SacOil says that the London Stock Exchange (LSE) has issued an announcement on the proposed admission of the company’s ordinary shares to trade as a secondary listing on the LSE’S Alternative Investment Market (‘AIM’). The admission has been approved by the South African Reserve Bank (‘Reserve Bank’) and is set to take place on or about 8 April 2011 (the ‘Admission’).
Robin Vela, CEO of SacOil commented, ‘We are delighted that we are moving to a secondary AIM listing with such speed. Our appointed advisers have been exceptional in their support and efficient administration of this next crucial step for SacOil’s aggressive growth plans. We are on track to building SacOil into a pan-African independent balanced portfolio upstream oil and gas company.’
As communicated in October 2010, SacOil does not intend to raise capital upon the Admission and has sufficient working capital to service its current activities for at least 12 months after Admission. The company will list 674 090 410 SacOil ordinary shares of no par value on AIM and begin trading with an anticipated market capitalisation of £156.0 million, approximately R1.7 billion. According to Vela, the board intends to attract new UK institutional investors and raise its public profile, to ensure that it remains sufficiently capitalised to further develop current exploration projects and execute near production and producing asset oil and gas transactions it has in the pipeline.