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Circular to Shareholders

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04 Sep 2010

Circular to Shareholders regarding:

  • the restructuring of SacOil's proposed investment in the Block 3 Rights and the Block 1 Rights including the proposed acquisition by SacOil of 50 per cent of the entire issued share capital of, and all claims of the SacOil (Proprietary) Limited Vendors against, SacOil (Proprietary) Limited which is a related party transaction;
  • the proposed acquisition by SacOil of a 55 per cent Participating Interest in the Chaal Gas Exploration Permit Area in Tunisia;
  • the proposed Specific Issue to Metropolitan Asset Managers, a related party, of 46 000 000 Ordinary Shares for cash at 50 cents per Ordinary Share ;
  • the ratification of the Specific Issue to GVM, a related party, of 8 343 216 Ordinary Shares for cash at 30 cents per Ordinary Share;
  • approval of the Lonsa Corporate Finance Advisory Mandates which are related party transactions; and
  • amendments to the current Share Option Scheme.