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SCL - SACoil Holdings Limited - Response to Public Censure by the JSE 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" or "the Group") 23 May 2012 Johannesburg SacOil Holdings Limited Response to Public Censure by the JSE SacOil notes that the JSE Limited (JSE) has today announced on the Stock Exchange News Service of the JSE ("the announcement"), a public censure of the Company in respect of a breach of general principle (v) as contained in the JSE Listings Requirements ("public censure"). The public censure relates to the disclosure of headline earnings per share in the trading statements referred to in the announcement. SacOil submits that the difference between the information contained in the relevant trading statements referred to, arose from a differential accounting treatment of the Group`s intangible assets. The accounting treatment of intangible assets is a complex and opaque issue that has been the subject of global debate. Furthermore, it was also the first time that SacOil reported on the divestment of an intangible asset. SacOil co-operated fully throughout the JSE`s investigation, has accepted the JSE`s findings and the matter has now been fully concluded. The Company has taken the following steps in order to prevent a recurrence of the events that lead to the JSE`s investigation: - the Company has appointed Ernst & Young as transactional advisers to advise on complex transactions and the accounting and tax treatment thereof; - the Company has appointed Ernst &Young as its reporting auditors to facilitate access to oil and gas experienced professionals, both in South Africa and in the United Kingdom, to advise on, amongst other, the accounting treatment of complex transactions; and - going forward and as far as practicably possible, the Group`s interim reporting will, as a minimum, be released as reviewed by its auditors. ENDS JSE Sponsor Nedbank Capital For further information please contact: finnCap Limited (Nominated Adviser and +44 (0)20 7220 0500 Broker) Matthew Robinson / Christopher Raggett FirstEnergy Capital (Joint Broker UK) +44 (0) 20 7448 0200 Majid Shafiq Travis Inlow GMP Securities Europe LLP (Joint Broker UK) +44 (0)20 7647 2800 Nick Morgan Chris Beltgens The Riverbed Agency (SA) Raphala Mogase +27 (0) 11 783 7903 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: 23/05/2012 09:00:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
