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Vexatious action taken against SacOil

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15 Sep 2010


(Formerly SA Mineral Resources Corporation Limited)

(Incorporated in the Republic of South Africa)

(Registration number 1993/000460/06)

Share code: SCL and ISIN: ZAE000127460


Vexatious action taken against SacOil

Vexatious actions taken against SacOil Shareholders are advised that the company has been cited as defendant in an action instituted by one Joseph Gadifele Mobibane ("the Plaintiff") in the North Gauteng High Court. The Plaintiff is a regular litigator and has instituted a number of actions against South African corporates in recent years. In his Particulars of Claim the Plaintiff alleges that, in terms of an agreement that was not reduced to writing, he was entitled to require the company to issue to him 105 000 000 shares in the ordinary share capital of SacOil at an issue price of 30 cents per share. The Plaintiff further alleges that the company declined to comply with the alleged agreement and that he is consequently entitled to claim damages from SacOil in the amount of R67 200 000.

Having regarded to the information in its possession the board of directors is of the view that the claim is without factual foundation and is vexatious in nature. The company has therefore instructed its legal representatives, Deneys Reitz, to vigorously defend the action and seek punitive costs. A further announcement will be made as soon as progress in this regard has been made.


15 September 2010


BDO Corporate Finance