SacOil Holdings Limited Update (2904G)
June 04 2013 - 11:50AM
UK Regulatory
TIDMSAC
RNS Number : 2904G
SacOil Holdings Limited
04 June 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")
Update
Shareholders are referred to the announcement released by the
Company on the morning of 31 May 2013, which communicated the
resignation of three directors of the Company. Subsequent to the
release of the announcement, trading in the shares of the Company
was suspended on both the JSE and AIM.
Shareholders are advised that, notwithstanding the suspension of
trading in its shares, the Company continues to operate with a
functioning board in accordance with its Memorandum of
Incorporation, albeit with one director. Mr Gontse Moseneke has
served as a non-executive director of the Company since September
2009, and is familiar with its business. Subsequent to the
resignations on 31 May 2013, Mr Moseneke has assumed some executive
capacity in the Company, in execution of his fiduciary duties as a
director.
The Company has been advised that the suspension of trading in
SacOil's shares on AIM will continue at least until the composition
and balance of the board of directors is considered appropriate, as
contemplated in the AIM Rules.
Furthermore, and in relation to the suspension of trading on the
JSE, the Company's JSE Sponsor has explained that the JSE, in
deciding to suspend trade in the Company's shares on the JSE, took
into account, inter alia, the following factors: the AIM
suspension, the composition of the board and the absence of a duly
constituted audit committee in the wake of the resignations by
independent non-executive directors.
In terms of paragraph 3.16 of the JSE Listings Requirements, the
Company is required to distribute its annual financial statements
or publish and distribute a provisional report within 3 months of
its financial year-end. As a result of the resignations referenced
above, the Company does not have a duly constituted audit and risk
committee to be able to consider and recommend for approval, by the
board of directors, the financial results. Consequently, the
Company has not yet announced the financial results for the year
ended 28 February 2013.
The Company anticipates that the appointment of three new
directors will be finalised during the course of the week. The new
board of directors will then be able to appoint an audit and risk
committee soon thereafter. Once an audit and risk committee has
been constituted, the process to consider and approve the financial
results for the year ended 28 February 2013 will be undertaken to
finality.
Shareholders will be kept informed of developments in this
regard.
ENDS
JSE Sponsor
Nedbank Capital
04 June 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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