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Update regarding the appointment of a sponsor
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 THE APPOINTMENT OF A SPONSOR
Shareholders are referred to the SENS announcement made by the Company on 5
April 2016; which noted the resignation of the Company’s sponsors, Sasfin Bank
Limited (“Sasfin”) with effect from 1 June 2016. As noted in the aforementioned SENS
announcement, Sasfin resigned for reasons relating to their stated decision to align
the strategic objectives of Sasfin’s Corporate Finance Division more closely with that
of the broader Sasfin group.
In terms of paragraph 2.6 of the JSE Listings Requirements, the Company is required
to find a replacement sponsor within 30 business days of the effective date of Sasfin’s
resignation, unless the JSE decides otherwise.
Subsequent to Sasfin’s resignation, the Company has successfully appointed a new
JSE-accredited auditor, published reviewed financial results for the year ending 29
February 2016 and anticipates publishing its 2016 integrated annual report on or
before 31 August 2016. Furthermore, the Company has largely stabilised its
transactional banking capabilities and made significant progress in achieving its
business objectives, especially those relating to its newly-acquired Brakfontein coal
operation and the development of its Klerksdorp based uranium project; the prospects
of which remain very promising.
Notwithstanding the above, and the fact that the Company has utilised its best
endeavours since Sasfin’s resignation to find a replacement sponsor, the Company
has been unable to do so within 30 business days of the effective date of Sasfin’s
resignation. This is despite the Company remaining compliant with the JSE Listing
Requirements.
The Company continues to proactively and positively engage with the JSE with regard
to the process of appointing a JSE accredited sponsor, and shareholders will be
advised accordingly with regard to any further developments in this regard.
Johannesburg
15 July 2016
Date: 15/07/2016 10:41:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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