SacOil Holdings Limited General meeting results & Directors appointment (9345U)

TIDMSAC

RNS Number : 9345U

SacOil Holdings Limited

06 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")

RESULTS OF GENERAL MEETING AND APPOINTMENT OF DIRECTORS

SacOil Shareholders are referred to the notice of general meeting attached to the circular posted to Shareholders on 7 November 2013 (the "Circular") containing details of the conversion of the Gairloch debt to equity and the capital raising of up to R570 million by way of a renounceable rights offer.

Capitalised terms in this announcement shall have the same meaning given to them in the Circular, unless the context indicates otherwise.

   1.   Results of the General Meeting

Shareholders are advised that, at the General Meeting held today, all the ordinary and special resolutions tabled were approved by the requisite majority of votes required from Shareholders present in person or represented by proxy.

The special resolution passed at the General Meeting will be filed with, and registered where required, by the Companies and Intellectual Property Commission.

   2.   Appointment of Directors

At the General Meeting, Mr Danladi Verheijen and Ms Lola Akinleye were appointed as non-executive Directors of the Company with effect from the Completion Date (as defined in Annexure 5 of the Circular), which is expected to be on or about Monday, 27 January 2014.

The following further information in relation to the appointments of Mr Verheijen and Ms Akinleye is disclosed in accordance with Schedule 2(g) of the AIM Rules for Companies:

 
 Full name:                        Mr Danladi Michael Verheijen 
 Age:                              37 
 Experience and principal          Danladi is the managing director 
  activities:                       of Verod Capital Management Limited 
                                    ("Verod"), a West African focused 
                                    investment firm, which he co-founded 
                                    in 2008. Verod invests in high growth, 
                                    medium-sized companies across several 
                                    sectors, including consumer products, 
                                    manufacturing, technology/media and 
                                    real estate. He previously was a 
                                    Vice President at Citibank Nigeria 
                                    where he led corporate finance and 
                                    investment banking transactions. 
                                    He also had responsibility over Citibank's 
                                    equity investment portfolio and represented 
                                    the bank on the investment and advisory 
                                    committee of Nigeria's largest private 
                                    equity firm. Prior to that, he held 
                                    roles at Ocean and Oil Holdings and 
                                    at McKinsey & Company. 
 Current directorships             Verod 
  and partnerships:                 Harvard Business School Association 
                                    of Nigeria 
                                    Christian Care for Widows and the 
                                    Aged 
 Directorships and partnerships    Royal Exchange Finance and Investment 
  held in the last five             Limited 
  years:                            Energy Equity Resources (Norway) 
                                    Limited 
 
 
 Full name:                        Titilola Abisoye Akinleye 
 Age:                              41 
 Experience and principal          Lola has over 15 years' finance and 
  activities:                       investment banking experience with 
                                    significant experience in corporate 
                                    finance advisory, equity and debt 
                                    capital raising, structured project 
                                    finance and with public and private 
                                    partnerships for development of infrastructure. 
                                    She began her career at General Electric 
                                    London and has held roles at JP Morgan, 
                                    ARM Investment Managers and Zenith 
                                    Capital. 
 Current directorships             SMARTT Futures Resources Limited 
  and partnerships:                 VIDA Fashions Limited 
                                    Tatin True Concepts Limited 
                                    SNL Internautical Limited 
 Directorships and partnerships    None 
  held in the last five 
  years:

Johannesburg

6 December 2013

JSE Sponsor

Nedbank Capital

 
 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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