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Sacoil Holdings Limited - Announcement Regarding A General Issue Of Shares For Cash

Release Date: 02/10/2013 17:00:00      Code(s): SCL     
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")


1.    Introduction

      SacOil has issued 2,777,777 new ordinary shares of no par value in the share capital of the
      Company (?SacOil Shares?) at an issue price of R0.27 per ordinary share (?the Issue Shares?),
      thereby raising a total cash amount of R750,000 (?the Cash Issue?).

2.    Details regarding the Cash Issue

      The Issue Shares were issued to a ?public shareholder? and not to a ?related party? as defined in
      the JSE Limited Listings Requirements.

      The Issue Shares have been issued at a 4.6% discount to the 30-day volume weighted average
      price of SacOil Shares as traded on the exchange operated by the JSE Limited (?the JSE?) for
      the 30 business days immediately prior to the suspension of trading of the SacOil Shares on the
      JSE and AIM Market (?AIM?) of the London Stock Exchange (?LSE?) on 31 May 2013.

      The Cash Issue has been implemented in terms of the general authority granted to SacOil?s
      directors to issue shares for cash, which was approved by SacOil shareholders at the
      Company?s general meeting held on 30 May 2013, and in compliance with the limitations related
      thereto. The Issue Shares rank pari passu with the existing SacOil Shares in issue.

3.    Application of proceeds of the Cash Issue

      The proceeds of the Cash Issue will be utilised to fund the Company?s working capital

4.    Financial effects of the Cash Issue

      Based on SacOil's annual financial results for the year ended 28 February 2013, the unaudited
      pro forma financial effects (?Financial Effects?) of the Cash Issue on SacOil's loss per share
      (?LPS?), headline loss per share (?HLPS?), net asset value per share (?NAV?) and net tangible
      asset value (?NTAV?) are set out below.

      The Financial Effects are prepared for illustrative purposes only, and because of their nature,
      may not give a fair presentation of SacOil's financial position or the effect and impact of the
      Cash Issue. The Financial Effects are the responsibility of SacOil's board of directors.

                                            Before the                             After the
                                           Cash Issue1      Adjustments2         Cash Issue3   % Change4
      LPS (cents)                                 (6.10)            0.02              (6.08)       (0.33)
      HLPS (cents)5                               (8.10)            0.02              (8.08)       (0.25)
      NAV (cents) 6                                38.12                   (0.03)               38.09      (0.08)
      NTAV (cents) 6                               21.04                    0.01                21.05        0.05
      Actual number of ordinary shares        953,340,791                2,777,777          956,118,568        0.30
      in issue
      Weighted average number of              912,157,573                2,777,777          914,935,350        0.30
      ordinary shares in issue
      Diluted weighted average number         912,697,579                2,777,777          915,475,356        0.30
      of ordinary shares in issue

      1.   Based on SacOil?s annual financial results for the year ended 28 February 2013.

      2.   The ?Adjustments? column reflects the pro forma adjustments in respect of the Cash Issue.
      3.   The ?After the Cash Issue? takes into account the impact of item 2) above.
      4.   The ?% Change? column is measured as the ?After the Cash Issue? column as a percentage of the ?Before the Cash
           Issue? column.
      5.   In calculating the Financial Effects on LPS and HLPS, it was assumed that the Cash Issue was implemented on 1
           March 2012 for purposes of the statement of comprehensive income.

      6.   In calculating the Financial Effects on NAV and NTAV, it was assumed that the Cash Issue was implemented on 28
           February 2013 for statement of financial position purposes.

5.    Shares in Issue

      The Issue Shares are expected to be listed on the JSE on or about 2 October 2013. Application
      has been made for the Issue Shares to be admitted to trading on AIM which is expected to occur
      once the suspension of trading in SacOil Shares is lifted. Following the Cash Issue, SacOil will
      have 956,118,568 SacOil Shares in issue.

2 October 2013


Investment Bank, Corporate Advisor and JSE Sponsor
Nedbank Capital, a division of Nedbank Limited
Legal Advisor
Norton Rose Fulbright South Africa
Nominated Adviser and Broker
finnCap Limited

 For further information please contact:

 SacOil Holdings Limited
 Roger Rees/ Tariro Mudzimuirema                                                 +27 (0)11 575 7232

 Nedbank Capital, a division of Nedbank Limited                                 +27 (0) 11 294 3524
 (Investment Bank, Corporate Advisor and Sponsor)
 Michelle Benade

 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

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: 02/10/2013 05:00:00 Supplied by www.sharenet.co.za                     
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