SacOil Holdings Limited Results of Rights Offer & Specific Issue of shares (6064Y)
January 27 2014 - 10:00AM
UK Regulatory
TIDMSAC
RNS Number : 6064Y
SacOil Holdings Limited
27 January 2014
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 RIGHTS OFFER AND SPECIFIC ISSUE OF SHARES
1. Introduction
SacOil Shareholders are referred to the circular posted to
Shareholders on 7 November 2013 (the "Circular") containing details
of the capital raising of up to R570 million by way of a
renounceable rights offer and the conversion of the Gairloch debt
to equity.
Capitalised terms in this announcement shall have the same
meaning given to them in the Circular, unless the context indicates
otherwise.
2. Results of Rights Offer
SacOil Shareholders are advised that the Rights Offer closed on
Friday, 24 January 2014. A total amount of R336,582,418 has been
raised by the Company in terms of the Rights Offer. SacOil
Shareholders, or their renouncees, subscribed for 25,756,139 SacOil
Shares in terms of their existing shareholdings and 1,542,768
SacOil Shares in terms of excess applications, comprising 1.22% and
0.07% of the 2,111,111,111 SacOil Shares offered in terms of the
Rights Offer, respectively, and 1.29% combined. The PIC subscribed
for 1,219,302,642 SacOil Shares in terms of the PIC Undertaking,
comprising 57.76% of the 2,111,111,111 SacOil Shares offered in
terms of the Rights Offer.
On Monday, 27 January 2014, share certificates will be posted to
Certificated Shareholders who followed their rights and the CSDP or
broker accounts of Dematerialised Shareholders, or their
renouncees, who followed their rights will be debited and
updated.
On Wednesday, 29 January 2014, share certificates will be posted
to Certificated Shareholders in respect of successful applications.
In addition, the CSDP or broker accounts of Dematerialised
Shareholders who have applied for excess applications will be
debited and updated according to the excess applications allocated
to them.
3. The Specific Issue
SacOil Shareholders are advised that 883,449,144 SacOil Shares
will be issued to nominees of Gairloch for R238,531,269 in
settlement of the Gairloch Loans.
The Specific Issue Shares are expected to be listed on the JSE
on Monday, 27 January 2014. Application has been made for Rights
Offer Shares and the Specific Issue Shares to be admitted to
trading on AIM, which is expected to occur on or about Thursday, 30
January 2014.
Following the Rights Offer and the Specific Issue, the
beneficial shareholdings, held directly or indirectly, in the
issued ordinary stated capital of SacOil for each of the Government
Employee Pension Fund and Gairloch, are set out below:
Total shares held Shareholding
----------------------------------
Beneficial Shareholder Direct interest Indirect interest (%)(1)
---------------------------- --------------- ----------------- ------------
Government Employee Pension
Fund(2) 1 377 909 606 0 44.65%(3)
Gairloch Limited(4) 0 883 449 144 28.63%
Total 1 377 909 606 883 449 144 73.28%
--------------- ----------------- ------------
1. Based on 3,086,169,261 SacOil Shares in issue following the
Rights Offer and the Specific Issue.
2. The PIC Undertaking was provided by the PIC in its capacity as the fund manager for the GEPF.
3. SacOil Shareholders approved the Whitewash Resolution to
waive the benefit of a mandatory offer from the PIC in terms of
section 123(3) of the Companies Act, in the event that GEPF's
shareholding post the Rights Offer and the Specific Issue is equal
to or exceeds 35% of SacOil's issued share capital.
4. Gairloch's beneficial shareholding in SacOil is to be held via the Gairloch Nominees.
Johannesburg
27 January 2014
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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