SacOil Holdings Limited Announcement regarding the Convertible Bridge Loan (3063V)
December 11 2013 - 10:00AM
UK Regulatory
TIDMSAC
RNS Number : 3063V
SacOil Holdings Limited
11 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" or the "Group")
Announcement regarding the Convertible Bridge Loan
The Directors of SacOil are pleased to announce, in accordance
with Rule 13 of the AIM Rules, that the Company has entered into an
agreement with the Public Investment Corporation (SOC) Limited
("the PIC") dated 3 December 2013 in terms of which the PIC has
agreed to advance funding to the Company in the form of a
convertible bridge loan facility (the "Convertible Bridge Loan") of
US$20.5m to fulfil the Group's financing obligations relating to
its assets, in advance of the Specific Issue and the receipt of
funds from the Rights Offer ("the Transactions") (as detailed in
the announcement dated 12 September 2013).
The Convertible Bridge Loan is advanced to SacOil at a rate of
interest linked to the 3 month Johannesburg Interbank Agreed Rate
and is repayable by 31 January 2014 ("the Repayment Date"). It is
anticipated that the repayment of this Convertible Bridge Loan will
be through the issue of sufficient number of Rights Offer Shares to
the PIC at R0.27 per SacOil share. Shareholders are reminded of the
PIC's undertaking to support the Rights Offer to the extent of
R329,211,713.
To the extent that the Transactions are not implemented by the
Company prior to the Repayment Date, then the Convertible Bridge
Loan shall be settled by the issue of new shares in the Company,
sufficient in number, at a price of R0.27 per SacOil share to
enable the conversion of the Convertible Bridge Loan into shares in
the Company ("the Bridge Loan Shares"). The issuance of the Bridge
Loan Shares shall be subject to the passing of a special
resolution, at a general meeting of shareholders on or before 14
March 2014, authorising such issuance.
By virtue of the PIC being a substantial shareholder (16.59%) in
the Company, the Convertible Bridge Loan constitutes a related
party transaction for the purposes of Rule 13 of the AIM Rules. The
directors of SacOil consider, having consulted with finnCap Limited
(the Company's nominated advisor), that the terms of the
Convertible Bridge Loan are fair and reasonable insofar as the
Company's shareholders are concerned.
11 December 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
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
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
MSCEALAFFAPDFFF
Sacoil (LSE:SAC)
Historical Stock Chart
From May 2024 to Jun 2024
Sacoil (LSE:SAC)
Historical Stock Chart
From Jun 2023 to Jun 2024