Oakbay Resources and Energy Limited
(Incorporated in the Republic of South Africa)
Registration number: 2009/021537/06
Share code: ORL
(“Company” or “Oakbay Resources”)
Shareholders are referred to the announcements published on SENS on 12 May 2017, 05 June
2017 and 13 June 2017, where the Company advised shareholders of the resignation of the
independent non-executive director and audit committee chairman, the resignation of the
Sponsor and the resignation of the Transfer Secretary.
With reference to the above, the Company would like to make shareholders aware that; the
Sponsor and the Transfer Secretary are mandatory appointments pursuant to the provisions of
the JSE Listings Requirements and play an integral part in the JSE’s regulatory and supervisory
structure; the resignation of the independent non-executive director may have compromised
the composition of various board committees, being (i) the audit and risk committees. (ii) the
social, ethics and remuneration committee and the nomination committee pursuant to the
provisions of the Companies Act No. 71 of 2008 and the Listings Requirements; and it may
further lead to the Company not having a functioning audit committee in future if a replacement
is not appointed in due course.
Shareholders are further advised that, as a result of the above, the Company has also received
notice that the JSE is considering suspending the trading in the Company’s shares pursuant to
the Listings Requirements and the Financial Markets Act.
Shareholders are therefore advised that the Company is considering various alternatives
available to it and accordingly, shareholders are advised to exercise caution when dealing in
the Company’s securities until a further announcement is made.
22 June 2017
Date: 22/06/2017 10:18:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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