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Scl - Sacoil Holdings Limited - Vexatious Action Taken Against Sacoil

Release Date: 15/09/2010 11:23:01      Code(s): SCL
SCL - SacOil Holdings Limited - Vexatious action taken against SacOil           
SacOil Holdings Limited                                                         
Incorporated in the Republic of South Africa                                    
Registration number: 1993/000460/06                                             
Share code: SCL                                                                 
("SacOil" or "the company")                                                     
ISIN code: ZAE000127460                                                         
Vexatious action taken against SacOil                                           
Shareholders are advised that the company has been cited as defendant in an     
action instituted by one Joseph Gadifele Mobibane ("the Plaintiff") in the North
Gauteng High Court. The Plaintiff is a regular litigator and has instituted a   
number of actions against South African corporates in recent years. In his      
Particulars of Claim the Plaintiff alleges that, in terms of an agreement that  
was not reduced to writing, he was entitled to require the company to issue to  
him 105 000 000 shares in the ordinary share capital of SacOil at an issue price
of 30 cents per share. The Plaintiff further alleges that the company declined  
to comply with the alleged agreement and that he is consequently entitled to    
claim damages from SacOil in the amount of R67 200 000.                         
Having regard to the information in its possession the board of directors is of 
the view that the claim is without factual foundation and is vexatious in       
nature. The company has therefore instructed its legal representatives, Deneys  
Reitz, to vigorously defend the action and seek punitive costs. A further       
announcement will be made as soon as progress in this regard has been made.     
Midrand                                                                         
15 September 2010                                                               
Sponsor                                                                         
BDO Corporate Finance                                                           

Date: 15/09/2010 11:23:01 Supplied by www.sharenet.co.za                     
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