SacOil Holdings Limited Trading Update (6666R)
November 21 2012 - 5:00AM
UK Regulatory
TIDMSAC
RNS Number : 6666R
SacOil Holdings Limited
21 November 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 Group")
Trading update
Restatement of results for the 6 month period ended 31 August
2011
Trading update
In terms of paragraph 3.4(b) of the JSE Listings Requirements
companies are required to publish a trading statement as soon as
there is a reasonable degree of certainty that the financial
results for the current reporting period will be at least 20%
different from those of the prior corresponding period.
Given the nature of SacOil's business, which requires lump sum
upfront capital investment, it is not unusual for there to be
differences in the financial results from one period to another. As
such SacOil expects:
× the basic loss per share for the 6 month period ended 31
August 2012 to be between 1.5 cents and 1.7 cents per share
compared to a reported basic loss per share of 4.57 cents for the 6
month period ended 31 August 2011.
× the headline loss per share for the 6 month period ended 31
August 2012 to be between 2.5 cents and 2.7 cents per share
compared to a reported headline earnings per share of 5.69 cents
for the 6 month period ended 31 August 2011.
Restatement of results for the 6 month period ended 31 August
2011
During the 6 month period ended 31 August 2011, whilst the Group
correctly recognised the impact of cash proceeds together with a
receivable, associated with the contingent bonuses receivable from
Total E&P RDC on the farm-out of the 60% interest of Block III,
the value of the receivable, as well as the tax and interest
related thereto were not correctly recognised. The previously
reported comprehensive loss attributable to SacOil of R31.1 million
has therefore been correctly adjusted and restated to a
comprehensive loss attributable to SacOil of R100.1 million to
correct the misstatements for the period ended 31 August 2011. This
has resulted in the restatement of the basic loss per share and
headline loss per share to 14.7 cents and 5.1 cents per share,
respectively, for the period ended 31 August 2011. The impact of
the aforementioned cash proceeds and receivable was correctly
accounted for in the results for the year ended 29 February
2012.
The above information has been reviewed and reported on by the
Group's auditors, Ernst & Young Inc. The Group's interim
results for the 6 month period ended 31 August 2012 will be
published on or before 22 November 2012.
21 November 2012
ENDS
JSE Sponsor
Nedbank Capital
For further information please
contact:
finnCap Limited (Nominated +44 (0) 20 7220
Adviser and Broker) 0500
Matthew Robinson / Christopher
Raggett
FirstEnergy Capital (Joint
Broker UK) +44 (0) 20 7448
Majid Shafiq/ Travis Inlow 0200
GMP Securities Europe LLP (Joint
Broker UK) +44 (0) 20 7647
James Pope/ Chris Beltgens 2800
Keyter Rech Investor Solutions +27 (0) 11 447
(SA) 2993
Vanessa Ingram/ Lynne Bothma
The Riverbed Agency (SA) +27 (0) 11 783
Raphala Mogase 7903
Pelham Bell Pottinger (UK)
+44 (0) 20 7861
Philip Dennis 3919
+44 (0) 20 7861
Rollo Crichton-Stuart 3918
This information is provided by RNS
The company news service from the London Stock Exchange
END
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