Sacoil Holdings Limited - Announcement Regarding A General Issue Of Shares For CashRelease 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
("SacOil" or "the Company")
ANNOUNCEMENT REGARDING A GENERAL ISSUE OF SHARES FOR CASH
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
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
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
Norton Rose Fulbright South Africa
Nominated Adviser and Broker
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)
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
GMP Securities Europe LLP (Joint Broker UK) +44 (0) 20 7647 2800
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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