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Scl - Sacoil Holdings Limited - Response To Public Censure By The Jse

Release Date: 23/05/2012 09:00:01      Code(s): SCL
SCL - SACoil Holdings Limited - Response to Public Censure by the JSE           
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")                                      
23 May 2012                                                                     
Johannesburg                                                                    
SacOil Holdings Limited                                                         
Response to Public Censure by the JSE                                           
SacOil notes that the JSE Limited (JSE) has today announced on the Stock        
Exchange News Service of the JSE ("the announcement"), a public censure of the  
Company  in respect of a breach of general principle (v) as contained in the    
JSE Listings Requirements ("public censure").                                   
The public censure relates to the disclosure of headline earnings per share in  
the trading statements referred to in the announcement. SacOil submits that     
the difference between the information contained in the relevant trading        
statements referred to, arose from a differential accounting treatment of the   
Group`s intangible assets. The accounting treatment of intangible assets is a   
complex and opaque issue that has been the subject of global debate.            
Furthermore, it was also the first time that SacOil reported on the divestment  
of an intangible asset.                                                         
SacOil co-operated fully throughout the JSE`s investigation, has accepted the   
JSE`s findings and the matter has now been fully concluded.                     
The Company has taken the following steps in order to prevent a recurrence of   
the events that lead to the JSE`s investigation:                                
-    the Company has appointed Ernst & Young as transactional advisers to   
         advise on complex transactions and the accounting and tax treatment    
         thereof;                                                               
    -    the Company has appointed Ernst &Young as its reporting auditors to    
facilitate access to oil and gas experienced professionals, both in    
         South Africa and in the United Kingdom, to advise on, amongst other,   
         the accounting treatment of complex transactions; and                  
    -    going forward and as far as practicably possible, the Group`s          
interim reporting will, as a minimum, be released as reviewed by its   
         auditors.                                                              
ENDS                                                                            
JSE Sponsor                                                                     
Nedbank Capital                                                                 
For further information please contact:                                         
                                                                                
finnCap Limited (Nominated Adviser and            +44 (0)20 7220 0500           
Broker)                                                                         
Matthew Robinson / Christopher Raggett                                          
                                                                                
                                                                                
FirstEnergy Capital (Joint Broker UK)             +44 (0) 20 7448 0200          
Majid Shafiq                                                                    
Travis Inlow                                                                    
GMP Securities Europe LLP (Joint Broker UK)       +44 (0)20 7647 2800           
Nick Morgan                                                                     
Chris Beltgens                                                                  
The Riverbed Agency (SA)                                                        
Raphala Mogase                                    +27 (0) 11 783 7903           
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           
Date: 23/05/2012 09:00:01 Supplied by www.sharenet.co.za                     
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