EFORA ENERGY LIMITED - Results of Efora Renounceable Rights Offer

Results of Efora Renounceable Rights Offer

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”)

RESULTS OF EFORA RENOUNCEABLE RIGHTS OFFER

1.   INTRODUCTION

     Shareholders are referred to the announcements released by the Company
     on SENS on 17 July 2018 and 19 July 2018 and to the circular dated 19
     July 2018 relating to the renounceable rights offer to Efora
     shareholders (“Rights Offer”). While the Rights Offer was not
     underwritten, the Public Investment Corporation (SOC) Limited (“PIC”),
     a 60.72% shareholder, provided Efora with a commitment that it will
     follow its rights in full. In terms of the Rights Offer, the Company
     offered 1.2 billion ordinary shares to Efora shareholders at a
     subscription price equal to R0.50 per share (“Rights Shares”), to raise
     an amount of R600 million, before expenses, in the ratio of 324.56012
     Rights Shares for every 100 ordinary shares held (“Entitlement”) on the
     record date of the Rights Offer, being Friday, 27 July 2018.

2.   RESULTS OF THE RIGHTS OFFER

     The Rights Offer closed on Friday, 10 August 2018.

     Efora is pleased to announce that shareholders subscribed for a total
     of 734 103 445 Rights Offer Shares, constituting 61.18% of the Rights
     Offer Shares, at a subscription price of R0.50 per Rights Offer Share.

     The Rights Offer included the right for shareholders to apply for excess
     Rights Offer Shares.

     Following the finalisation of the Rights Offer, the PIC holds 953 078
     829 Efora ordinary shares, representing 86.34% of Efora’s issued share
     capital.

3.   ISSUE OF RIGHTS OFFER SHARES

     Share certificates are being posted to holders of certificated shares
     who have accepted their Entitlement today, Monday, 13 August 2018.

     The CSDP or broker accounts of holders of dematerialised shares, who
     have accepted their Entitlement, will be credited with the Rights Offer
     Shares and debited with any payments due on Monday, 13 August 2018.

13 August 2018
Johannesburg

Corporate advisor and Sponsor
PSG Capital

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: 13/08/2018 03:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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