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Results of Efora Renounceable Rights Offer

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”)

RESULTS OF EFORA RENOUNCEABLE RIGHTS OFFER  

  1. INTRODUCTION

Shareholders are referred to the announcements released by the Company on SENS on 17 July 2018 and 19 July 2018 and to the circular dated 19 July 2018 relating to the renounceable rights offer to Efora shareholders (“Rights Offer”). While the Rights Offer was not underwritten, the Public Investment Corporation (SOC) Limited (“PIC”), a 60.72% shareholder, provided Efora with a commitment that it will follow its rights in full. In terms of the Rights Offer, the Company offered 1.2 billion ordinary shares to Efora shareholders at a subscription price equal to R0.50 per share (“Rights Shares”), to raise an amount of R600 million, before expenses, in the ratio of 324.56012 Rights Shares for every 100 ordinary shares held (“Entitlement”) on the record date of the Rights Offer, being Friday, 27 July 2018.

  1. RESULTS OF THE RIGHTS OFFER

The Rights Offer closed on Friday, 10 August 2018.

Efora is pleased to announce that shareholders subscribed for a total of 734 103 445 Rights Offer Shares, constituting 61.18% of the Rights Offer Shares, at a subscription price of R0.50 per Rights Offer Share.

The Rights Offer included the right for shareholders to apply for excess Rights Offer Shares.

Following the finalisation of the Rights Offer, the PIC holds 953 078 829 Efora ordinary shares, representing 86.34% of Efora’s issued share capital.

  1. ISSUE OF RIGHTS OFFER SHARES

Share certificates are being posted to holders of certificated shares who have accepted their Entitlement today, Monday, 13 August 2018.

The CSDP or broker accounts of holders of dematerialised shares, who have accepted their Entitlement, will be credited with the Rights Offer Shares and debited with any payments due on Monday, 13 August 2018.

13 August 2018
Johannesburg

Corporate advisor and Sponsor
PSG Capital

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.