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Sasol -- AGM and general meeting results
Sasol shareholders are advised that the results of the business conducted at the annual general meeting and general meeting, held immediately after the conclusion of the annual general meeting on Friday 26 November 2010 in Hyde Park, Johannesburg, South Africa are as follows:
Annual general meeting
- The annual financial statements of the company, including the reports of the directors, audit committee and auditors for the year ended 30 June 2010 were accepted and adopted.
- Mr L P A Davies, Dr M S V Gantsho, Mrs T H Nyasulu and Ms K C Ramon retired by rotation at the meeting and were re-elected individually for a further term of office in terms of Articles 75(d) and 75(e) of the Company`s Articles of Association ("Sasol`s Articles").
- The two directors appointed by the board of directors of Sasol ("the board") during the course of the calendar year, Mss V N Fakude and I N Mkhize retired at the annual general meeting, but were elected individually for a further term of office in terms of Article 75(i) of Sasol`s ArticlesMr A Jain retired as a non-executive director of the company with effect from today, 26 November 2010. Messrs B P Connellan and T A Wixley will retire as non-executive directors of the Company with effect from 1 January 2011.
- KPMG Incorporated was automatically re-appointed as auditors of the company until the conclusion of the next annual general meeting and it was noted that the Mr C H Basson would be the individual registered auditor who will undertake the audit of the Company for the financial year ending 30 June 2011.
- The special resolutions will be lodged with the Companies and Intellectual Property Registration Office for registration.
Sasol elected to convene the general meeting knowing that the proposed amendments to the JSE's rules and requirements and the proposed amendments to the Strate rules and directives ("Proposed New Requirements") have not yet been formally approved and understanding that as a result, if there are material changes, the JSE may request Sasol to issue a supplementary circular or additional announcement/s. Sasol also appreciates that until the Proposed New Requirements are approved, legally the JSE cannot approve the listing of the Sasol BEE Ordinary Shares on the BEE Segment. However, the JSE has indicated that it has no reason at this time to consider that there will be material changes to the Proposed New Requirements, and if there are no such changes, it will after the Proposed New Requirements have come into force, approve the listing of the Sasol BEE Ordinary Shares on the BEE Segment. A further announcement will be made when the JSE formally approves the listing of the Sasol BEE Ordinary Shares on the BEE Segment and the necessary Proposed New Requirements are formally approved.
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Sasol to raise gas production by 50%
Business Report noted that Sasol intends to up output from its Mozambiquen natural gas fields by half to 450 million standard cubic feet of gas per day. Sasol owns 70% of the USD865 million Pande/Temane natural gas project, which is increasingly drawing international investor attention.
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Sasol -- proposed listing of BEE ordinary shares
Sasol BEE ordinary shares were issued to the public pursuant to the Sasol cash invitation prospectus dated May 2008 ("cash invitation"). Sasol BEE ordinary shareholders became entitled to sell, with effect from 8 September 2010, their Sasol BEE ordinary shares to black groups and persons determined in accordance with the codes issued under the Broad Based Black Economic Empowerment Act, 2003 and such Sasol BEE ordinary shareholders' respective contracts with Sasol referred to below ("black groups and black persons"). When the cash invitation was issued by Sasol, each successful applicant was required to sign the application form and as a result became bound by the cash contract contained in the cash invitation ("cash contract"). From 8 September 2010 until the establishment of the trading mechanism referred to below, black groups and black persons acquiring Sasol BEE ordinary shares were, and will be, obliged to sign a slightly modified version of the cash contract ("new cash contract").
As part of Sasol's commitment to Sasol BEE ordinary shareholders to use its best endeavours to set up a trading mechanism for the Sasol BEE ordinary shares, Sasol in conjunction with the JSE explored the possibility of expanding the JSE's existing securities trading sectors to make provision for the trading of Sasol BEE ordinary shares between black groups and black persons. As all trading on the JSE currently takes place on the basis of the principle of unrestricted transfers, it became clear that it would be necessary to implement an entirely new ground-breaking system to allow trading only under a restricted transfer environment to accommodate Sasol's primary requirement that all trades in Sasol BEE ordinary shares must be between black groups and black persons. The JSE committed to implement such a trading mechanism but on a generic basis, to enable issuers of securities which require transfers of these securities to be restricted to black groups and black persons but excluding Sasol-specific requirements ("BEE compliant persons"), to list these securities ("BEE securities"). Sasol has worked extensively with the JSE on this initiative, and has dedicated significant resources to develop, in conjunction with the JSE, the concept of the proposed BEE segment of the main board of the JSE ("BEE segment"). This initiative has impacted upon and required the co-operation of not only the JSE itself but also the JSE members, Central Securities Depository Participants and Strate Ltd ("Strate"). Due to the aforegoing, the initiative could not be finalised in time for 8 September 2010 or in advance of the general meeting. However, an interim solution allowing for trading amongst black groups and black persons has been available to the holders of Sasol BEE ordinary shares since 8 September 2010 and will remain in place until such time as a trading mechanism is available to Sasol BEE ordinary shareholders.
Proposed BEE segment
The proposed BEE Segment will be a sector of the main board on which BEE securities that meet the proposed new JSE listings requirements (referred to below) will be listed. This will not be a separate board for the listing of companies, but rather a trading mechanism for BEE Securities. The main board operates on the principle that there are no restrictions on the transfer of shares. The proposed BEE segment will differ in that purchases of BEE securities will be restricted to BEE compliant persons. It will therefore be necessary to amend the JSE rules and directives, and the JSE listings requirements ("proposed new JSE requirements") to deal with the requirement that the transferability of BEE securities is restricted to take place only between BEE compliant persons. It will also be necessary to make consequential amendments to the Strate rules and directives. These have not yet been formally approved. Sasol has elected to convene a general meeting (notice of which is contained in a circular dated 1 November 2010 ("the circular")) knowing that the proposed new JSE requirements and the Strate amendments have not yet been formally approved and understanding that as a result, if there are material changes to the proposed new JSE requirements, the JSE may request Sasol to issue a supplementary circular or additional announcement/s. Sasol also appreciates that until the proposed new JSE requirements are approved, legally the JSE cannot approve the listing of the Sasol BEE ordinary shares on the JSE. However, the JSE has indicated that it has no reason at this time to consider that there will be material changes to the proposed new JSE requirements, and if there are no such changes, it will after the proposed new JSE requirements have come into force, approve the listing of the Sasol BEE ordinary shares on the BEE segment.
BEE contract
The JSE will prescribe, as part of its proposed new JSE requirements, that a BEE contract be signed by those who wish to purchase BEE securities listed on the proposed BEE segment ("BEE contract"). The BEE contract is a generic contract which has been designed to make provision for all issuers who may list their BEE securities on the proposed BEE segment, to achieve the requirement that BEE securities are beneficially owned only by BEE compliant persons.
General meeting
A general meeting of Sasol shareholders will be held immediately after the conclusion, adjournment or postponement of the annual general meeting convened to take place at Summer Place, 69 Melville Road, Hyde Park, Johannesburg, South Africa, on Friday, 26 November 2010 at 09:00. The general meeting will consider and, if deemed fit, pass the requisite resolutions which are contained in the notice of general meeting (included in the circular).
Circular to Sasol shareholders
The circular setting out the full details of the listing of Sasol BEE ordinary shares on the JSE, and incorporating a notice convening the general meeting referred to above, is being posted to Sasol shareholders and will be available on Sasol's website (www.sasol.com).
Sasol Inzalo Public Ltd ("Sasol Inzalo") ordinary shares
None of the aforegoing concerns the holders of ordinary shares in Sasol Inzalo which were issued to applicants in terms of the Sasol Inzalo funded invitation prospectus dated May 2008 containing the funded invitation as defined in that prospectus. These shares become capable of transfer to BEE compliant persons from September 2011. Further announcements in this regard will be made at an appropriate time.
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Sasol shutdown world's biggest
According to Business Report, Sasol Synfuels shut down a portion of its Secunda operations for three weeks in what it said was the biggest shutdown in the world. With approximately 14 500 additional workers employed and more than 150 000 activities completed, the Secunda shutdown is regarded the biggest of its kind in the world. During the shutdown, the work completed was equivalent to servicing half a million motor vehicles.
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