EFORA ENERGY LIMITED - Finalisation Announcement in Respect of Proposed Rights Offer to Efora Shareholders

Release Date: 19/07/2018 09:00
Code(s): EEL
 
Wrap Text
Finalisation Announcement in Respect of Proposed Rights Offer to Efora Shareholders

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”)

FINALISATION ANNOUNCEMENT IN RESPECT OF PROPOSED RIGHTS OFFER TO EFORA
SHAREHOLDERS

Shareholders are referred to the announcement released by the Company on SENS
and in the press on 17 July 2017 advising shareholders that the Company
intends to undertake a renounceable rights offer to raise R600 million,
before expenses (“Rights Offer”). In terms of the Rights Offer, the Company
will offer 1.2 billion ordinary shares (“Offer Shares”) to Efora shareholders
at a subscription price of R0.50 per Offer Share, in the ratio of 324.56012
Offer Shares for every 100 ordinary shares held (“Entitlement”) on the record
date of the Rights Offer, being Friday, 27 July 2018.

While the Rights Offer has not been underwritten, the Public Investment
Corporation (SOC) Limited (“PIC”), a 60.72% shareholder, has provided Efora
with a commitment that it will follow its rights in full.

Shareholders are further advised that the Company has received formal
approval for the Rights Offer circular (“Circular”) from the Issuer
Regulation Division of the JSE Limited and, accordingly, the Rights Offer
will be implemented in accordance with the salient dates and times set out
below, which are the same as those published on 17 July 2018.

                                                                          2018

Declaration announcement released on SENS and in the
press                                                         Tuesday, 17 July


Finalisation announcement released on SENS                   Thursday, 19 July

Publication of the Rights Offer Circular on the
website of Efora                                             Thursday, 19 July

Last day to trade in Ordinary Shares in order to
participate in the Rights Offer (cum entitlement)             Tuesday, 24 July

Listing of and trading in the Letters of Allocation
under the JSE Code EELN and ISIN ZAE000260188 on the
JSE commences at 09:00 on                                   Wednesday, 25 July

Ordinary Shares commence trading ex-Rights on the
JSE at 09:00 on                                             Wednesday, 25 July

Rights Offer Circular and Form of Instruction
distributed to Certificated Shareholders                    Wednesday, 25 July

Record Date for determination of Shareholders
entitled to participate in the Rights Offer (Initial
Record Date)                                                   Friday, 27 July

Rights Offer opens at 09:00 on                                 Monday, 30 July

Certificated Shareholders will have their Letters of
Allocation credited to an electronic account held at
the Transfer Secretaries at 9:00                               Monday, 30 July

Dematerialised Shareholders will have their accounts
at their CSDP or Broker credited with their
entitlement at 9:00                                            Monday, 30 July

Circular, where applicable, posted to Qualifying 
Dematerialised Shareholders                                    Monday, 30 July

Last day for trading Letters of Allocation on the
JSE                                                            Monday,6 August

Form of Instruction lodged by Certificated
Shareholders wishing to sell all or part of their
entitlement at the Transfer Secretaries by 12:00              Monday, 6 August

Listing of Rights Offer Shares and trading therein
on the JSE commences                                         Tuesday, 7 August

Rights Offer closes at 12:00. Payment to be made and
Form of Instruction lodged by Certificated
Shareholders wishing to renounce or subscribe for
all or part of the entitlement at the Transfer
Secretaries* on                                              Friday, 10 August

Record Date for the Letters of Allocation (Final
Record Date)                                                 Friday, 10 August

Rights Offer Shares issued and posted to
Shareholders in certificated form (where applicable)
on or about                                                  Monday, 13 August

CSDP or Broker accounts in respect of Dematerialised
Shareholders will be updated with Rights Offer
shares and debited with any payments due on                  Monday, 13 August

Results of Rights Offer announced on SENS                    Monday, 13 August

In respect of successful excess applications (if
applicable), Rights issue Shares issued to
Qualifying Dematerialised Shareholders and/or Share
certificates posted to Qualifying Certificated
Shareholders on or about                                  Wednesday, 15 August

In respect of unsuccessful excess applications (if
any), Refund payments made to Certificated
Shareholders on or about                                  Wednesday, 15 August

Notes:
    1.   Unless otherwise indicated, all times indicated above are South
         African times.
    2.   Shareholders may not dematerialise or rematerialise their shares
         between Wednesday 25 July 2018 and Friday 27 July 2018, both dates
         inclusive.
    3.   Any amendments to the above dates and times will be announced on
         SENS.

RIGHTS OFFER CIRCULAR
The Circular containing full details of the Rights Offer and a Form of
Instruction in respect of a letter of allocation reflecting the Entitlement
of Efora shareholders to the Offer Shares, will be posted to certificated
shareholders on Wednesday, 25 July 2018.

The Circular will be posted to dematerialised shareholders on Monday, 30 July
2018.

The Circular will be available for viewing on Efora’s website at
www.eforaenergy.com/investor-centre/circulars/?id=18 from Thursday, 19 July
2018.

Corporate Advisor and Sponsor
PSG Capital

19 July 2018

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 in the Democratic Republic of
Congo; midstream project relating to crude trading in Nigeria and material
downstream distribution operations throughout South Africa and Zimbabwe. 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: 19/07/2018 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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