SacOil Holdings Limited Suspension to trading of shares (9596F)
May 31 2013 - 2:30AM
UK Regulatory
TIDMSAC
RNS Number : 9596F
SacOil Holdings Limited
31 May 2013
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")
Resignation of Directors and application of suspension to
trading of shares on AIM and the JSE
SacOil announces that, following the shareholder vote yesterday
against Special Resolution Number 1, Messrs John Bentley and Bill
Guest have resigned as non-executive directors and Mr Robin Vela
has resigned as Executive Director and Chief Executive Officer of
the Company with immediate effect. The three directors,
representing a majority of the board, believed that the conversion
of the Gairloch Limited loans to equity was in the best interests
of the Company and its shareholders and had recommended that
shareholders vote in favour of the resolution approving such
conversion.
Following these resignations application has been made for the
trading of the Company's shares on AIM and the JSE to be suspended
pending further appointments to the board. Shareholders will be
kept appraised of matters in this regard.
ENDS
JSE Sponsor
Nedbank Capital
31 May 2013
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)
Rob Collins
James Pope +44 (0) 20 7647 2800
Keyter Rech Investor Solutions (SA)
Vanessa Ingram
Lynne Bothma +27 (0) 11 447 2993
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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