Response to Public Censure by the JSE (9173D)
May 23 2012 - 3:00AM
UK Regulatory
TIDMSAC
RNS Number : 9173D
SacOil Holdings Limited
23 May 2012
SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE share code: SCL AIM share code: SAC
ISIN: ZAE000127460
("SacOil" or "the Company" or "the Group")
23 May 2012
Johannesburg
SacOil Holdings Limited
Response to Public Censure by the JSE
SacOil notes that the JSE Limited (JSE) has today announced on
the Stock Exchange News Service of the JSE ("the announcement"), a
public censure of the Company in respect of a breach of general
principle (v) as contained in the JSE Listings Requirements
("public censure").
The public censure relates to the disclosure of headline
earnings per share in the trading statements referred to in the
announcement. SacOil submits that the difference between the
information contained in the relevant trading statements referred
to, arose from a differential accounting treatment of the Group's
intangible assets. The accounting treatment of intangible assets is
a complex and opaque issue that has been the subject of global
debate. Furthermore, it was also the first time that SacOil
reported on the divestment of an intangible asset.
SacOil co-operated fully throughout the JSE's investigation, has
accepted the JSE's findings and the matter has now been fully
concluded.
The Company has taken the following steps in order to prevent a
recurrence of the events that lead to the JSE's investigation:
0 the Company has appointed Ernst & Young as transactional
advisers to advise on complex transactions and the accounting and
tax treatment thereof;
0 the Company has appointed Ernst &Young as its reporting
auditors to facilitate access to oil and gas experienced
professionals, both in South Africa and in the United Kingdom, to
advise on, amongst other, the accounting treatment of complex
transactions; and
0 going forward and as far as practicably possible, the Group's
interim reporting will, as a minimum, be released as reviewed by
its auditors.
ENDS
JSE Sponsor
Nedbank Capital
For further information please contact:
finnCap Limited (Nominated Adviser and
Broker) +44 (0)20 7220 0500
Matthew Robinson / Christopher Raggett
FirstEnergy Capital (Joint Broker UK)
Majid Shafiq
Travis Inlow +44 (0) 20 7448 0200
GMP Securities Europe LLP (Joint Broker
UK)
Nick Morgan
Chris Beltgens +44 (0)20 7647 2800
The Riverbed Agency (SA)
Raphala Mogase +27 (0) 11 783 7903
Pelham Bell Pottinger (UK)
Philip Dennis +44 (0)20 7861 3919
Nick Lambert +44 (0)20 7861 3936
Rollo Crichton-Stuart +44 (0)20 7861 3918
This information is provided by RNS
The company news service from the London Stock Exchange
END
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