Results of General Meeting and Results of AGM
SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE share code: SCL AIM share code: SAC
(“SacOil” or the “Company”)
RESULTS OF GENERAL MEETING
RESULTS OF ANNUAL GENERAL MEETING
1. Results of General Meeting
Shareholders of SacOil (“Shareholders”) are referred to the circular to shareholders dated 24 October 2011 relating to the following:
- A specific issue of 111 940 298 SacOil ordinary shares for R75 000 000 in cash to Timtex Investments Proprietary Limited, 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 Group Limited of R1 500 000 pursuant to a promoter’s fee (“Specific Payment”); and
- Proposed amendments to the SacOil Share Option Scheme (“Amendments”).
Shareholders are accordingly advised that at the general meeting (“GM”) of Shareholders held today, the ordinary and special resolutions in relation to the Specific Issues and the Specific Payment as detailed above and tabled at the GM, were approved by the requisite majority of votes required from Shareholders. An application has been made to the JSE to grant a listing of the 111 940 298 new SacOil shares, in respect of the Specific Issue to Timtex, with effect from Tuesday, 22 November 2011. Application has also been made for these shares to be admitted to trading on the AIM Market of the London Stock Exchange and such admission is expected to occur on Tuesday, 22 November 2011
Shareholders are further advised that the ordinary resolution dealing with the Amendments was not approved by the requisite majority of votes required from Shareholders. This resolution required a 75% majority vote of all Shareholders present and voting at the GM. Accordingly no amendments will be effected to the current share option scheme.
2. Results of Annual General Meeting
Shareholders are referred to the notice of the annual general meeting (“AGM”) attached to the annual report for the year ended 28 February 2011, posted to Shareholders on 24 August 2011.
Shareholders are advised that at the AGM held today, all the ordinary and special resolutions tabled were approved by the requisite majority of votes required from Shareholders. All of the special resolutions passed at the GM and AGM will be filed with, and registered where required, by the Companies and Intellectual Property Commission.
17 November 2011
The Standard Bank of South Africa Limited
For further information please contact:
finnCap Limited (Nominated Adviser and Broker) +44 (0) 20 7220 0500
Matthew Robinson / Christopher Raggett
Shore Capital Stockbrokers LTD (Joint Broker UK) +44 (0) 20 7408 4090
Jerry Keen/ Bidhi Bhoma
The Riverbed Agency (SA) +27 (0) 11 783 7903
Pelham Bell Pottinger (UK)
Philip Dennis/ Nick Lambert/ Rollo Crichton-Stuart +44 (0) 20 7861 3232
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.