AGM Statement (3118S)
November 17 2011 - 9:27AM
UK Regulatory
TIDMSAC
RNS Number : 3118S
SacOil Holdings Limited
17 November 2011
SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE share code: SCL
AIM share code: SAC
ISIN: ZAE0000127460
("SacOil" )
17 November 2011
Johannesburg
Results of general meeting and 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.
JSE Sponsor
The Standard Bank of South Africa Limited
For further information please contact:
AIM Nominated Adviser and Joint Broker
finnCap Ltd
Matthew Robinson / Christopher Raggett +44 (0)20 7220 0500
Joint Broker (United Kingdom)
Shore Capital Stockbrokers Ltd
Jerry Keen / Bidhi Bhoma +44 (0)20 7408 4090
Public Relations (South Africa)
The Riverbed Agency (SA)
Raphala Mogase / Bongiwe Moeli +27 (0) 11 783 7903
Public Relations (United Kingdom)
Pelham Bell Pottinger (UK)
Philip Dennis/Nick Lambert/Rollo Critchton-Stuart +44 (0)20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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