SacOil Holdings Limited Update on suspension in trading of shares (3519Q)

TIDMSAC

RNS Number : 3519Q

SacOil Holdings Limited

11 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")

Update on suspension in trading of shares

Since the suspension of trading in the Company's shares on 31 May 2013, the Company believes that it has fulfilled the conditions to warrant the lifting of the suspension of trade in the Company's shares on the Main Board of the JSE Limited ("JSE") and the AIM Market ("AIM") of the London Stock Exchange. In this respect the Company has fulfilled the following conditions:

-- The SacOil board of Directors ("the Board") has been properly constituted, together with the required Board committees, in terms of the Company's Memorandum of Incorporation, the JSE Listings Requirements, the Companies Act No.71 of 2008, as amended and the AIM listing rules, as detailed in the announcement dated 12 September 2013;

-- The Company has published its audited financial results for the year ended 28 February 2013, as detailed in the announcement dated 17 September 2013;

-- The Company is in discussions with Energy Equity Resources (Norway) Limited ("EERNL") to agree a repayment schedule in respect of the loan advanced by the Company to EERNL, as detailed in the announcement dated 17 September 2013; and

-- The Company announced its intention to convert the Gairloch Limited debt to equity and to recapitalise the Company within a reasonable period of time, as detailed in the announcement dated 12 September 2013.

In addition to the abovementioned, and further to the announcement dated 23 September 2013, the Board has finalised its holistic review of the Company. To this extent, the Company has held positive negotiations to source interim finance and is in the process of finalising a loan agreement to give effect to the proposed interim finance. The Board is confident that such arrangements will be finalised in the short term.

Therefore, the Board is confident that the Company has, and will have, the funds necessary to continue to trade as a going concern up to the receipt of funds from the proposed rights offer (which is supported by one of the Company's material shareholders), as detailed in the announcement dated 12 September 2013. The significance of the rights offer to SacOil is detailed in note 35 of SacOil's Integrated Annual Report for the year ended 28 February 2013.

Accordingly, the Company is pleased to announce that it is seeking the restoration of trading in its shares on both the JSE and AIM, and anticipates that such restoration will occur and trading will recommence in the Company's shares on or about 14 October 2013.

11 October 2013

END

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 
  Roger Rees / Tariro Mudzimuirema                 +27 (0)11 575 7232 
 Nedbank Capital, a division of Nedbank 
  Limited (Investment Bank, Corporate Advisor 
  and Sponsor)                                   +27 (0) 11 294 3524 
  Michelle Benade 
 
  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 
 
   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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