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Scl - Sacoil Holdings Limited - Results Of General Meeting And Annual General

Release Date: 17/11/2011 16:15:17      Code(s): SCL
SCL - Sacoil Holdings Limited - Results of general meeting and annual general   
meeting                                                                         
SACOIL HOLDINGS LIMITED                                                         
(Incorporated in the Republic of South Africa)                                  
(Registration number 1993/000460/06)                                            
JSE share code: SCL                                                             
AIM share code: SAC                                                             
ISIN: ZAE0000127460                                                             
("SacOil")                                                                      
17 November 2011                                                                
Johannesburg                                                                    
Results of general meeting and annual general meeting                           
1    Results of general meeting                                                 
    Shareholders of SacOil ("Shareholders") are referred to the circular to     
    shareholders dated 24 October 2011 relating to the following:               
*    a specific issue of 111 940 298 SacOil ordinary shares for R75 000 000 
         in cash to Timtex Investments Proprietary Limited, being a related     
         party to SacOil, at an issue price of R0.67 per SacOil ordinary share; 
    *    a specific authority to issue up to a maximum of  339 390 036 SacOil   
ordinary shares for R197 992 500 in cash to Yorkville Advisers UK LLP, 
         calculated using an illustrative issue price of R0.58 per SacOil       
         ordinary share (collectively referred to as the "Specific Issues" );   
    *    a specific payment to Encha Group Limited of R1 500 000 pursuant to a  
promoter`s fee ("Specific Payment"); and                               
    *    proposed amendments to the SacOil Share Option Scheme ("Amendments").  
    Shareholders are accordingly advised that at the general meeting ("GM") of  
    Shareholders held today, the ordinary and special resolutions in relation   
to the Specific Issues and the Specific Payment as detailed above and       
    tabled at the GM, were approved by the requisite majority of votes required 
    from Shareholders. An application has been made to the JSE to grant a       
    listing of the 111 940 298 new SacOil shares, in respect of the Specific    
Issue to Timtex, with effect from Tuesday, 22 November 2011.   Application  
    has also been made for these shares to be admitted to trading on the AIM    
    Market of the London Stock Exchange and such admission is expected to occur 
    on Tuesday, 22 November 2011.                                               
Shareholders are further advised that the ordinary resolution dealing with  
    the Amendments was not approved by the requisite majority of votes required 
    from Shareholders. This resolution required a 75% majority vote of all      
    Shareholders present and voting at the GM. Accordingly no amendments will   
be effected to the current share option scheme.                             
2    Results of annual general meeting                                          
    Shareholders are referred to the notice of the annual general meeting       
    ("AGM") attached to the annual report for the year ended 28 February 2011,  
posted to Shareholders on 24 August 2011.                                   
    Shareholders are advised that at the AGM held today, all the ordinary and   
    special resolutions tabled were approved by the requisite majority of votes 
    required from Shareholders.                                                 
All of the special resolutions passed at the GM and AGM will be filed with, 
    and registered where required, by the Companies and Intellectual Property   
    Commission.                                                                 
JSE Sponsor                                                                     
The Standard Bank of South Africa Limited                                       
For further information please contact:                                         
AIM Nominated Adviser and Joint Broker                                          
finnCap Ltd                                                                     
Matthew Robinson / Christopher Raggett          +44 (0)20 7220 0500             
Joint Broker (United Kingdom)                                                   
Shore Capital Stockbrokers Ltd                                                  
Jerry Keen / Bidhi Bhoma                        +44 (0)20 7408 4090             
Public Relations (South Africa)                                                 
The Riverbed Agency (SA)                                                        
Raphala Mogase / Bongiwe Moeli                +27 (0) 11 783 7903               
Public Relations (United Kingdom)                                               
Pelham Bell Pottinger (UK)                                                      
Philip Dennis/Nick Lambert/Rollo Critchton-Stuart                               
+44 (0)20 7861 3232                                                             
Date: 17/11/2011 16:15:17 Supplied by www.sharenet.co.za                     
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