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Sasol -- share repurchase programme
Shareholders are advised that, in accordance with the general authority granted by them at Sasol's annual general meeting held on 30 November 2007, Sasol through its wholly-owned subsidiary, Sasol Investment Company (Pty) Ltd ("SIC"), purchased 6.01% of its own shares on the open market of the JSE Ltd ("JSE") between 7 March 2007 and 18 September 2008.
Implementation
As at 30 June 2008, 37 093 117 Sasol ordinary shares in aggregate had been repurchased, equivalent to approximately 5.88% of Sasol's issued share capital on the date that the authority was given. The repurchase programme was suspended during Sasol's closed periods (between 31 December 2007 and 25 March 2008 and between 30 June 2008 and 9 September 2008) but recommenced on 17 September 2008 on a day-to-day basis as market conditions allowed. By close of trading on 18 September 2008, a further 800 000 Sasol ordinary shares had been repurchased. A total of 37 893 117 Sasol ordinary shares, equivalent to 6.01% of the issued share capital of Sasol on the date that the authority was given, have now been purchased by SIC. Details of shares repurchased since commencement of the repurchase programme in March 2007 are as follows:
- Number of ordinary shares repurchased -- 37 893 117
- Cost of ordinary shares repurchased -- R 11 233 million
- Highest price paid per ordinary share -- R 348.00
- Lowest price paid per ordinary share -- R 215.48
- Average price paid per ordinary share -- R 295.61
Repurchases have been and will in future continue to be funded from available cash resources.
Listing of shares on JSE
The repurchased shares will remain listed on the JSE. The repurchased shares are held by SIC as treasury shares, and therefore do not carry any voting rights. All the repurchased shares are held as a long-term investment.
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Sasol a buy while shares low
Finweek reported that the general public can now purchase Sasol shares for around R350.00 each. This is around 5% cheaper than the R368.00 that previously disadvantaged people had to pay for shares in the group under the Inzalo empowerment scheme. Even though the oil price has weakened lately, the rand has also weakened, implying that Sasol is now receiving 14% more per barrel of oil that it produces compared to the previous financial year. As a result, the 33% dive in its share price, from R515.00 at the end of May 2008 to R350.00, looks overdone.
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Sasol -- changes to the board
Following an indication by Mr Pieter Cox that he intends stepping down as chairman and director of the company at the annual general meeting on 28 November 2008 the Sasol board appointed Mrs Hixonia Nyasulu as chairman of the board of directors of the company with effect from after the 2008 annual general meeting.
In addition, in line with international corporate governance practice the board has also appointed Professor Juergen Schrempp as lead independent director. His role will include chairing the board when matters pertaining to Sasol Oil (Pty) Ltd are dealt with by the Sasol board.
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Sasol -- reduction of Escravos interest
On 13 May Sasol reported that the capital cost of the Escravos gas-to-liquids project (EGTL) under construction in Nigeria is expected to increase to USD6 billion and that Sasol was reviewing all the factors that have an impact on the project economics. On 3 September, Sasol and Chevron, partners in the project entered into a heads of agreement for Chevron to purchase an additional 27.5% in the EGTL project and Sasol to reduce its economic interest in the EGTL project from 37.5% to 10%. Definitive agreements will be finalised in due course and will be subject to the relevant regulatory approvals. As a result of the reduction in our economic interest, an impairment of R362 million was recognised in 2008 in operating profit (a net effect after tax of R112 million) relating to interest previously capitalised on the capital expenditure.
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Sasol -- results of invitation to members
Sasol invited members of the black public to apply for up to 2 838 564 Sasol BEE ordinary shares ("Cash Invitation") in terms of the prospectus dated 15 May 2008 issued by Sasol ("Cash Invitation Prospectus"). Simultaneously, Sasol Inzalo, which at the time was a wholly owned subsidiary of Sasol, invited members of the black public to apply for up to 16 085 200 Sasol Inzalo ordinary shares ("Funded Invitation") in terms of the prospectus dated 15 May 2008 issued by Sasol Inzalo ("Funded Invitation Prospectus"). The Cash Invitation Prospectus and the Funded Invitation Prospectus are herein collectively referred to as "the Prospectuses". In this light, Sasol and Sasol Inzalo announced that:
- the Cash Invitation and the Funded Invitation (collectively, "the Invitations"), which were both a resounding success, were 13% and more than 300% oversubscribed, respectively;
- approximately 300 000 applications were received in respect of both Invitations;
- applications from women and women's groups comprised 47% of the applications received;
- to the extent that applications were not accepted, refunds together with interest on such refunds, will be paid on 2 September 2008;
- Sasol BEE ordinary shares and Sasol Inzalo ordinary shares will be allotted and issued by Sasol and Sasol Inzalo, respectively, to successful applicants on 8 September 2008, to the extent that their applications were accepted; and
- information will be posted to all applicants on 2 September 2008 to inform them, inter alia, of the status of their applications, including, where applicable, the extent to which their applications were accepted and the number of shares that will be allotted and issued to them on 8 September 2008
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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