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Resignation of Directors and Application of Suspension to Trading of Shares on AIM and the JSE

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31 May 2013

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")

Resignation of Directors and Application of Suspension to Trading of Shares on AIM and the JSE

SacOil announces that, following the shareholder vote yesterday against Special Resolution Number 1, Messrs John Bentley and Bill Guest have resigned as non-executive directors and Mr Robin Vela has resigned as Executive Director and Chief Executive Officer of the Company with immediate effect. The three directors, representing a majority of the board, believed that the conversion of the Gairloch Limited loans to equity was in the best interests of the Company and its shareholders and had recommended that shareholders vote in favour of the resolution approving such conversion.

Following these resignations application has been made for the trading of the Company's shares on AIM and the JSE to be suspended pending further appointments to the board. Shareholders will be kept appraised of matters in this regard.

ENDS

JSE Sponsor  
Nedbank Capital

31 May 2013

For further information please contact:

 

finnCap Limited (Nominated Adviser and Broker)

Matthew Robinson / Christopher Raggett

+44 (0) 20 7220 0500

FirstEnergy Capital (Joint Broker UK)

Majid Shafiq

Travis Inlow

 

+44 (0) 20 7448 0200

GMP Securities Europe LLP (Joint Broker UK)

James Pope

Chris Beltgens

 

+44 (0) 20 7647 2800

Keyter Rech Investor Solutions (SA)

Vanessa Ingram

Lynne Bothma

 

+27 (0) 11 447 2993

Pelham Bell Pottinger (UK)

Philip Dennis

Nick Lambert

Rollo Crichton-Stuart

 

+44 (0) 20 7861 3919

+44 (0) 20 7861 3936

+44 (0) 20 7861 3918