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SacOil’s reaches restructuring milestone with completion of rights issue

Last updated: 18:17 28 Jan 2014 AEDT, First published: 19:17 28 Jan 2014 AEDT

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Africa-focused SacOil (LON:SAC) confirmed it has raised around £18mln (ZAR 336.58mln) through a rights issue and it is issuing £13mln (ZAR 238.5mln) of equity to settle debts.

This is a crucial part of the company’s restructuring, coming after the AIM quoted junior replaced its board last year.

New shares totalling ZAR 570mln were offered to existing shareholders via the rights issue, and ZAR 336.58mln were taken up. A total of 25.75mln new shares were issued.

Shareholders in the United Kingdom were not included in the rights issue, and as such were not offered shares.

The company also revealed on Monday that 883mln new shares, worth ZAR 238.5mln, were issued to the nominees of Gairloch, in respects of loans to the company.

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