JSE LIMITED - GEN General - Oakbay Resources & Energy Limited Appointment of Sponsor

GEN – General - Oakbay Resources & Energy Limited – Appointment of Sponsor

GEN – General - Oakbay Resources & Energy Limited – Appointment of Sponsor



OAKBAY RESOURCES & ENERGY LIMITED (“the Issuer” or “Oakbay”)
ISIN: ZAE000196085

Share Code: ORL

Appointment of Sponsor

1. The JSE is a licensed exchange in terms of the Financial Markets Act 19 of 2012 (“FMA”) and is,
   by virtue of the peremptory provisions of the FMA, obliged to adopt and enforce Listings
   Requirements. The JSE has, in consonance with these regulatory duties and responsibilities
   adopted the JSE Listings Requirements (the “Listings Requirements”) that, amongst others, are
   aimed at protecting investors.

2. It is an integral and material part of the regulatory structure established by the provisions of the
   FMA and the Listings Requirements that each and every issuer must, at all times, have an
   appointed sponsor. In this regard, sections 2.2 and 3.3 of the Listings Requirements provide, in
   peremptory terms, that an issuer must have an appointed sponsor at all times whilst its
   securities are listed on the JSE.

3.   The responsibilities of the sponsor, amongst others, include:

        a. Ensuring that information and documentation for their listed clients that is submitted to
           the JSE is in full compliance with the Listings Requirements;
        b. Providing information and explanations to the JSE for the purpose of verifying whether
           the Listings Requirements are being complied with by their listed clients;
        c. Submit all required regulatory information for their listed clients to the JSE and ensuring
           that it is compliant with the Listings Requirements;
        d. Ensuring that SENS announcements of their listed clients complies with the Listings
           Requirements prior to its release;
        e. Ensure that their listed clients are guided and advised on the application of the Listings
           Requirements;
        f. Carrying out any other activities so requested by the JSE in relation to their listed clients;
        g. Advising the JSE immediately if they are aware of any breaches of the Listings
           Requirements by their listed clients.


4. Oakbay’s sponsor, Sasfin Capital terminated its engagement as sponsor effective from 1 June
   2016. If the appointment of an issuer’s sponsor is terminated, section 2.6 of the Listings
   Requirements affords such issuer a period of thirty business days from the 1st of June to appoint
   a new sponsor (the “grant period”). The grant period expired on the 14th of July 2016.

5. Oakbay has informed the JSE that it has been unable to appoint a sponsor within the grant
    period and the Issuer is consequently in breach of the peremptory requirement to have a
    sponsor appointed at all times, as stipulated in sections 2.2 and 3.3 of the Listings Requirements.

6. Section 1.6 of the Listings Requirements states that the JSE may suspend the listing of an issuer’s
   securities if it has failed to comply with the Listings Requirements and if it is in the public interest
   to do so.

7. The JSE has accordingly informed Oakbay that it is considering the suspension of the listing of
   the Issuer, at the instance of the JSE as a result of Oakbay’s failure to comply with the provisions
   of section 2.2 and/or section 3.3 of the Listings Requirements and because it would be in the
   public interest to do so.

8. The JSE, in accordance with the provisions of sections 1.6 and 1.7 of the Listings Requirements
   and section 12(2) of the FMA, has afforded the Issuer an opportunity to make written
   representations to the JSE to show cause why the suspension of the listing of the Issuer should
   not be effected.


The JSE is currently engaging with the Issuer and will communicate its decision in due course.

15 July 2016

Date: 15/07/2016 10:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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