SACOIL HOLDINGS LIMITED - Updated Trading StatementRelease Date: 20/05/2015 13:00:00 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?)
UPDATED TRADING STATEMENT
Shareholders are referred to the announcement released on the
Johannesburg Stock Exchange News Service (?SENS?) and Regulatory
News Service (?RNS?) of the London Stock Exchange on 16 April 2015
in which the Company advised that it expects earnings per share
and headline earnings per share for the year ending 28 February
2015 to be at least 20% lower than that of the prior comparative
Furthermore, as announced previously to the market on 18 December
2014, SacOil?s strategy is to focus on proven resources as a base
for growth, and, as a result, the Company embarked on a process of
balancing and rationalising its portfolio of assets. The objective
of the rationalisation is to restructure the Company?s capital
needs, and focus on cash generative assets. These activities had a
material non-cash related impact on the results for the period.
The Company will provide further details of the above items in its
Annual Results announcement.
SacOil is currently finalising its results for the year ended 28
February 2015, which will be released on SENS and RNS of the
London Stock Exchange on Thursday, 21 May 2015.
As a result of the above, shareholders are advised that the losses
for the year ended 28 February 2015 are expected to be between
R276.5 million and R277.5 million, representing a significant
decrease compared to the profit of R9.5 million for the previous
year. This equates to a basic loss per share of between 8.51 cents
and 8.57 cents, representing a decrease of between 723% and 728%
when compared to the earnings per share of 1.37 cents recorded in
the corresponding period in 2014.
Basic headline loss per share, which excludes the impact of any
impairment losses, gains on acquisition and related tax effect,
are expected to be between 4.64 cents and 4.71 cents, representing
a decrease of between 440% and 445% when compared to the basic
headline earnings per share of 1.37 cents of the corresponding
period in 2014.
Net Asset Value per share as at 28 February 2015 is expected to be
between 23.17 cents and 25.02 cents, a decrease of between 25% and
19% compared to the net asset value per share of 30.74 cents in
the previous period.
In addition, the continued weaker average Rand/US Dollar exchange
rate and Brent crude oil prices during the period has also
impacted the financial results for the period.
The forecast financial information on which this trading statement
is based has not been reviewed, audited or reported on by the
Company's external auditors. This statement is issued in
compliance with paragraph 3.4(b) of the Listings Requirements of
the JSE Limited.
PSG Capital Proprietary Limited
20 May 2015
For further information please contact:
SacOil Holdings Limited +27 (0)10 591 2260
finnCap Limited (Nominated Adviser and +44 (0) 20 7220 0500
FirstEnergy Capital (Financial Adviser +44 (0) 20 7448 0200
and Joint Broker UK)
Instinctif Partners London (UK Investor +44 (0)20 7457 2020
David Simonson / Anca Spiridon
Instinctif Partners Johannesburg (SA +27 (0)11 447 3030
Nicholas Williams / Tshepo Mophiring
Date: 20/05/2015 01:00:00 Supplied by www.sharenet.co.za
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