Investor Centre
SacOil Circular to Shareholders
A general meeting of SacOil shareholders will be held at 2nd Floor, The Gabba, Dimension Data Campus, 57 Sloane Street, Bryanston, Johannesburg on Thursday, 30 May 2013, commencing at 10h00, or at any adjournment thereof, to consider and, if deemed appropriate, to approve the resolutions as more fully set out in the notice of general meeting attached to the Circular.
Read MorePublishing of Circular
Further to the announcement released on the Stock Exchange News Services of the JSE Limited (“JSE”) and on the Regulatory News Service of the London Stock Exchange on 10 April 2013 (the “Announcement”), SacOil shareholders are advised that the circular relating to:
- the Specific Issue (as defined in the Announcement);
- the Services Agreement (as defined in the Announcement);
- the remuneration of the non-executive directors of SacOil; and
- a general authority of the directors to issue shares for cash,
(the “Circular”)
has today, 8 May 2013, been posted to SacOil shareholders and has been made available on SacOil’swebsite, www.sacoilholdings.com.
Read MoreBuying into the Promise
SacOil has reached an agreement to convert the US$17,6m (about R162m) it owes Gairloch – a private investment holding company registered in the British Virgin Islands – into shares by the end of May. It will leave SacOil “debt free, reducing financing costs and significantly improving its balance sheet position,” CE Robin Vela says.
Read MoreMboweni to chair SacOil board
FORMER Reserve Bank governor Tito Mboweni has been appointed the independent, nonexecutive chairman for SacOil, the company said on Monday.
The company also appointed Mzuvukile Jeff Maqetuka, a former State Security Agency director-general and former ambassador to Algeria, as independent nonexecutive director.
Read MoreChairman and NED Appointments
SacOil, the African independent upstream oil and Gas Company, is pleased to announce the appointment of Mr Tito Titus Mboweni as independent non-executive chairman and Ambassador Mzuvukile Jeff Maqetuka as independent non-executive director of SacOil with effect from 1 June 2013.
Mr Mboweni is the immediate past Governor of the South African Reserve Bank, a former Minister of Labour in the Republic of South Africa in past President Nelson Mandela’s cabinet and one of the World Economic Forum’s Global Leaders of Tomorrow.
Read MoreSacOil wipes out debt and welcomes strategic investor
Africa-focused oil firm SacOil (LON:SAC) is debt-free after sealing a debt-to-equity conversion deal with Gairloch that sees the private investment company
taking a 33.9% stake in SacOil.
Gairloch has agreed to the conversion of US$18.6mln of debt plus interest into 489mln SacOil shares. Gairloch is expected to be a long-term investor in the company.
Read MoreSacOil converts Gairloch debt in 34% equity swap
SACOIL Holdings has completed a R156.6m debt-for-equity swap with Nigeria-based infrastructure group Gairloch, as the AltX-listed oil and gas exploration company freed up its balance sheet to focus on its growth projects.
Read MoreResignation of Directors
SacOil announces that Richard Linnell and Colin Bird have resigned as directors of the Company with immediate effect.
For further information please contact:
Read MoreSacOil Operations Update
SacOil, the independent African oil and gas company, is pleased to provide the market with the following update on the Company’s on-going operational activities:
-
Malawi, Block 1: Planning of environmental and social impact assessment
-
Democratic Republic of the Congo (“DRC”), Block III: 2D seismic data planning and acquisition
- Nigeria, OPL 233: Approval of 2013 Work Program and Budget; re-interpretation of seismic and well data
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Nigeria, OPL 281: Expected release of PSC and re-interpretation of seismic and well data
Gairloch Debt Settlement
SacOil, the African independent upstream oil and gas company, is pleased to announce that it has concluded an agreement dated 5 April 2013 (the “Agreement”) with Gairloch Limited (“Gairloch”) for the conversion of US$17.6 million of debt and accrued interest provided by Gairloch to equity in SacOil by 31 May 2013 (the “Specific Issue”), thereby leaving SacOil debt free, reducing financing costs and significantly improving its balance sheet position.
Read More