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').
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.