sacoil holding ltd (SCL) Snapshot

SacOil announced the formal appointment of Mr. Tito Titus Mboweni as its new independent non-executive Chairman, and Ambassador Mzuvukile Jeff Maqetuka and Mr. Stephanus (Steve) Hilgard Muller as independent non-executive directors of the company, with effect from 10 June 2013. As previously announced, Mr. Mboweni is the immediate past Governor of the South African Reserve Bank, the current Chairman of AngloGold Ashanti Limited, the current non-executive Chairman of Nampak Limited, and an international advisor to Goldman Sachs International. Ambassador Maqetuka has extensive pan-African experience having served as South Africa's Ambassador to the People's Democratic Republic of Algeria and as Director General of the State Security Agency department of the Republic of South Africa. Mr. Muller has extensive experience in the audit and investment banking disciplines, having qualified as a charted accountant in 1985, and served as an executive director of Gensec Bank Limited. Currently he sits on the audit and risk committee of Amalgamated Appliance Holdings Limited and KAP Industrial Holdings Limited as an independent non-executive director.

Sacoil Holdings Limited has agreed to appoint Mr. Tito Titus Mboweni as its new independent non-executive Chairman, and Mr. Mzuvukile Jeff Maqetuka as an independent non-executive director. The company’s advisors are in the process of finalizing various administrative and regulatory compliance requirements in this regard, after which the new directors will be formally appointed and able to assume office with full capacity as directors. Further, the company also announced the proposed appointment of Mr. Stephanus Hilgard Muller as Director in the capacity of independent non-executive director. His appointment will be finalised once the company’s advisors have concluded the standard regulatory compliance reviews in this regard. Currently he serves as an independent non-executive director at Amalgamated Appliances limited, where he is the Chairman of the Group’s audit and risk committee. These new appointments are expected to stabilise the company and, further announcements will be made in due course.

SacOil Holdings Limited announced that, following the shareholder vote 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.