Circular to Shareholders
Mar 16, 2011
Circular to SacOil Shareholders regarding:
- the proposed transfer by Semliki, a 50 per cent subsidiary of SacOil, of the Block 3 Interest to Total;
- the proposed specific issue of SacOil Ordinary Shares to the executive directors of SacOil in the event that the Bonuses are settled in whole or in part through the issue of SacOil Ordinary Shares;
- the proposed specific issue of SacOil Ordinary Shares to Renaissance, in the event of Renaissance electing to convert any amount repaid by SacOil under the Facility into SacOil Ordinary Shares;
- the proposed specific issue of 796 577 SacOil Ordinary Shares at an issue price of R2.16 per SacOil Ordinary Share to Renaissance in part settlement of the fee due to Renaissance for advisory services rendered in respect of the Transfer;
- the proposed grant of Call Options to Renaissance in terms of the Call Option Confirmations, which grant shall constitute a specific issue of options for cash by SacOil; and
- the approval of the Encha Memorandum of Agreement and a specific issue of SacOil Ordinary Shares to Encha, a related party, in the event of SacOil electing to settle any remuneration due to Encha in terms of the Encha Memorandum of Agreement through the issue of SacOil Ordinary Shares;
IMPORTANT NOTICE TO SHAREHOLDERS REGARDING THEIR SHARES
If you are in any doubt as to what action you should take, consult your CSDP, Broker, Banker, Legal Adviser, Accountant or other professional advisers immediately.
Or visit our Shareholder Information page for more information regarding your shareholding and share certificate.