SAC Sacoil

TIDMSAC

RNS Number : 2257K

SacOil Holdings Limited

19 September 2016

SACOIL HOLDINGS LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 1993/000460/06)

   JSE Share Code: SCL     AIM Share Code: SAC 

ISIN: ZAE000127460

("SacOil" or "the Company")

RESULTS OF ANNUAL GENERAL MEETING ("the AGM") AND CHANGES TO THE BOARD

CHANGES TO THE BOARD

In compliance with rule 3.59(b) of the Listings Requirements of the JSE Limited, shareholders of the Company are hereby advised that Mr Danladi Michel Verheijen indicated that he will not offer himself for re-election as non-executive director at the SacOil AGM. Ordinary resolution 2.1, as per the AGM notice sent to shareholders on 25 July 2016, was withdrawn at the AGM following Mr Verheijen's decision.

Mr Tito Mboweni, the Chairman of the Board said: "Mr Verheijen has been a wonderful asset to the Board and I would like to thank him for his outstanding contributions to the development of SacOil Holding Limited. I wish him much success in the future and thank him for the years of service to SacOil."

RESULTS OF AGM

Shareholders are referred to the AGM which was held at 1st Floor, 12 Culross Road, Bryanston today, 19 September 2016 at 10h00 and are advised that in terms of paragraph 3.91 of the JSE Listings Requirements, all ordinary and special resolutions proposed in the Notice of Annual General Meeting were passed, other than ordinary resolution 4, by the requisite number of shareholders present and represented by proxy and being entitled to vote at the AGM.

The resolutions proposed, and the details of results are set out below:

 
                                                           Shares abstained 
                               Votes for   Votes against    as a percentage 
                              resolution      resolution      (%) of shares 
                                   (%) *           (%) *           in issue 
 
 Ordinary resolution 
  number 1: Reappointment 
  of external auditors               100               -              0.002 
 Ordinary resolution                   -               -                  - 
  number 2.1: Re-election 
  of retiring directors 
  - Reappointment 
  of DM Verheijen 
  - WITHDRAWN 
 Ordinary resolution 
  number 2.2: Re-election 
  of retiring directors 
  - Reappointment 
  of TA Akinleye                  96.912           3.086              0.002 
 Ordinary resolution                   -               -                  - 
  number 2.3: Re-election 
  of retiring directors 
  - Reappointment 
  of S Muller - WITHDRAWN 
 Ordinary resolution                   -               -                  - 
  number 3.1: Election 
  of members of the 
  audit and risk 
  committee 
  - Reappointment 
  of S Muller - WITHDRAWN 
 Ordinary resolution 
  number 3.2: Election 
  of members of the 
  audit and risk 
  committee 
  - Reappointment 
  of V Pikoli                        100               -              0.002 
 Ordinary resolution 
  number 3.3: Election 
  of members of the 
  audit and risk 
  committee 
  - Reappointment 
  of M Maqetuka                   95.107           4.893              0.713 
 Ordinary resolution 
  number 4: Endorsement 
  of remuneration 
  policy                          39.921          60.079              0.713 
 Ordinary resolution 
  number 5: General 
  authority to issue 
  shares                          98.227           1.773              0.002 
 Ordinary resolution 
  number 6: General 
  authority to issue 
  shares for cash                 98.227           1.773              0.002 
 Special resolution 
  number 1: General 
  authority to repurchase 
  shares                          98.227           1.773              0.002 
 Special resolution 
  number 2: Remuneration 
  of non-executive 
  directors                       96.148           3.852              0.002 
 Special resolution 
  number 3: Intercompany 
  financial assistance            98.227           1.773              0.002 
 Special resolution                  100               -                  - 
  number 4: Financial 
  assistance for 
  acquisition of 
  shares in a related 
  or inter- related 
  company 
 Special resolution                  100               -                  - 
  number 5: Amendment 
  to the MOI 
 

Note * - In relation to the total number of shares voted at the AGM

Total shares voted in person or by proxy amounted to 76.99% of total issued share capital, being 2 517 412 223 voted shares.

JSE Sponsor

PSG Capital Proprietary Limited

19 September 2016

For further information please contact:

SacOil Holdings Limited

Damain Matroos

+27 (0)10 591 2260

finnCap Limited (Nominated Adviser and Joint broker)

Christopher Raggett and James Thompson

+44 (0) 20 7220 0500

FirstEnergy Capital (Joint broker)

Hugh Sanderson / David van Erp

+44 (0) 20 7448 0200

Buchanan (Financial PR adviser) - UK

Ben Romney / Chris Judd / Madeleine Seacombe

+44 (0)20 7466 5000

Hill + Knowlton Strategies (Financial PR adviser) - SA

Eva Khosa

+27 11 463 2198

ABOUT SACOIL

SacOil is a South African based independent African oil and gas company, dual-listed on the JSE and AIM. The Company has a diverse portfolio of assets spanning production in Egypt; exploration and appraisal in the Democratic Republic of Congo, Malawi and Botswana; and midstream projects including crude trading in Nigeria and a terminal project in Equatorial Guinea. 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. The Company continues to evaluate industry opportunities throughout Africa as it seeks to establish itself as a leading, full-cycle pan-African oil and gas company.

This information is provided by RNS

The company news service from the London Stock Exchange

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