO and FD

SacOil is pleased to announce the formal appointment of Mr Roger Rees as interim chief executive officer and Mrs Tariro Mudzimuirema as interim financial director of the Company with immediate effect.

Mr Roger Rees is a Chartered Accountant by qualification. He spent his early career with Arthur Andersen, initially in London and then Johannesburg. He has extensive public company experience. He previously served as a director and deputy Chairman of Clough Limited, an ASX listed oil and gas engineering company. He also has significant international experience in acquisitions and disposals, due diligence and corporate finance.

Mrs Tariro Mudzimuirema is a Chartered Accountant with more than 11 years’ experience in finance, risk management, corporate governance and audit. After completing her degree at Rhodes University, Tariro joined PwC, where she worked in the Johannesburg, Zimbabwe, Baltimore, London and Malawi offices, responsible for assurance engagements for listed and unlisted entities in the construction, mining and manufacturing industries. Upon leaving PwC in June 2010, Tariro held various senior management roles responsible for compliance, financial management and business development at Indyebo Consulting and as an Independent Finance Consultant. Tariro is a member of The South African Institute of Chartered Accountants and an associate of the London Institute of Risk Management.

As from 17 September 2012, Mrs Mudzimuirema was appointed as Finance Manager at SacOil.

Mr Tito Mboweni, the Chairman of the Board of SacOil, commented as follows on the appointments:
“I am delighted that this lady and gentleman have agreed to join the board of SacOil Holdings Limited for an interim period. I look forward to working with them in growing this business into a giant pan-African enterprise”.

The company’s shares will remain suspended on the JSE and AIM pending further announcements in this regard.

The following further information in relation to the appointments of Mr Rees and Mrs Mudzimuirema is disclosed in accordance with Schedule 2(g) of the AIM Rules for Companies:

Full name: Roger William Rees
Age: 60

Current directorships and partnerships:

Directorships and partnerships held in the last 5 years:

Rex Trueform Limited

Murray & Roberts Holdings Limited

Redefine Properties Limited

Clough Limited

African and Overseas Enterprises Ltd

Ikwezi Mining Limited

Rex Trueform Clothing Company Ltd

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

Full name: Tariro Rudo Mudzimuirema
Age: 35

Current directorships and partnerships:

Directorships and partnerships held in the last 5 years:



Mrs Mudzimuirema does not currently hold any shares in the capital of SacOil.

25 July 2013


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

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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