SAC Sacoil

TIDMSAC

RNS Number : 6147Q

SacOil Holdings Limited

01 December 2016

SacOil Holdings Limited

(Incorporated in the Republic of South Africa)

(Registration number: 1993/000460/06)

   JSE Share Code: SCL        AIM TIDM: SAC 

ISIN: ZAE000127460

SacOil Holdings Limited

("SacOil" or the "Company")

POTENTIAL ACQUISITION OF PETROLEUM PRODUCT WHOLESALER

CAUTIONARY ANNOUNCEMENT PURSUANT TO PARAGRAPH 2.9 OF THE JSE LISTING REQUIREMENTS

SUSPENSION OF TRADING ON AIM

SacOil, the South African based independent African oil and gas company, announces that it is in advanced negotiations on an exclusive basis to acquire a Southern African focussed petroleum product related wholesaler (the "Proposed Acquisition"). The board of SacOil believes that the Proposed Acquisition is fully in keeping with the Company's stated strategy of focussing on cash generating opportunities that expand SacOil's offering across the oil and gas value chain.

If concluded, the Proposed Acquisition would significantly increase SacOil's turnover and provide the Company with a foothold in the downstream oil and gas market which compliments its existing upstream assets such as the producing Lagia field in Egypt.

Paragraph 3.9 of the JSE Listing Requirement - Cautionary Announcement

In terms of paragraph 3.9 of the JSE Listing Requirements, immediately after an issuer acquires knowledge of any material price sensitive information and the necessary degree of confidentiality of such information cannot be maintained, an issuer must publish a cautionary announcement.

As such, shareholders are advised that the Proposed Acquisition, if successfully concluded, may have a material effect on the price of the Company's securities. There can be no guarantee however that the Proposed Acquisition will conclude and further updates will be made in due course.

Accordingly, shareholders are advised to exercise caution when dealing in the Company's securities until a full announcement is made.

Suspension of Trading on AIM

If concluded, the Proposed Acquisition would be classified as a reverse takeover pursuant to Rule 14 of the AIM Rules for Companies.

Accordingly, the Company's shares will be suspended from trading on the AIM Market of the London Stock Exchange at 7.30a.m. today until such time as either an admission document setting out details of the Proposed Acquisition is published or confirmation is given that the Proposed Acquisition is not proceeding. The Company's share will however continue to trade on the JSE.

Market Abuse Regulation

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

1 December 2016

Contacts

SacOil Holdings Limited

Damain Matroos +27 (0)10 591 2260

JSE Sponsor

PSG Capital Proprietary Limited

Nominated Adviser and Broker

finnCap Ltd +44 (0)20 7220 0500

Christopher Raggett

James Thompson

Financial PR Adviser - UK

Buchanan +44 (0)20 7466 5000

Ben Romney

Chris Judd

Madeleine Seacombe

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

END

MSCBRBDBSBXBGLG

(END) Dow Jones Newswires

December 01, 2016 02:00 ET (07:00 GMT)

Sacoil (LSE:SAC)
Historical Stock Chart
Von Okt 2024 bis Nov 2024

Sacoil (LSE:SAC)
Historical Stock Chart
Von Nov 2023 bis Nov 2024