SacOil Interim Results for 6 months ended 31 December 2008
SacOil Holdings Limited – Unaudited Interim Results For The Six Months
Read MoreProposed unbundling of shares in Pioneer Coal Limited
SACOIL HOLDINGS LIMITED(Formerly SA Mineral Resources Corporation Limited)(Incorporated in the Republic of South Africa)(Registration number 1993/000460/06)Share code: SCL ISIN: ZAE000127460(“SACOIL” or “the company”) PROPOSED UNBUNDLING OF SHARES IN PIONEER COAL LIMITED (“PIONEER COAL”) CONDITIONAL ACQUISITION OF COAL EXPLORATION ASSETS BY PIONEER COAL WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT IntroductionFurther to the announcement dated 2 September 2008 which…
Read MorePosting of Annual Report and No Change Announcement
SACOIL HOLDINGS LIMITED (Formerly SA Mineral Resources Corporation Limited) (Incorporated in the Republic of South Africa) (Registration number 1993/000460/06)Share code: SCL ISIN: ZAE000127460 (“SacOil” or “the company”) POSTING OF ANNUAL REPORT AND NO CHANGE STATEMENT Shareholders are advised that the annual report of SacOil will be posted to shareholders on 12 December 2008 and that…
Read MoreSamroc Concludes R533m SacOil Acquisition
JSE-listed exploration and development junior Samroc on Friday announced that it had finalised the acquisition agreement of fuel producer SacOil for a total consideration of R533,1-million.
Read MoreCircular to Shareholders
Circular to Samroc Shareholders relating to:
- The reversal of their interest in South Africa Congo Oil Company (Proprietary) Limited (“SacOil”), a company holding oil concession rights in the Democratic Republic of the Congo, into Samroc by the SacOil vendors for a total consideration of R533.1 million;
- a proposed share option scheme;
- a change of name of Samroc to SacOil Holdings Limited and a transfer of its listing to the “Mining; Integrated Oil and Gas” sector of the JSE Limited list;
- a notice of general meeting;
- a form of proxy (blue) (applicable to certificated and dematerialised own name shareholders only);
- a form of surrender (yellow) (for use by certificated shareholders only); and
- revised listing particulars.
Samroc Preliminary Results for the year ending 30 June 2008
Financial assets and liabilities carried on the balance sheet include loans, investments, cash and cash equivalents, accounts receivable and accounts payable. All financial instruments are initially measured at fair value. In the case of financial instruments not classified as at fair value through profit and loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument are added to the fair value.
Accounts receivable and loans originated by the company are measured at amortised cost using the effective interest rate method less any allowance for impairment. Accounts payable are stated at gross invoiced value less discounts. Foreign payables are re-valued at yearend spot rates prevailing in the market.
Read MoreSamroc Annual Report 2008
Samroc is listed on the Venture Capital sector of the JSE Limited (“JSE”). The company has seen significant changes during the past twelve months to its capital structure, its major shareholders and its board of directors.
Capital Restructure
During December 2007 the company consolidated and converted its issued share capital of 374 274 923 ordinary shares of 1 cent each on a 1-for-10 basis into 37 427 492 ordinary shares of no par value. During the period under review, the company had two issues of shares for cash raising a total of R54,15 million. The purpose of the issues was to settle the company’s long-term liabilities and to raise capital for the evaluation of new acquisitions by the company and to facilitate the recruitment of a new management team.
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