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SACOIL HOLDINGS LIMITED - Update to Shareholders

Release Date: 05/06/2013 07:05:00      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?)
Shareholders are referred to the announcement released by the Company on the morning of 31 May
2013, which communicated the resignation of three directors of the Company. Subsequent to the
release of the announcement, trading in the shares of the Company was suspended on both the JSE
and AIM.

Shareholders are advised that, notwithstanding the suspension of trading in its shares, the Company
continues to operate with a functioning board in accordance with its Memorandum of Incorporation,
albeit with one director. Mr Gontse Moseneke has served as a non-executive director of the
Company since September 2009, and is familiar with its business. Subsequent to the resignations on
31 May 2013, Mr Moseneke has assumed some executive capacity in the Company, in execution of
his fiduciary duties as a director.

The Company has been advised that the suspension of trading in SacOil?s shares on AIM will continue
at least until the composition and balance of the board of directors is considered appropriate, as
contemplated in the AIM Rules.

Furthermore, and in relation to the suspension of trading on the JSE, the Company?s JSE Sponsor has
explained that the JSE, in deciding to suspend trade in the Company?s shares on the JSE, took into
account, inter alia, the following factors: the AIM suspension, the composition of the board and the
absence of a duly constituted audit committee in the wake of the resignations by independent non-
executive directors.

In terms of paragraph 3.16 of the JSE Listings Requirements, the Company is required to distribute its
annual financial statements or publish and distribute a provisional report within 3 months of its
financial year-end. As a result of the resignations referenced above, the Company does not have a
duly constituted audit and risk committee to be able to consider and recommend for approval, by
the board of directors, the financial results. Consequently, the Company has not yet announced the
financial results for the year ended 28 February 2013.

The Company anticipates that the appointment of three new directors will be finalised during the
course of the week. The new board of directors will then be able to appoint an audit and risk
committee soon thereafter. Once an audit and risk committee has been constituted, the process to
consider and approve the financial results for the year ended 28 February 2013 will be undertaken to

Shareholders will be kept informed of developments in this regard.


JSE Sponsor

Nedbank Capital

04 June 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)              +27 (0) 11 447 2993

Vanessa Ingram

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: 05/06/2013 07:05:00 Supplied by www.sharenet.co.za                     
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