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Sasol -- results of annual general meeting
Sasol shareholders are advised that the requisite majority of shareholders approved all the ordinary and special resolutions proposed at the meeting held on Friday 28 November 2008, as detailed in the notice to shareholders dated 20 October 2008. The special resolutions will be lodged with the Companies and Intellectual Property Registration Office for registration.
As announced on Monday 8 September 2008, with effect from Friday 28 November 2008:
- Mr P V Cox has retired as chairman and non-executive director of the company;
- Mrs T H Nyasulu has been appointed the chairman of the company; and
- Professor J E Schrempp has been appointed as lead independent non-executive director of the company.
- Mrs E le R Bradley will retire as a non-executive director of the company with effect from 1 January 2009.
Shareholders are further advised that given the global financial crisis, a cash conservation approach has been adopted by the company in order to better position the company in the short term for long term growth. The directors will take into consideration the prevailing macro economic factors and market conditions that may impact the company, the financial position of the company, specifically its cash flow and gearing, when deciding on the implementation of the general authority to re-purchase shares.
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Sasol--appeal decision of the European Commission
Sasol announced that it will lodge an appeal in December 2008 with the European Court of First Instance in Luxemburg against the decision of the European Commission of 1 October 2008 to impose a fine of EUR318.2 million on Sasol companies on the basis that the fine is too high and should be reduced.
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Sasol to maintain crude price hedge
Business Day reported that Sasol had no intention of "closing off" the crude oil hedge on part of its synfuels production despite slumping oil prices. The group has hedged about 30% of its production for the 2009 financial year. The hedge protects Sasol against prices below USD90.00 a barrel. Spokeswoman Jacqui O'Sullivan said the hedge was strategic and part of the group's risk management.
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Sasol -- sustainable development report
Sasol launched its annual Sustainable Development Report on Wednesday, 19 November 2008. The report focuses on Sasol's economic, environmental and social sustainable development performance for the year 2008. The report will be published on Sasol's website.
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