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     AIM Share Code: SAC
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 Danladi Michel Verheijen indicated that he will not offer
himself for re-election as non-executive director at the SacOil
AGM. Ordinary resolution 2.1, as per the AGM notice sent to
shareholders on 25 July 2016, was withdrawn at the AGM following
Mr Verheijen’s decision.

Mr Tito Mboweni, the Chairman of the Board said: "Mr Verheijen
has been a wonderful asset to the Board and I would like to thank
him for his outstanding contributions to the development of
SacOil Holding Limited. I wish him much success in the future and
thank him for the years of service to SacOil."

RESULTS OF AGM

Shareholders are referred to the AGM which was held at 1st Floor,
12 Culross Road, Bryanston today, 19 September 2016 at 10h00 and
are advised that in terms of paragraph 3.91 of the JSE Listings
Requirements, all ordinary and special resolutions proposed in
the Notice of Annual General Meeting were passed, other than
ordinary resolution 4, by the requisite number of shareholders
present and represented by proxy and being entitled to vote at
the AGM.

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             -              0.002
number 1:
Reappointment of
external auditors

Ordinary resolution                -             -                 -
number 2.1: Re-
election of retiring
directors –
Reappointment of DM
Verheijen - WITHDRAWN

Ordinary resolution           96.912        3.086              0.002
number 2.2: Re-
election of retiring
directors –
Reappointment of TA
Akinleye

Ordinary resolution                -            -                 -
number 2.3: Re-
election of retiring
directors –
Reappointment of S
Muller - WITHDRAWN

Ordinary resolution                -            -                 -
number 3.1: Election
of members of the
audit and risk
committee
– Reappointment of S
Muller - WITHDRAWN

Ordinary resolution              100            -              0.002
number 3.2: Election
of members of the
audit and risk
committee
– Reappointment of V
Pikoli

Ordinary resolution           95.107         4.893             0.713
number 3.3: Election
of members of the
audit and risk
committee
– Reappointment of M
Maqetuka

Ordinary resolution           39.921        60.079             0.713
number 4: Endorsement
of remuneration
policy
  
Ordinary resolution            98.227        1.773             0.002
number 5: General
authority to issue
shares

Ordinary resolution            98.227        1.773             0.002
number 6: General
authority to issue
shares for cash

Special resolution             98.227        1.773             0.002
number 1: General
authority to
repurchase shares

Special resolution             96.148        3.852             0.002
number 2:
Remuneration of non-
executive directors
Special resolution             98.227        1.773             0.002
number 3:
Intercompany
financial assistance

Special resolution                100            -                  -
number 4: Financial
assistance for
acquisition of shares
in a related or
inter- related
company

Special resolution                100           -                   -
number 5: Amendment
to the MOI

Note * - In relation to the total number of shares voted at the AGM

Total shares voted in person or by proxy amounted to 76.99% of
total issued share capital, being 2 517 412 223 voted shares.


JSE Sponsor
PSG Capital Proprietary Limited

19 September 2016

For further information please contact:

SacOil Holdings Limited
Damain Matroos

+27 (0)10 591 2260

finnCap Limited (Nominated Adviser and Joint broker)

Christopher Raggett and James Thompson

+44 (0) 20 7220 0500

FirstEnergy Capital (Joint broker)

Hugh Sanderson / David van Erp

+44 (0) 20 7448 0200

Buchanan (Financial PR adviser) - UK

Ben Romney / Chris Judd / Madeleine Seacombe

+44 (0)20 7466 5000

Hill + Knowlton Strategies (Financial PR adviser) - SA

Eva Khosa

+27 11 463 2198


ABOUT SACOIL

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.

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