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SACOIL HOLDINGS LIMITED - Resignation of directors and application of suspension to trading of shares on AIM and the J

Release Date: 31/05/2013 08:30:00      Code(s): SCL     
(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?)

Resignation of Directors and application of suspension to trading of shares on AIM and the JSE

SacOil announces that, following the shareholder vote yesterday against Special Resolution Number 1,
Messrs John Bentley and Bill Guest have resigned as non-executive directors and Mr Robin Vela has
resigned as Executive Director and Chief Executive Officer of the Company with immediate effect. The three
directors, representing a majority of the board, believed that the conversion of the Gairloch Limited loans
to equity was in the best interests of the Company and its shareholders and had recommended that
shareholders vote in favour of the resolution approving such conversion.

Following these resignations application has been made for the trading of the Company?s shares on AIM
and the JSE to be suspended pending further appointments to the board. Shareholders will be kept
appraised of matters in this regard.


JSE Sponsor
Nedbank Capital

31 May 2013

For further information please contact:

finnCap Limited (Nominated Adviser and Broker)                       +44 (0) 20 7220 0500
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
Rob Collins
James Pope

Keyter Rech Investor Solutions (SA)
Vanessa Ingram                                                       +27 (0) 11 447 2993
Lynne Bothma

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: 31/05/2013 08:30:00 Supplied by www.sharenet.co.za                     
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