SacOil Holdings Limited Suspension to trading of shares (9596F)

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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