| Wed 23 May 2012, 9:00 | | SCL - SACoil Holdings Limited - Response to Public Censure by the JSE |
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SCL
SCL
SCL - SACoil Holdings Limited - Response to Public Censure by the JSE
SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE share code: SCL AIM share code: SAC
ISIN: ZAE000127460
("SacOil" or "the Company" or "the Group")
23 May 2012
Johannesburg
SacOil Holdings Limited
Response to Public Censure by the JSE
SacOil notes that the JSE Limited (JSE) has today announced on the Stock
Exchange News Service of the JSE ("the announcement"), a public censure of the
Company in respect of a breach of general principle (v) as contained in the
JSE Listings Requirements ("public censure").
The public censure relates to the disclosure of headline earnings per share in
the trading statements referred to in the announcement. SacOil submits that
the difference between the information contained in the relevant trading
statements referred to, arose from a differential accounting treatment of the
Group`s intangible assets. The accounting treatment of intangible assets is a
complex and opaque issue that has been the subject of global debate.
Furthermore, it was also the first time that SacOil reported on the divestment
of an intangible asset.
SacOil co-operated fully throughout the JSE`s investigation, has accepted the
JSE`s findings and the matter has now been fully concluded.
The Company has taken the following steps in order to prevent a recurrence of
the events that lead to the JSE`s investigation:
- the Company has appointed Ernst & Young as transactional advisers to
advise on complex transactions and the accounting and tax treatment
thereof;
- the Company has appointed Ernst &Young as its reporting auditors to
facilitate access to oil and gas experienced professionals, both in
South Africa and in the United Kingdom, to advise on, amongst other,
the accounting treatment of complex transactions; and
- going forward and as far as practicably possible, the Group`s
interim reporting will, as a minimum, be released as reviewed by its
auditors.
ENDS
JSE Sponsor
Nedbank Capital
For further information please contact:
finnCap Limited (Nominated Adviser and +44 (0)20 7220 0500
Broker)
Matthew Robinson / Christopher Raggett
FirstEnergy Capital (Joint Broker UK) +44 (0) 20 7448 0200
Majid Shafiq
Travis Inlow
GMP Securities Europe LLP (Joint Broker UK) +44 (0)20 7647 2800
Nick Morgan
Chris Beltgens
The Riverbed Agency (SA)
Raphala Mogase +27 (0) 11 783 7903
Pelham Bell Pottinger (UK)
Philip Dennis +44 (0)20 7861 3919
Nick Lambert +44 (0)20 7861 3936
Rollo Crichton-Stuart +44 (0)20 7861 3918
Date: 23/05/2012 09:00:01 Produced by the JSE SENS Department.
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