SACOIL HOLDINGS LIMITED - Results of Annual General Meeting (the AGM) and Changes to the Board

Results of Annual General Meeting (“the AGM”) and Changes to the Board

SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: SCL
ISIN: ZAE000127460
(“SacOil” or “the Company”)

RESULTS OF ANNUAL GENERAL MEETING (“the AGM”) AND CHANGES TO
THE BOARD

CHANGES TO THE BOARD
In compliance with rule 3.59(b) of the Listings Requirements of
the JSE Limited, shareholders of the Company are hereby advised
that Mr T Mboweni has not made himself available for re-election
at the AGM and consequently resigns with immediate effect.

In addition, due to shareholders not voting in favour of ordinary
resolutions 5 and 6.4 below, Mr M Maqetuka is no longer a
director of the Company with immediate effect.

Mr Boas Seruwe was appointed as Chairman of the Company effective
2 October 2017.

RESULTS OF AGM

Shareholders are referred to the AGM which was held at 1st Floor,
12 Culross Road, Bryanston, 2 October 2017 at 10h00 and are
advised that in terms of paragraph 3.91 of the JSE Listings
Requirements, the results of the meeting as set out below.

The resolutions proposed, and the details of results are set out
below:
                                            Votes    Shares abstained
                           Votes for      against     as a percentage
                          resolution   resolution    (%) of shares in
                               (%) *        (%) *               issue


Ordinary resolution              100             -               0.09
number 1:
Reappointment of
external auditors

Ordinary resolution            98.71        1.29                 0.09
number 2:
Confirmation of
appointment of B
Seruwe
Ordinary resolution            98.71        1.29                 0.09
number 3:
Confirmation of
appointment of T
Masasa

Ordinary resolution            98.71        1.29                 0.09
number 4:
Confirmation of
appointment of P
Mngconkola

Ordinary resolution             9.54       90.46                 0.09
number 5: Re-election
of M Maqetuka

Ordinary resolution            98.71        1.29                 0.09
number 6.1: Election
of member of the
audit and risk
committee
– T Masasa

Ordinary resolution            98.71        1.29                 0.09
number 6.2: Election
of members of the
audit and risk
committee

Ordinary resolution            WITHDRAWN
number 6.3: Election
of members of the
audit and risk
committee
– V Pikoli

Ordinary resolution             9.54       90.46              0.09
number 6.4: Election
of members of the
audit and risk
committee
– M Maqetuka

Ordinary resolution            98.71        1.29              0.09
number 6.5: Election
of members of the
audit and risk
committee
– B Seruwe
Ordinary resolution             4.47       95.53              0.15
number 7: Endorsement
of remuneration
policy

Ordinary resolution            96.93        3.07              0.09
number 8: General
authority to issue
shares

Ordinary resolution            99.93        0.07              0.09
number 9: General
authority to issue
shares for cash

Ordinary resolution              100           -              0.09
number 10: Authority
to sign documentation

Special resolution             98.23        1.77              0.09
number 1: General
authority to
repurchase shares

Special resolution             95.50        4.50              0.11
number 2:
Remuneration of non-
executive directors

Special resolution             98.71        1.29              0.09
number 3:
Intercompany
financial assistance

Special resolution             98.70        1.30              0.09
number 4: Financial
assistance for
acquisition of shares
in a related or
inter- related
company

Special resolution             99.99        0.01              0.08
number 5: Name Change

Special resolution             95.46        4.45              0.08
number 6: Share
consolidation

Note * - In relation to the total number of shares voted at the AGM
Total shares voted in person or by proxy amounted to 68.15% of
total issued share capital, being 2 519 708 826 voted shares.

3 October 2017

Sponsor
PSG Capital Proprietary Limited

For further information please contact:

SacOil Holdings Limited
Damain Matroos
+27 (0)10 591 2260

Buchanan (Financial PR adviser)
Ben Romney / Chris Judd
+44 (0)20 7466 5000

ABOUT SACOIL

SacOil is a South African based independent African oil and gas
company, listed on the JSE. The Company has a diverse portfolio
of assets spanning production in Egypt; exploration and
appraisal in the Democratic Republic of Congo; midstream project
relating to crude trading in Nigeria and a majority interest in
Afric Oil, the petroleum product wholesaler. 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.

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