Sacoil Holdings Limited - Potential Acquisition, Cautionary Announcement And Suspension Of Trading On AimRelease Date: 01/12/2016 09:00:00 Code(s): SCL
SacOil Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1993/000460/06)
JSE Share Code: SCL AIM TIDM: SAC
(?SacOil? or the ?Company?)
POTENTIAL ACQUISITION OF PETROLEUM PRODUCT WHOLESALER
CAUTIONARY ANNOUNCEMENT PURSUANT TO PARAGRAPH 2.9 OF THE JSE
SUSPENSION OF TRADING ON AIM
SacOil, the South African based independent African oil and gas
company, announces that it is in advanced negotiations on an
exclusive basis to acquire a Southern African focussed petroleum
product related wholesaler (the ?Proposed Acquisition?). The
board of SacOil believes that the Proposed Acquisition is fully
in keeping with the Company?s stated strategy of focussing on
cash generating opportunities that expand SacOil?s offering
across the oil and gas value chain.
If concluded, the Proposed Acquisition would significantly
increase SacOil?s turnover and provide the Company with a
foothold in the downstream oil and gas market which compliments
its existing upstream assets such as the producing Lagia field
Paragraph 3.9 of the JSE Listing Requirement ? Cautionary
In terms of paragraph 3.9 of the JSE Listing Requirements,
immediately after an issuer acquires knowledge of any material
price sensitive information and the necessary degree of
confidentiality of such information cannot be maintained, an
issuer must publish a cautionary announcement.
As such, shareholders are advised that the Proposed Acquisition,
if successfully concluded, may have a material effect on the
price of the Company?s securities. There can be no guarantee
however that the Proposed Acquisition will conclude and further
updates will be made in due course.
Accordingly, shareholders are advised to exercise caution when
dealing in the Company?s securities until a full announcement
Suspension of Trading on AIM
If concluded, the Proposed Acquisition would be classified as a
reverse takeover pursuant to Rule 14 of the AIM Rules for
Accordingly, the Company?s shares will be suspended from trading
on the AIM Market of the London Stock Exchange at 7.30a.m. today
until such time as either an admission document setting out
details of the Proposed Acquisition is published or confirmation
is given that the Proposed Acquisition is not proceeding. The
Company?s share will however continue to trade on the JSE.
Market Abuse Regulation
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
1 December 2016
SacOil Holdings Limited
Damain Matroos +27 (0)10 591 2260
PSG Capital Proprietary Limited
Nominated Adviser and Broker
finnCap Ltd +44 (0)20 7220 0500
Financial PR Adviser - UK
Buchanan +44 (0)20 7466 5000
SacOil is a South African based independent African oil and gas
company, dual-listed on the JSE and AIM. The Company has a
diverse portfolio of assets spanning production in Egypt;
exploration and appraisal in the Democratic Republic of Congo,
Malawi and Botswana; and midstream projects including crude
trading in Nigeria and a terminal project in Equatorial Guinea.
Our focus as a Group is on delivering energy for the African
continent by using Africa?s own resources to meet the
significant growth in demand expected over the next decade. The
Company continues to evaluate industry opportunities throughout
Africa as it seeks to establish itself as a leading, full-cycle
pan-African oil and gas company.
Date: 01/12/2016 09:00:00 Supplied by www.sharenet.co.za
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