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Circular to Shareholders

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25 Oct 2011

Circular to SacOil Shareholders relating to:

  • a specific issue of 111,940,298 SacOil Ordinary Shares for R75,000,000 in cash to Timtex, being a related party to SacOil, at an issue price of R0.67 per SacOil Ordinary Share;
  • a specific authority to issue up to a maximum of 339,390,036 SacOil Ordinary Shares for R197,992,500 in cash to Yorkville Advisers UK LLP, calculated using an illustrative issue price of R0.58 per SacOil Ordinary Share , collectively referred to as the "Specific Issues";
  • a Specific Payment to Encha of R1,500,000 pursuant to a promoter's fee; and
  • proposed amendments to the SacOil Share Option Scheme.