Notice In Terms Of Section 45(5) Of The Companies Act
EFORA ENERGY LIMITED
(Formerly SacOil Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: EEL
(“Efora” or “the Company”)
NOTICE IN TERMS OF SECTION 45(5) OF THE COMPANIES ACT
Notice is hereby given in terms of section 45(5) of the Companies Act, No 71 of 2008 (“Act”), that the board of directors of the Company (“the Board”) has resolved to provide up to R89 million financial assistance to Afric Oil Proprietary Limited for working capital purposes, in accordance with section 45(2) of the Act, pursuant to the authority granted to the Board by the shareholders at the annual general meeting of the Company held on 2 October 2017, which financial assistance exceeds a 10th of 1% of the Company’s net worth.
Such financial assistance is underpinned by agreed terms and conditions which were deemed to be fair and reasonable to the Company and will be advanced in tranches subject to continuous adherence to the agreed terms and conditions of the financial assistance.
In accordance with section 45 of the Act, the Board was satisfied that immediately after providing such financial assistance, the Company has met the provisions of the solvency and liquidity test provided for in section 4 of the Act.
Corporate Advisor and Sponsor
17 September 2018
For further information please contact:
Efora Energy Limited
+27 (0)10 591 2260
Buchanan (Financial PR adviser)
Ben Romney / Chris Judd
+44 (0)20 7466 5000
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; a 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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