SCL - SacOil Holdings Limited - Vexatious action taken against SacOil
SCL
SCL
SCL - SacOil Holdings Limited - Vexatious action taken against SacOil
SacOil Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 1993/000460/06
Share code: SCL
("SacOil" or "the company")
ISIN code: ZAE000127460
Vexatious action 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 regard 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.
Midrand
15 September 2010
Sponsor
BDO Corporate Finance
Date: 15/09/2010 11:23:01 Produced by the JSE SENS Department.
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