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Sacoil Holdings Ltd Does Not Declare Dividend; Concludes Agreement with Gairloch Limited to Convert Debt to Equity; Plans Rights Issue


Friday, 22 Nov 2013 05:00am EST 

Sacoil Holdings Ltd:Says its Board has resolved not to declare any dividends to shareholders for the period ending Aug. 31, 2013.Says Gairloch Limited ("Gairloch") exercised its rights under the three loans agreements, to require SacOil to equity settle loans owed to Gairloch.Says on Sep. 12, 2013 SacOil concluded an agreement with Gairloch for the conversion of debt to equity in SacOil, debt totalling circa ZAR 238.5 million (USD 24.1 million) will be converted into 883,449,144 new SacOil ordinary shares at ZAR 0.27 (USD 0,0272876) per share.Says it intends to raise additional capital of up to ZAR 570 million by way of a renounceable rights offer of 2,111,111,111 SacOil shares ("Right Offer Shares") at an issue price of ZAR 0.27 per share (the "Rights Offer").Says the Rights Offer will be supported by one of the Company's largest shareholders, the Government Employees Pension Fund ("GEPF"), managed by the Public Investment Corporation (SOC) Limited ("PIC"), to the extent of circa ZAR 329 million.Says The ratio of rights offered for existing SacOil shares will be in proportion to each shareholder's respective shareholding in the Company. 

Company Quote

47.0
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23 Oct 2014