TIDMSAC
RNS Number : 7327U
SacOil Holdings Limited
05 December 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")
UPDATED PRO FORMA FINANCIAL INFORMATION RELATING TO THE SPECIFIC
ISSUE AND THE RIGHTS OFFER
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
1. Introduction
Shareholders are referred to the announcement dated 12 September
2013 containing details of the conversion of the Gairloch debt to
equity (the "Specific Issue") and the capital raising of up to R570
million by way of a renounceable rights offer (the "Rights Offer")
(collectively the "Transactions"). Shareholders are further
referred to the announcement dated 25 October 2013 relating to the
renewal of cautionary announcement.
The pro forma financial effects of the Specific Issue and Rights
Offer disclosed in the circular posted to shareholders on 7
November 2013 (the "Circular") were based on SacOil's published
annual financial results for the year ended 28 February 2013. On 22
November 2013, SacOil published its reviewed interim results for
the six months ended 31 August 2013 ("Interim Results"). As
required by the JSE Limited Listings Requirements, the Company has
updated the unaudited pro forma financial information relating to
the Transactions.
2. Pro forma financial information relating to the Transactions
The unaudited pro forma financial effects of the Transactions on
SacOil's earnings per share ("EPS"), headline earnings per share
("HEPS"), net asset value per share ("NAV") and tangible net asset
value per share ("TNAV") are set out below. The unaudited pro forma
financial information is presented for illustrative purposes only,
and, because of its nature, may not fairly present SacOil's
financial position, changes in equity, and results of operations or
cash flows. Thepro forma financial information is the
responsibility of the Board of Directors.
Pro forma Pro forma
Adjustments adjustments After adjustments
Interim - Gairloch Before - Rights Rights - Specific After Change
Details Results Loans the Transactions* Offer Offer Issue the Transactions (%)
--------- --------------------------- ------------------------------ --------------------------- ----------------------------- ----------------------------- --------------------------- --------------------------------- -------------------------
EPS
(cents) 2.76 - 2.76 (1.90) 0.86 0.48 1.34 (51.45)
--------- --------------------------- ------------------------------ --------------------------- ----------------------------- ----------------------------- --------------------------- --------------------------------- -------------------------
Diluted
EPS
(cents) 2.76 - 2.76 (1.90) 0.86 0.48 1.34 (51.45)
--------- --------------------------- ------------------------------ --------------------------- ----------------------------- ----------------------------- --------------------------- --------------------------------- -------------------------
HEPS
(cents) 2.76 - 2.76 (1.90) 0.86 0.48 1.34 (51.45)
--------- --------------------------- ------------------------------ --------------------------- ----------------------------- ----------------------------- --------------------------- --------------------------------- -------------------------
Diluted
HEPS
(cents) 2.76 - 2.76 (1.90) 0.86 0.48 1.34 (51.45)
--------- --------------------------- ------------------------------ --------------------------- ----------------------------- ----------------------------- --------------------------- --------------------------------- -------------------------
NAV
(cents) 40.95 0.81 41.76 (10.26) 31.50 (1.04) 30.46 (27.06)
--------- --------------------------- ------------------------------ --------------------------- ----------------------------- ----------------------------- --------------------------- --------------------------------- -------------------------
TNAV
(cents) 19.28 0.22 19.50 5.07 24.57 0.51 25.08 28.62
--------- --------------------------- ------------------------------ --------------------------- ----------------------------- ----------------------------- --------------------------- --------------------------------- -------------------------
Weighted
average
number
of
shares
in issue 953,340,791 - 953,340,791 2,111,111,111 3,064,451,902 883,449,144 3,947,901,046 314.11
--------- --------------------------- ------------------------------ --------------------------- ----------------------------- ----------------------------- --------------------------- --------------------------------- -------------------------
Weighted
average
number
of
shares
in issue
for
dilution 953,340,791 - 953,340,791 2,111,111,111 3,064,451,902 883,449,144 3,947,901,046 314.11
--------- --------------------------- ------------------------------ --------------------------- ----------------------------- ----------------------------- --------------------------- --------------------------------- -------------------------
Number of
shares
in issue 953,340,791 - 953,340,791 2,111,111,111 3,064,451,902 883,449,144 3,947,901,046 314.11
--------- --------------------------- ------------------------------ --------------------------- ----------------------------- ----------------------------- --------------------------- --------------------------------- -------------------------
Notes:
1. The "Interim Results" column indicates the financial
information which has been extracted from SacOil's reviewed interim
results for the six months ended 31 August 2013.
2. The "Adjustments - Gairloch Loans" column indicates the
adjustments in respect of the Gairloch Loans (as defined in the
Circular). Subsequent to 31 August 2013, the Gairloch Loans
incurred further interest charges amounting to R12,863,297.
R11,088,966 of this interest is attributable to the Gairloch
Novated Loan Agreement (as defined in the Circular) and is split
equally between SacOil's wholly-owned subsidiary SacOil 233 Nigeria
Limited and EER (as defined in the Circular), and is capitalised to
the OPL 233 asset under "exploration and evaluation assets" and the
EER loan under "other financial assets", respectively. The movement
in "accumulated loss" is a result of the remaining interest expense
of R1,774,331 and foreign exchange gains amounting to R9,416,123 on
all the Gairloch Loans incurred subsequent to 31 August 2013. These
adjustments resulted in a total increase in "Other financial
liabilities" of R3,447,714.
3. The "Before the Transactions" column indicates the impact of
item 2 above on the "Interim Results" column.
4. The "Pro forma adjustments - Rights Offer" column takes into
account the pro forma adjustments in respect of the Rights Offer,
namely the issue of 2,111,111,111 SacOil shares ("Rights Offer
Shares") for R570,000,000 at the issue price of R0.27 per ordinary
share. In this respect, Rights Offer costs of R2,872,661 have been
deducted from equity.
5. The pro forma statement of comprehensive income figures are
based on the assumption that the Rights Offer was implemented on 1
March 2013 while the statement of financial position figures are
based on the assumption that the Rights Offer was implemented on 31
August 2013.
6. The "After the Rights Offer" column indicates the pro forma
financial results after taking into account items 1 to 5 above.
7. The "Pro forma adjustments - Specific Issue" column takes
into account the issue of 883,449,144 SacOil shares to Gairloch
Nominees for R238,531,269 at the issue price of R0.27 per share
under the terms of the Gairloch Subscription Agreement (as defined
in the Circular). In this respect, Specific Issue costs of
R1,202,139 have been deducted from equity.
8. The pro forma statement of comprehensive income figures are
based on the assumption that the Specific Issue was implemented on
1 March 2013, while the statement of financial position figures are
based on the assumption that the Specific Issue was implemented on
31 August 2013.
9. The "After the Transactions" column indicates the pro forma
financial results after taking into account items 1 to 8 above.
10. The "Changes (%)" column is calculated as the difference
between the "After the Transactions" column and the "Before the
Transactions" column, as a percentage of the "Before the
Transactions" column.
11. * The general issue of shares for cash, announced on SENS on
2 October 2013, has not been included in the pro forma financial
information as it is considered, by the Company, to be
immaterial.
3. Withdrawal of cautionary announcement
As the pro forma financial information has been disclosed,
shareholders are advised that they are no longer required to
exercise caution when dealing in the Company's securities.
Johannesburg
5 December 2013
JSE Sponsor
Nedbank Capital
For further information please contact:
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SacOil Holdings Limited
Roger Rees / Tariro Mudzimuirema +27 (0)11 575 7232
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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
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Matthew Robinson / Christopher Raggett
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FirstEnergy Capital (Joint Broker UK)
Majid Shafiq
Travis Inlow +44 (0) 20 7448 0200
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Pelham Bell Pottinger (UK)
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Philip Dennis +44 (0) 20 7861 3919
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Nick Lambert +44 (0) 20 7861 3936
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Rollo Crichton-Stuart +44 (0) 20 7861 3918
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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