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Circular to Shareholders

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Oct 25, 2011

Circular to SacOil Shareholders relating to:

  • a specific issue of 111,940,298 SacOil Ordinary Shares for R75,000,000 in cash to Timtex, being a related party to SacOil, at an issue price of R0.67 per SacOil Ordinary Share;
  • a specific authority to issue up to a maximum of 339,390,036 SacOil Ordinary Shares for R197,992,500 in cash to Yorkville Advisers UK LLP, calculated using an illustrative issue price of R0.58 per SacOil Ordinary Share , collectively referred to as the “Specific Issues”;
  • a Specific Payment to Encha of R1,500,000 pursuant to a promoter’s fee; and
  • proposed amendments to the SacOil Share Option Scheme.

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IMPORTANT NOTICE TO SHAREHOLDERS REGARDING THEIR SHARES

Shareholders are advised to contact their CSDP, broker or professional advisor if they are in doubt as to what action to take, and to visit our FAQ page 

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.