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Finalisation Announcement in Respect of Proposed Rights Offer to Efora Shareholders

EFORA ENERGY LIMITED
(Formerly SacOil Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: EEL
ISIN:  ZAE000248258
(“Efora” or “the Company”)

FINALISATION ANNOUNCEMENT IN RESPECT OF PROPOSED RIGHTS OFFER TO EFORA SHAREHOLDERS

Shareholders are referred to the announcement released by the Company on SENS and in the press on 17 July 2017 advising shareholders that the Company intends to undertake a renounceable rights offer to raise R600 million, before expenses (“Rights Offer”). In terms of the Rights Offer, the Company will offer 1.2 billion ordinary shares (“Offer Shares”) to Efora shareholders at a subscription price of R0.50 per Offer Share, in the ratio of 324.56012 Offer Shares for every 100 ordinary shares held (“Entitlement”) on the record date of the Rights Offer, being Friday, 27 July 2018.

While the Rights Offer has not been underwritten, the Public Investment Corporation (SOC) Limited (“PIC”), a 60.72% shareholder, has provided Efora with a commitment that it will follow its rights in full.

Shareholders are further advised that the Company has received formal approval for the Rights Offer circular (“Circular”) from the Issuer Regulation Division of the JSE Limited and, accordingly, the Rights Offer will be implemented in accordance with the salient dates and times set out below, which are the same as those published on 17 July 2018.

2018

Declaration announcement released on SENS and in the press

Tuesday, 17 July

Finalisation announcement released on SENS

Thursday, 19 July

Publication of the Rights Offer Circular on the website of Efora

Thursday, 19 July

Last day to trade in Ordinary Shares in order to participate in the Rights Offer (cum entitlement)

Tuesday, 24 July

Listing of and trading in the Letters of Allocation under the JSE Code EELN and ISIN ZAE000260188 on the JSE commences at 09:00 on

Wednesday, 25 July

Ordinary Shares commence trading ex-Rights on the JSE at 09:00 on

Wednesday, 25 July

Rights Offer Circular and Form of Instruction distributed to Certificated Shareholders

Wednesday, 25 July

Record Date for determination of Shareholders entitled to participate in the Rights Offer (Initial Record Date)

Friday, 27 July

Rights Offer opens at 09:00 on

Monday, 30 July

Certificated Shareholders will have their Letters of Allocation credited to an electronic account held at the Transfer Secretaries at 9:00

Monday, 30 July

Dematerialised Shareholders will have their accounts at their CSDP or Broker credited with their entitlement at 9:00

Monday, 30 July

Circular, where applicable, posted to Qualifying Dematerialised Shareholders

Monday, 30 July

Last day for trading Letters of Allocation on the JSE

Monday,6 August

Form of Instruction lodged by Certificated Shareholders wishing to sell all or part of their entitlement at the Transfer Secretaries by 12:00

Monday, 6 August

Listing of Rights Offer Shares and trading therein on the JSE commences

Tuesday, 7 August

Rights Offer closes at 12:00. Payment to be made and Form of Instruction lodged by Certificated Shareholders wishing to renounce or subscribe for all or part of the entitlement at the Transfer Secretaries on

Friday, 10 August

Record Date for the Letters of Allocation (Final Record Date)

Friday, 10 August

Rights Offer Shares issued and posted to Shareholders in certificated form (where applicable) on or about

Monday, 13 August

CSDP or Broker accounts in respect of Dematerialised Shareholders will be updated with Rights Offer shares and debited with any payments due on

Monday, 13 August

Results of Rights Offer announced on SENS

Monday, 13 August

In respect of successful excess applications (if applicable), Rights issue Shares issued to Qualifying Dematerialised Shareholders and/or Share certificates posted to Qualifying Certificated Shareholders on or about

Wednesday, 15 August

In respect of unsuccessful excess applications (if any), Refund payments made to Certificated Shareholders on or about

Wednesday, 15 August

Notes:

  1. Unless otherwise indicated, all times indicated above are South African times.
  2. Shareholders may not dematerialise or rematerialise their shares between Wednesday 25 July 2018 and Friday 27 July 2018, both dates inclusive.
  3. Any amendments to the above dates and times will be announced on SENS.

RIGHTS OFFER CIRCULAR

The Circular containing full details of the Rights Offer and a Form of Instruction in respect of a letter of allocation reflecting the Entitlement of Efora shareholders to the Offer Shares, will be posted to certificated shareholders on Wednesday, 25 July 2018.

The Circular will be posted to dematerialised shareholders on Monday, 30 July 2018.

The Circular will be available for viewing on Efora’s website at www.eforaenergy.com from Thursday, 19 July 2018.

Corporate Advisor and Sponsor
PSG Capital

19 July 2018

For further information please contact:

Efora Energy Limited
Damain Matroos
+27 (0)10 591 2260

Buchanan (Financial PR adviser)
Ben Romney / Chris Judd
+44 (0)20 7466 5000

About Efora
Efora Energy Limited is a South African based independent African oil and gas company, listed on the JSE. The Company has a diverse portfolio of assets spanning production in Egypt; exploration in the Democratic Republic of Congo; midstream project relating to crude trading in Nigeria and material downstream distribution operations throughout South Africa and Zimbabwe. Our focus as a Group is on delivering energy for the African continent by using Africa’s own resources to meet the significant growth in demand expected over the next decade.

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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.