SacOil Holdings Limited General Issue of Shares (5794P)

TIDMSAC

RNS Number : 5794P

SacOil Holdings Limited

02 October 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")

ANNOUNCEMENT REGARDING A GENERAL ISSUE OF SHARES FOR CASH

   1.       Introduction

SacOil has issued 2,777,777 new ordinary shares of no par value in the share capital of the Company ("SacOil Shares") at an issue price of R0.27 per ordinary share ("the Issue Shares"), thereby raising a total cash amount of R750,000 ("the Cash Issue").

   2.       Details regarding the Cash Issue

The Issue Shares were issued to a "public shareholder" and not to a "related party" as defined in the JSE Limited Listings Requirements.

The Issue Shares have been issued at a 4.6% discount to the 30-day volume weighted average price of SacOil Shares as traded on the exchange operated by the JSE Limited ("the JSE") for the 30 business days immediately prior to the suspension of trading of the SacOil Shares on the JSE and AIM Market ("AIM") of the London Stock Exchange ("LSE") on 31 May 2013.

The Cash Issue has been implemented in terms of the general authority granted to SacOil's directors to issue shares for cash, which was approved by SacOil shareholders at the Company's general meeting held on 30 May 2013, and in compliance with the limitations related thereto. The Issue Shares rank pari passu with the existing SacOil Shares in issue.

   3.       Application of proceeds of the Cash Issue

The proceeds of the Cash Issue will be utilised to fund the Company's working capital requirements.

   4.       Financial effects of the Cash Issue

Based on SacOil's annual financial results for the year ended 28 February 2013, the unaudited pro forma financial effects ("Financial Effects") of the Cash Issue on SacOil's loss per share ("LPS"), headline loss per share ("HLPS"), net asset value per share ("NAV") and net tangible asset value ("NTAV") are set out below.

The Financial Effects are prepared for illustrative purposes only, and because of their nature, may not give a fair presentation of SacOil's financial position or the effect and impact of the Cash Issue. The Financial Effects are the responsibility of SacOil's board of directors.

 
                          Before the                  After the Cash 
                       Cash Issue(1)  Adjustments(2)        Issue(3)  % Change(4) 
--------------------  --------------  --------------  --------------  ----------- 
LPS (cents)(5)                (6.10)            0.02          (6.08)       (0.33) 
HLPS (cents) (5)              (8.10)            0.02          (8.08)       (0.25) 
NAV (cents) (6)                38.12          (0.03)           38.09       (0.08) 
NTAV (cents) (6)               21.04            0.01           21.05         0.05 
Actual number of 
 ordinary shares 
 in issue                953,340,791       2,777,777     956,118,568         0.30 
Weighted average 
 number of ordinary 
 shares in issue         912,157,573       2,777,777     914,935,350         0.30 
Diluted weighted 
 average number of 
 ordinary shares 
 in issue                912,697,579       2,777,777     915,475,356         0.30 
--------------------  --------------  --------------  --------------  -----------

Notes:

   1.    Based on SacOil's annual financial results for the year ended 28 February 2013. 
   2.    The "Adjustments" column reflects the pro forma adjustments in respect of the Cash Issue. 
   3.    The "After the Cash Issue" takes into account the impact of item 2) above.

4. The "% Change" column is measured as the "After the Cash Issue" column as a percentage of the "Before the Cash Issue" column.

5. In calculating the Financial Effects on LPS and HLPS, it was assumed that the Cash Issue was implemented on 1 March 2012 for purposes of the statement of comprehensive income.

6. In calculating the Financial Effects on NAV and NTAV, it was assumed that the Cash Issue was implemented on 28 February 2013 for statement of financial position purposes.

   5.       Shares in Issue

The Issue Shares are expected to be listed on the JSE on or about 2 October 2013. Application has been made for the Issue Shares to be admitted to trading on AIM which is expected to occur once the suspension of trading in SacOil Shares is lifted. Following the Cash Issue, SacOil will have 956,118,568 SacOil Shares in issue.

2 October 2013

ENDS

Investment Bank, Corporate Advisor and JSE Sponsor

Nedbank Capital, a division of Nedbank Limited

Legal Advisor

Norton Rose Fulbright South Africa

Nominated Adviser and Broker

finnCap Limited

 
 For further information please contact: 
 
 SacOil Holdings Limited                        +27 (0)11 575 
  Roger Rees/ Tariro Mudzimuirema                        7232 
 Nedbank Capital, a division of Nedbank        +27 (0) 11 294 
  Limited (Investment Bank, Corporate                    3524 
  Advisor and Sponsor) 
  Michelle Benade 
 
  finnCap Limited (Nominated Adviser          +44 (0) 20 7220 
  and Broker)                                            0500 
 Matthew Robinson / Christopher Raggett 
 
   FirstEnergy Capital (Joint Broker 
   UK) 
   Majid Shafiq                               +44 (0) 20 7448 
   Travis Inlow                                          0200 
 
   GMP Securities Europe LLP (Joint 
   Broker UK) 
   Rob Collins                                +44 (0) 20 7647 
   James Pope                                            2800 
 
   Pelham Bell Pottinger (UK) 
                                              +44 (0) 20 7861 
 Philip Dennis                                           3919 
                                              +44 (0) 20 7861 
 Nick Lambert                                            3936 
                                              +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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