SacOil Holdings Limited Appointment of Directors (0674G)

TIDMSAC

RNS Number : 0674G

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")

Appointment of Directors

Shareholders are referred to the announcements dated 22 April 2013 and 31 May 2013 in terms of which the Company announced changes to its board of directors.

As was previously announced, the Company has agreed to appoint Mr Tito Titus Mboweni as its new independent non-executive Chairman, and Mr Mzuvukile Jeff Maqetuka as an independent non-executive director. The Company's advisors are in the process of finalising various administrative and regulatory compliance requirements in this regard, after which the new directors will be formally appointed and able to assume office with full capacity as directors.

Further, the Company is pleased to announce the proposed appointment of Mr Stephanus Hilgard Muller as Director in the capacity of independent non-executive director. His appointment will be finalised once the Company's advisors have concluded the standard regulatory compliance reviews in this regard. Mr Muller qualified as a chartered accountant in 1985, completing his articles at Peat, Marwick, Mitchells & Co. He worked in various audit and corporate finance capacities at Aiken and Peat, prior to joining Rand Merchant Bank. Subsequently he joined Genbel Investments, where he eventually held the office of Group Chief Operating Officer: Equities of Genbel Securities Limited. Currently he serves as an independent non-executive director at Amalgamated Appliances limited, where he is the Chairman of the Group's audit and risk committee. He is also an independent non-executive director and member of the audit committee of Kap Industrial Holdings Limited.

These new appointments are expected to stabilise the Company and, further announcements will be made in due course.

ENDS

JSE Sponsor

Nedbank Capital

31 May 2013

 
 For further information please contact: 
 SacOil Holdings Limited                     +27 (0)11 575 7232 
 Gontse Moseneke 
 
 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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