Sharenet Sites 
Sharenet Sites
Cash Payment in Respect of Fractional Entitlement for Share Consolidation
EFORA ENERGY LIMITED
(Formerly SacOil Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: EEL
ISIN: ZAE000248258
(“Efora” or “the Company”)
CASH PAYMENT IN RESPECT OF FRACTIONAL ENTITLEMENT FOR SHARE
CONSOLIDATION
Shareholders are referred to the announcements released on
SENS in respect of the name change and share consolidation in
the ratio of 10 to 1 (the “consolidation”), the last of which
announcements was released on SENS on 8 November 2017.
In implementing the consolidation, the Company is required by
the JSE to apply the rounding principle that a shareholder
becoming entitled to a fraction of a share arising from the
consolidation (“fractional entitlement”) will be rounded down
to the nearest whole number, resulting in the allocation of
whole Efora shares and a cash payment for the fraction (the
“cash payment”). The value of such cash payment will be the
volume weighted average traded price per Efora share less 10%
calculated on the first day of trade after the last day to
trade in order to participate in the consolidation. The value
of such cash payment will be announced on SENS on the second
day of trade after the last day to trade in order to
participate in the consolidation.
Shareholders are advised that the value of an Efora share to
be utilised in determining the cash payment due to a
shareholder in respect of any fractional entitlement is
165.97558 cents. In accordance with the requirements of the
JSE Limited, this amount has been determined with reference to
the weighted average price of an Efora share traded on the JSE
on Wednesday, 8 November 2017, discounted by 10%. The gross
amount of the cash payment per fractional entitlement will be
paid to Efora shareholders entitled thereto. There will be no
withholding tax applicable.
To the extent that a shareholder held Efora shares as capital
assets (not as trading stock as defined in section 1 of the
Income Tax Act no. 58 of 1962 (“Income Tax Act”)), the cash
payment will be regarded as capital in nature. The cash
payment less the base cost allocated to the relevant fraction
of Efora shares will accordingly be subject to capital gains
tax in terms of the applicable provisions of the Eighth
Schedule to the Income Tax Act. To the extent that a
shareholder held the shares as trading stock as defined in
section 1 of the Income Tax Act, the cash payment will be
regarded as revenue in nature. The cash payment less the
expenditure allocated to the relevant fraction of the Efora
shares will accordingly be taxed as normal income in terms of
the applicable provisions of the Income Tax Act.
The above is a general description of certain aspects of
current South African tax considerations applicable to the
receipt of the cash payment. It does not purport to be a
complete analysis of all South African tax considerations
applicable to the shareholders. Shareholders should consult
their own tax advisers as to the application of the general
principles set out herein to their specific circumstances.
This summary is based upon the law as in effect on the date of
this announcement and is subject to any change in law that may
take effect after such date.
The salient dates and times announced on Thursday, 26 October
2017 remain unchanged.
JSE Sponsor
PSG Capital Proprietary Limited
9 November 2017
For further information please contact:
Efora Energy Limited
Damain Matroos
+27 (0)10 591 2260
Buchanan (Financial PR adviser)
Ben Romney / Chris Judd
+44 (0)20 7466 5000
About Efora
Efora Energy Limited is a South African based independent
African oil and gas company, listed on the JSE. The Company
has a diverse portfolio of assets spanning production in
Egypt; exploration and appraisal in the Democratic Republic of
Congo; midstream project relating to crude trading in Nigeria
and material downstream distribution operations throughout
Southern Africa. Our focus as a Group is on delivering energy
for the African continent by using Africa’s own resources to
meet the significant growth in demand expected over the next
decade.
Date: 09/11/2017 05:46:00 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.
