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SacOil fast tracks to AIM
Tue, 22 May, 2012
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SacOil fast tracks to AIM
Tue, 8 Mar 2011, 12:35:00
South Africa-based <b>SacOil</b> is joining AIM via the fast track admission process because it already has a Johannesburg Stock Exchange listing. 

The fast track process enables companies quoted on a designated market to join AIM without having to issue a prospectus. No new cash will be raised. SacOil has an anticipated market value of £109m and expects to join AIM on 8 April. FinnCap is nominated adviser and joint broker with Renaissance Capital. 

SacOil specialises in discovered and undeveloped or previously producing oil and gas assets in Africa. The company's current interests are Block 3, Albertine Graben in the Democratic Republic of Congo and OPL 281 and OPL 233 in Nigeria. The DRC government has approved a production sharing agreement and SacOil's 50%-owned subsidiary will have the right to apply for an exploration permit for the Block 3 licence area. SacOil has farm-in agreements relating to the Nigerian interests. 

In the Schedule 1 announcement, SacOil admits to two breaches of JSE rules. Last July, SacOil settled debt due to GVM by issuing 8.34m shares. This should have been classed as a "related party transaction" because SacOil chairman Richard Linnell is also chairman of GVM's owner Coal of Africa. Shareholders subsequently agreed to the transaction. 

The other breach happened last year when chief executive Robin Vela was awarded options and it was not announced to the market. Vela blames a change in the rules on the 1 April for this oversight. 

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