Reviewed condensed consolidated interim results

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")

Reviewed condensed consolidated interim results for the six months ended 31 August 2016

HIGHLIGHTS

- Award of crude trading agreement in Nigeria

- Successful offtake of a Nigerian crude allocation of 950 000 barrels (475 000 attributable to SacOil) in June 2016 and a second allocation of the same quantity post period

- Commencement of a thermal stimulation programme at Lagia

- Partner TOTAL E&P RDC, operator of Block III, successfully completed the acquisition of 244 km 2D seismic data on the licence area

- Increased availability of new business development opportunities

- Conclusion of a settlement agreement relating to the OPL 233 legal disputes

- Post period, commencing an in-depth review of the Lagia reservoir characterisation for overall field optimisation

Dr Thabo Kgogo, Chief Executive Officer of SacOil commented: "Notwithstanding the challenging backdrop of volatile global oil markets for the duration of the first half of this financial year, we have made positive strides towards the attainment of our key strategic priorities. Our key focus areas this period were the expansion of business development activities, optimisation of production from the Lagia Oil Field ("Lagia"), improvement in the Group's cost structure, resolution of legacy issues, recovery of funds owed to the Group, the safe running of our operations and engagement with stakeholders on strategic issues. We are satisfied with the progress we have made in each of these initiatives with the limited resources at the Group's disposal.

The Group has achieved yet another milestone emanating from the recent addition and integration of our crude trading business in Nigeria which generated revenue totalling R341 million. This has contributed to the significant improvement in the operational performance of the Group and the diversification of revenue streams in line with the strategy. It is expected that this segment of the business will continue to provide an additional revenue stream for the remainder of the year.

In an effort to optimise the production profile of Lagia we conducted thermal stimulation on existing wells on the field. Despite these operations, the field's technical performance remains below expectations and the objective for the remainder of the financial year is to continue to optimise production from Lagia to match the existing oil pricing conditions and to ensure that we achieve a break-even position for the asset. Lagia is complex in nature and will require some time to unlock the real value of the asset. More details on these operations can be found in the operational review below.

Our long-term strategy remains to become a leading sustainable, profitable and independent African energy company. As such, we continue to evaluate multiple projects in our quest to acquire additional cash-generative assets to grow the business. During the period, in the ordinary course of business, we looked at a large number of potential target upstream and downstream assets in Nigeria, Egypt, Tanzania and South Africa. The evaluation of these assets is ongoing and it is expected that our plan to acquire at least one asset will be brought to fruition in the near term. The oil and gas mergers and acquisitions ("M&A") market has seen vendors become more pragmatic about the valuation of their assets, resulting in a willingness to divest in the prevailing environment.

SacOil's Board of directors ("BoD") remains committed to the resolution of the outstanding litigation matters and the recovery of funds owed to the Group where realistically obtainable. We recognise that litigation inherently is a protracted and costly process, however, to date we have concluded the proceedings relating to our exit from OPL 233 in Nigeria. We agreed a settlement with Nigdel United Oil Company which has seen both parties withdraw their respective claims. This settlement removes any distraction in relation to our previous participation in OPL 233. The BoD is confident that this is in the best interest of all our stakeholders, based on the sound legal and financial advice we have received. The Group continues to pursue legal action against Transcorp and the Encha Group to recover amounts owed pursuant to the withdrawal from OPL 281 and under the terms of the written acknowledgement of debt, respectively. The estimated timeline to resolve the Transcorp litigation has been deferred, resulting in a provision for impairment of R48.1 million to account for the time value of money. The amounts owed to the Group under the acknowledgement of debt became due and payable on 29 February 2016, however, Encha has failed to uphold its obligation. Due to the lack of financial information available to the Group on the financial position of Encha, we have impaired the amount in full to satisfy accounting provisions. This does not take away from the fact that Encha has significant assets that the Group will target for the recovery of the amount as it continues to progress the legal matter. Other matters as outlined in more detail in the litigation section below remain outstanding. The BoD continues to make every effort to expedite the resolution of these outstanding matters in order to recover the amounts owed to the Group.

We continued our engagement with various stakeholders on matters of strategic importance. During June and July 2016 we undertook marketing roadshows in Johannesburg, Cape Town and London to raise the profile of the Group and to create an awareness of its investment case amongst various stakeholders.

We continue to focus on minimising the increase in the Group's expenditure and have managed to contain a significant component of our cost base during the period. As a result of additional business development activities, the ongoing litigation and professional advisory fees relating to the Lagia thermal stimulation initiative throughout the period, we incurred an increase in business development costs, corporate expenses, legal fees and consultation costs. Our aim is to continue minimising the growth in the overall cost base without negatively impacting the strategic objectives of the Group.

As a reputable operator adhering to the highest industry standards, HSE matters continue to be of the utmost importance to us. We are pleased to report that there were no minor or major incidents during the period and the safety records at Lagia and at our other operations were well above industry standards.

Looking ahead, we are cognisant of the fact that we will need to obtain scale through the further addition of cash-generative assets in order to become a business capable of delivering sustainable, long-term growth for its shareholders. Against the backdrop of particularly challenging market conditions for the sector, we have developed a solid platform to grow the Group and continue to make good headway towards our operational and corporate objectives. We are pleased with the Public Investment Corporation's additional investment which saw its shareholding in the Company increase from 42.17% to 68.65% in October 2016. This provides a cornerstone investor who is supportive of the Group's growth. Whilst the interim results highlight uncertainties that exist with respect to the ability of the Group to remain a going concern, the BoD is confident that the Group has adequate cash resources to cover its activities until January 2018. The BoD will continue to pursue cash-generative assets and other sources of funding to ensure that the deficit which exists in the Group's cash flow forecast to February 2019 is addressed. Post this period, it is our expectation that the Group will hold sufficient assets to ensure sustainable operations. It is also important to highlight that the Group has maintained its debt-free position.

We thank our stakeholders for their continued support as we continue to work towards building a sustainable business."

OPERATIONS REVIEW

Lagia, Egypt

Optimisation of production from Lagia remained a key priority during the first six months of the financial year. This focus followed completion in the prior year of Phase II of the Lagia development programme which saw the installation and commissioning of steam facilities for a thermal recovery process on existing production wells. Multiple steam cycles were completed during the period based on varying parameters with the objective to determine the optimal production of the field. As a result of the complex nature of development for this asset culminating in excessive water content and suboptimal steam injection for enhanced oil recovery, the production performance during the period was below our expectations for the capability of the field. These developments, coupled with sustained low oil prices and the attendant market discount for heavy crude, have led us to undertake an in-depth review of the Lagia reservoir characterisation for overall field optimisation. The overall objective of this review is to enable us to prepare the field for increased recovery and improved economics in a higher oil price environment. In that regard, the following initiatives are currently under way:

- optimisation exercise for demulsifier injection to reduce water in the oil which should contribute to a reduction in the Group's operating cost base;

- reassessment of the operational cost base to ensure a break-even position is achieved; and

- the identification of possible zones for water shut-off and steam injection optimisation following the review of petrophysical and production data from the wells. This will lead to advancing the analysis of suitable technologies for heightened oil recovery.

These activities will remain the focal point of operations at Lagia in Q4 of the 2016 calendar year and will require minimal capital expenditure.

Crude trading, Nigeria

The Nigerian crude trading joint operation with Energy Equity Resources Norway Limited ("EERNL") generated an additional revenue stream for the Group following the offtake of a crude allocation of 950 000 barrels in June 2016. SacOil's share of this offtake was 475 000 barrels. The offtake of a second allocation of 950 000 barrels, of which 50% is attributable to SacOil, took place in September 2016, post the interim reporting period. The joint operation will continue to seek additional allocations from the Nigerian National Petroleum Corporation ("NNPC") in line with the terms of the agreement concluded in April 2016. The Group's right to acquire crude from the NNPC will expire in March 2017. We are in the process of applying for the renewal of the crude trading agreement. Whilst this is dependent on the discretion of the NNPC, we remain hopeful for a positive outcome from the application process.

Block III, Democratic Republic of Congo

During June 2016 Total E&P RDC ("TOTAL"), operator of Block III, successfully completed the acquisition of 244 km of 2D seismic data and is in the process of interpreting and integrating the data with previously acquired gravity and magnetic information. It is expected that the seismic processing and interpretation will be completed during Q2 of 2017. If possible prospects and an identifiable well location are established, the plan is to drill a well shortly thereafter.

As reported previously, the seismic survey did not encroach on the Virunga National Park. TOTAL continues to carry SacOil's share of exploration costs relating to Block III under the terms of the Farm-in Agreement. The licence for Block III will be up for renewal in January 2018.

Block 1, Malawi

In Malawi, SacOil, as operator, is in the process of finalising the environmental and social impact assessments as well as the evaluation and processing of the country-wide gravity and magnetic data over Block 1. Desktop studies on the area are also under way which are yielding encouraging results. It is expected that the studies and assessments will be completed by February 2017. The licence for Block 1 will be up for renewal in August 2017.

Petroleum Exploration Licences ("PELs") 123, 124 and 125, Botswana

The environmental and social impact assessment has now been approved by the Minister of Minerals. Desktop studies of PELs 123, 124 and 125 are ongoing and are expected to be completed by February 2017. Licences will be up for renewal in June 2017.

Bioko Terminal, Equatorial Guinea

The parties have compiled the pre-feasibility studies and have made the submission to the Government of Equatorial Guinea for its consideration, following which the parties will agree on the way to proceed with the project. The project remains a long-term play split into two phases. Storage of approximately 680 000 cubic metres for refined products will be constructed during the first phase. The subsequent phase will deal with the development of crude storage.

FINANCIAL REVIEW

The Group generated a loss after tax of R221.4 million (2015: profit of R2.8 million), a basic loss per share of 6.77 cents (2015: basic earnings per share of 0.32 cent) and a basic headline loss per share of 6.77 cents (2015: basic headline earnings per share of 0.25 cent) for the period ended 31 August 2016. Key contributing factors were the strengthening of the Rand against the US Dollar ("US$") which resulted in foreign exchange losses totalling R61.4 million (2015: R57.5 million in foreign exchange gains due to the weakening of the Rand) arising from the revaluation of the Group's US$ denominated assets, the provision for impairment of R164.0 million with respect to other financial assets and the underperformance of the Lagia asset. These losses were partially off-set by an increase of R31.9 million in investment income for the period.

Revenue and cost of sales

Crude trading

The Group continued to diversify its operations by adding the crude trading business in Nigeria which generated R340.9 million in revenue during the period. The gross cost of procuring crude from the NNPC with respect to the offtake agreement was R338.8 million, thereby generating a gross profit of R2.1 million for the period.

Lagia

The challenges experienced, as highlighted within the operations review, resulted in Lagia contributing lower-than-expected revenue of R3.2 million (2015: R3.0 million). Cost of sales increased by R2.7 million to R9.9 million primarily due to higher operating costs associated with steaming operations.

Other income

Other income at 31 August 2015 included foreign exchange gains totalling R57.5 million. The strengthening of the Rand against the US$ during the period generated foreign exchange losses totalling R61.4 million which have been classified under "other operating expenses". These losses arose from the revaluation of the Group's US$ denominated other financial assets.

Investment income

Management continues to pursue the recovery of the receivable due from Encha Energy ("Encha"). Investment income at 31 August 2016 includes an interest accrual of R40.3 million (2015: RNil) relating to this receivable as further explained in note 8. Interest received on the Group's cash and cash equivalents and interest on other financial assets decreased by R2.2 million and R6.2 million, respectively. High level overviews of the Group's cash and cash equivalents, financial assets and progress on the recovery of the Encha receivable are provided below.

Provision for impairment of other financial assets

The SacOil BoD continues to pursue the recovery of amounts owed to the Group as disclosed in the litigation section. Provisions for impairment, in order to comply with accounting and auditing provisions, have been recognised with respect to the Encha receivable and Transcorp Refund as indicated in note 8. These provisions are recorded under "other operating costs".

Other operating costs

Excluding the impact of the foreign exchange losses referred to above, the provision for impairment of the Transcorp, EERNL and Encha receivables, business development activities, the amortisation and depreciation of assets, and the impairment of the contingent consideration at 31 August 2015, other operating costs increased by R8.4 million relative to the prior comparative period. Improved engagement with various stakeholders, ongoing litigation and consultations regarding the Lagia thermal stimulation initiative resulted in increased corporate expenses, legal fees and consultation costs, respectively. The increase in the Group's remuneration costs is reflective of inflationary salary adjustments coupled with an increase in headcount in Egypt. A breakdown of the Group's other operating expenses is provided in note 3.

Oil and gas properties

The investment in the thermal stimulation facilities at Lagia resulted in additions totalling R6.6 million (29 February 2016: R55.4 million) to the Group's oil and gas properties. This increase was off-set by foreign exchange losses of R15.3 million on translation of foreign operations (29 February 2016: foreign exchange gains of R46.8 million), disposals totalling R0.2 million (29 February 2016: RNil) and depletion of R2.6 million (29 February 2016: R2.3 million). Movements in the Group's oil and gas properties are also provided in note 7.

Other financial assets

As noted above, the Group's other financial assets (current and non-current) were negatively impacted by the strengthening of the Rand against the US$ and the provisions for impairment of R48.1 million and R115.8 million against the Transcorp and Encha receivables, respectively, as disclosed in note 8. Foreign exchange losses with respect to other financial assets totalled R50.6 million for the period, which were off-set by interest on the Encha receivable of R40.3 million and interest of R11.6 million arising from the unwinding of the discount applied to the recognition of the contingent consideration. The net movement in the Group's other financial assets during the period was R162.6 million. These assets are disclosed in note 8.

Cash and cash equivalents

The Group utilised R54.9 million (2015: R40.1 million) during the period on the installation of thermal stimulation facilities at Lagia (R6.6 million), business development activities (R6.7 million), consulting fees (R6.8 million), corporate costs (R3.7 million), legal fees (R4.5 million), employee costs (R15.6 million) and other operating expenses (R11.0 million). At 31 August 2016 the Group's cash balances stood at R52.4 million, sufficient for its activities for at least the next 12 twelve months.

Other

Movements in the Group's exploration and evaluation assets, other intangible assets, property, plant and equipment, inventories, trade receivables, deferred tax liability and trade and other payables were not significant for the period under review.

LITIGATION UPDATE

OPL 281

As previously reported, SacOil 281 Nigeria Limited ("SacOil 281") terminated its participation with Transnational Corporation of Nigeria Plc ("Transcorp"), the operator of OPL 281.

SacOil 281 contributed US$12.5 million towards farm-in fees on 28 February 2011, which fees contractually were to be refunded with interest by Transcorp pursuant to the termination. Notwithstanding the receipt of Transcorp's acknowledgement of its refund obligation, SacOil 281 subsequently received notice from Transcorp that its termination of the Farm-out and Participation Agreement ("FoPA") in December 2014 was wrongful and amounted to a repudiation of the FoPA. As provided for in the FoPA, SacOil 281 filed a notice for arbitration with the Nigerian Chartered Institute of Arbitrators, Nigerian branch on 28 August 2015 to recover its farm-in and related fees plus interest thereon.

On 18 June 2015 Transcorp in response filed the following two court applications in the High Court: Lagos State: (i) alleging the repudiation of the FoPA by SacOil 281, claiming the sum of US$50 million as special damages for wrongful termination; and (ii) challenging the validity, applicability and appointment of arbitrators and the arbitration clause in the FoPA. SacOil 281 opposed these proceedings and on 31 May 2016 the High Court: Lagos State ruled against SacOil 281 on "matter (ii)" but granted SacOil 281 leave to appeal on 30 June 2016. The appeal was scheduled to be mentioned on 28 November 2016 with a probable hearing during mid-2017. Both parties have agreed to defer the court date in order to discuss a possible settlement. In the event that the Group is unable to reach a settlement with Transcorp, our Nigerian counsel remains confident that SacOil 281's prospects to successfully overturn the court a quo's ruling in the Court of Appeal remain very good; and that the likelihood of Transcorp succeeding in its claim for US$50 million is low as assignment was not obtained, nor has evidence of production been provided. The arbitration date would be around the first half of 2018 should an amicable settlement not be reached. We will update our shareholders in due course regarding the outcome of settlement negotiations with Transcorp.

Mr Joseph Modibane

Two actions were instituted by Mr Joseph Modibane against the Company. In the first action he claimed R67.2 million plus interest and costs on the basis that he was entitled to damages pursuant to a breach of an agreement. In the second action he claimed R80 million plus interest and costs on the basis that he was defamed by an announcement published by the Company. The Company is defending both actions. A SENS announcement published on 28 February 2013 indicated that Mr Modibane passed away and it remains to be seen whether an executor of Mr Modibane's estate elects to persist with the two actions.

Mr Robin Vela

The Company instituted legal action against Mr Robin Vela (its former CEO) in which it claimed an amount of R3.3 million together with interest in respect of taxes that became due to the South African Revenue Service and which were not deducted from the salary that was paid to him by the Company during his tenure as CEO. Mr Vela is defending the action and has also raised three counterclaims in the action in terms of which he claims an amount of R0.3 million allegedly owing in respect of unpaid leave, an amount of R2.8 million allegedly due in respect of a bonus and an amount of R16.9 million allegedly owing in respect of the breach of a share option agreement. In addition, Mr Vela is also claiming interest on these amounts. Both parties have delivered their discovery affidavits.

1 November 2016 was allocated as a trial date, but because our counsel was not available on the date allocated, by agreement between the parties, the matter was removed from the trial roll of 1 November 2016. The Company awaits the allocation of a trial date.

Mr Richard Linnell

Mr Richard Linnell (the Company's former Chairman) instituted legal action against the Company during September 2016 in which Mr Linnell claims, amongst other matters, payment of R14.7 million together with interest and the reinstatement of 12.6 million share options which the Company contends have lapsed. The Company is defending the action and a plea on behalf of the Company will in due course be delivered.

Encha Group Limited and Encha Energy Proprietary Limited

The Company instituted legal action against Encha Energy Proprietary Limited ("Encha Energy") and Encha Group Limited ("Encha Group") to claim the payment of R115.8 million (inclusive of interest) under the terms of the written acknowledgement of debt provided by Encha Energy, and in respect of which Encha Group bound itself as surety. The action is defended and the defendants have delivered their pleas. The Company awaits the allocation of a trial date.

OPL 233

The matter has been settled as disclosed in note 15.

OUTLOOK

The volatility within the global oil markets is expected to persist and will require us to continue to operate at low oil prices. Over the next few months we will continue to aggressively pursue the acquisition of cash-generative assets to ensure the sustainability of the Group whilst also finalising the in-depth review of the Lagia reservoir characterisation. We remain hopeful that the NNPC will grant the Group a renewal of the crude trading agreement which will enable us to grow that segment of the business. Cost containment and the resolution of legacy issues will also remain key focus areas.

GOING CONCERN

The Group continues to rely on its ability to successfully raise further financing to fund future working capital and business development needs. The Board remains reasonably confident that it will manage the material uncertainties that exist which are highlighted in note 14 to the condensed consolidated interim results. The condensed consolidated interim results have therefore been prepared on a going concern basis.

CHANGE IN DIRECTORATE

The following directors resigned from the BoD of SacOil:

Bradley Cerff on 25 July 2016

Steve Muller on 16 September 2016

Danladi Verheijen on 19 September 2016

ABOUT SACOIL

SacOil is a South African based independent African oil and gas company, dual-listed on the JSE and AIM. The Company has a diverse portfolio of assets spanning production in Egypt; exploration and appraisal in the Democratic Republic of Congo, Malawi and Botswana; and midstream projects including crude trading in Nigeria and a terminal project in Equatorial Guinea. Our focus as a Group is on delivering energy for the African continent by using Africa's own resources to meet the significant growth in demand expected over the next decade. The Company continues to evaluate industry opportunities throughout Africa as it seeks to establish itself as a leading, full-cycle pan-African oil and gas company.

1 Basis of preparation

The condensed consolidated interim financial statements of the Group, comprising SacOil Holdings Limited and its subsidiaries (together "the Group"), for the six months ended 31 August 2016, have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), the preparation and disclosure requirements of IAS 34 - Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Pronouncements as issued by the Financial Reporting Standards Council, the Listings Requirements of the JSE Limited and in the manner required by the South African Companies Act No. 71, 2008 (as amended). Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with IFRS, as issued by the IASB, have been omitted or condensed as is normal practice.

Principal accounting policies

The same accounting policies, presentation and methods of computation have been followed in these condensed consolidated interim financial statements of the Group as those applied in the preparation of the Group's annual financial statements for the year ended 29 February 2016. The following improvements arising from the IASB's annual improvements projects and the amendments to IFRS listed below, effective for financial periods beginning after 1 January 2016, were effective for the first time during this interim period and did not have an impact on the Group's results:

- Amendments to IAS 1 - Disclosure Initiative

- Amendments to IFRS 10, IFRS 12 and IAS 28 - Investment Entities: Applying the Consolidation Exemption

- Amendment to IFRS 11 - Joint Arrangements, regarding acquisition of an interest in a joint operation

- Amendment to IAS 16 - Property, Plant and Equipment and IAS 38 - Intangible Assets, regarding depreciation and amortisation

- Amendment to IAS 16 - Property, Plant and Equipment and IAS 41 - Agriculture, regarding bearer plants

- Amendment to IFRS 10 and IAS 28 regarding the sale or contribution of assets between an investor and its associate or joint venture

- Amendment to IAS 27 - Separate Financial Statements, regarding the equity method

- Amendment to IFRS 14 - Regulatory Deferral Accounts

- Improvement to IFRS 5 - Non-current Asset Held for Sale and Discontinued Operations

- Improvement to IFRS 7 - Financial Instruments: Disclosures

- Improvement to IAS 19 - Employee Benefits

Details pertaining to the amendments or improvements referred to above are provided in the Group annual financial statements for the year ended 29 February 2016.

The amendment to IAS 34 - Interim Financial Reporting has been applied in the preparation of these condensed consolidated interim financial statements and other financial information in the interim financial report. The amendment clarifies what is meant by the reference in the standard to "information disclosed elsewhere in the interim financial report" and further requires a cross-reference from the interim financial statements to the location of that other financial information.

These condensed consolidated interim results have been prepared on a going concern basis.

All monetary information is presented in the functional currency of the Company, which is the South African Rand.

Notes to oil and gas disclosure

In accordance with AIM Guidelines Willem de Meyer, Group Executive: Strategy and Business Development, is the qualified person who has reviewed the technical information contained in this news release. Willem has 34 years' experience in the oil and gas industry with a B.Sc (Hons) degree in geophysics and a Masters Degree in Commerce focused on Mineral Economics. He is also registered with the South African Council for Natural Scientific Professions ("SACNASP").

2 Preparation of the condensed consolidated interim financial statements and the auditors' review report

The directors take full responsibility for the preparation of these condensed consolidated interim financial statements of the Group for the six months ended 31 August 2016. The condensed consolidated interim financial statements have been prepared under the supervision of the Chief Financial Officer, Damain Matroos CA (SA).

These condensed consolidated interim financial statements have been reviewed by Ernst & Young Inc., the Group's auditors. A copy of the auditors' unqualified review opinion, which includes an emphasis of matter paragraph for the going concern matters noted in note 14, is available for inspection at the registered office of the Company.

CORPORATE INFORMATION

Registered office and physical address

1st Floor, 12 Culross Road, Bryanston, 2021

Postal address

PostNet Suite 211

Private Bag X75, Bryanston, 2021

Contact details

Tel: +27 (0) 10 591 2260

Fax: +27 (0) 10 591 2268

E-mail: [email protected]

Website: www.sacoilholdings.com

Directors

Dr Thabo Kgogo (Chief Executive Officer), Damain Matroos (Chief Financial Officer), Tito Mboweni (Chairman)*, Mzuvukile Maqetuka*, Vusi Pikoli*,Ignatius Sehoole*, Titilola Akinleye**

* Independent non-executive directors ** Non-executive director

Advisers

Company Secretary Fusion Corporate Secretarial Services Proprietary Limited

Transfer Secretaries (South Africa) Link Market Services South Africa Proprietary Limited

Transfer Secretaries (United Kingdom) Computershare Investor Services (Jersey) Limited

Corporate Legal Advisers Norton Rose Fullbright South Africa

Auditors Ernst & Young Inc.

JSE Sponsor PSG Capital Proprietary Limited

Investor Relations (UK) Buchanan Communications Limited

AIM Nominated Adviser finnCap Limited