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UPDATE REGARDING BANKING RELATIONSHIPS
Oakbay Resources and Energy Limited
(Incorporated in the Republic of South Africa)
Registration number: 2009/021537/06
Share code: ORL
ISIN: ZAE000196085
(“Oakbay Resources” or “the Company”)
UPDATE REGARDING BANKING RELATIONSHIPS
It has been reported in the media that First National Bank, a division of FirstRand Bank
Limited (“FNB”), has recently terminated its service offering to the Company’s holding
company, Oakbay Investments Proprietary Limited (“Oakbay Investments”). Oakbay
Resources wishes to confirm that FNB has not provided banking services to the
Company and its subsidiaries (“the Group”) since its listing on the exchange operated
by JSE Limited in November 2014 and that this change in banker has occurred at
holding company level.
Further to this, the Company confirms that Absa Bank Limited terminated its banking
services to the Group in December 2015, while as of yesterday, the Group’s remaining
local banking service provider has given notice regarding the termination of their
banking services on June 6, 2016.
Despite the cessation of the provision of services by the major local banks, the Group
continues to be serviced by a major Asian bank with a presence in South Africa, which
bank has requested that the Company not communicate their name in this update.
Consequently, the terminations will not impact the operations of the Group and the
Company is confident that the remaining banking relationship is sufficient to fully
service the operational requirements of the Group.
Johannesburg
8 April 2016
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
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