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Sasol -- Competition Tribunal settlement
The Competition Tribunal ("the Tribunal") announced that, in terms of a consent order granted on 24 February 2011, it has confirmed the settlement agreement ("the Settlement Agreement") reached between the Competition Commission ("the Commission") and Sasol Polymers, a division of Sasol Chemical Industries Ltd.
The Settlement Agreement related to Sasol Polymers' existing propylene supply contract with Safripol ("the Supply Agreement"). On 12 August 2010, the Commission referred a complaint to the Tribunal, in which it contended that the pricing provisions of the Supply Agreement gave raise to indirect price fixing between Sasol Polymers and Safripol. The pricing provisions were, however, inserted into the Supply Agreement with the knowledge of the then Competition Board in relation to the proposed merger, in 1993, of the monomer, polymer and certain other chemicals operations of Sasol and AECI Ltd.
In Sasol Polymers' view, any contravention of the Competition Act (Act 89 of 1998), as amended, (the "Act") as a result of the Supply Agreement has its origins in these pricing provisions rather than any intention to contravene the Act. Given the uncertainty surrounding the legal position in relation to the pricing formula and the interpretation of section 4(1)(b) of the Act, it was considered prudent to settle with the Commission by accepting that the Supply Agreement gave rise to indirect price-fixing.
As communicated in our press release on the 14th of December 2010, in terms of this Settlement Agreement, Sasol Polymers has agreed to pay a penalty of R111 690 000, which was subject to confirmation by the Tribunal, in full and final settlement of the Commission's allegations that the pricing formula gave rise to indirect price fixing.
Sasol Polymers and Safripol have also reached agreement on the key terms that are to govern the future monomer supply relationship between the parties, which we consider to be fully compliant from a competition law perspective.
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Sasol -- listing of BEE shares
Sasol shareholders are advised that the JSE has approved the listing of 2 838 565 Sasol BEE ordinary shares of no par value ("Sasol BEE Ordinary Shares") on the BEE Segment of the Main Board of the JSE ("BEE Segment") with effect from the commencement of trading on Monday, 7 February 2011. The Sasol BEE ordinary shares will be listed on the BEE Segment under the company name "BEE -Sasol", the JSE alpha code "SOLBE1" and the ISIN "ZAE000151817". Sasol has been notified by the JSE that the JSE rules and directives dealing with the requirements of the BEE Segment ("JSE Rules and Directives") have been formally approved. The JSE Rules and Directives which were approved do not differ in any material respects from the draft JSE Rules and Directives which were referred to in the Sasol circular dated 1 November 2010. It is anticipated that the relevant Strate Ltd ("Strate") Rules and Directives will be formally approved during Monday, 7 February 2011. A further announcement will not be made by Sasol in this regard. Accordingly, reference can be made to the Strate website on www.strate.co.za to ascertain when this occurs.
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Sasol -- trading update
Product prices have remained quite resilient with higher oil prices, refining margins and chemical prices being realised. Although the relatively strong rand has put pressure on the group`s earnings, the year-on-year improvement in product prices has largely mitigated this negative effect. The sustained strength of the currency remains a key challenge to the group although there has recently been a slight weakening. We are therefore maintaining our focus on the factors within our control, such as cost management and operational efficiency. As announced in December 2010, Sasol has made a significant investment in upstream shale gas resources in support of its gas-to-liquids (GTL) value proposition in North America.
Expected earnings for the six months ended 31 December 2010
Sasol's earnings per share and headline earnings per share for the six months ended 31 December 2010 are estimated to increase by 17% - 27% compared with the prior year comparable reporting period. The expected increase in earnings is mainly due to a strong focus on cost containment as well as an improvement in crude oil prices and product prices, partially offset by the continued strength of the rand against the US dollar. The Ixia empowerment transaction announced last year resulted in WIPCoal Investments owning effectively 10,2% of the equity in Sasol Mining. The once- off non-cash share based payment expense relating to the transaction resulted in an impact of approximately R1 on both headline earnings per share and earnings per share.
Our half-year closure process is currently in progress and further adjustments may arise including remeasurement effects. This trading update deals only with the first half of the 2011 financial year comparison. Sasol's financial results for the six months ended 31 December 2010 will be announced on or about Monday, 7 March 2011. The above information has not been reviewed or reported on by the company's external auditors.
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Historic listing for Sasol shares
Business Report highlighted that Sasol's black economic empowerment (BEE) ordinary shares would be listed in the BEE segment of the JSE's main board. The new JSE empowerment scheme share-trading facility allows shareholders to trade only with those who comply with BEE listing requirements. This will be the first time in JSE's history that BEE ordinary shares are traded on such a facility. The shares were part of the Sasol Inzalo empowerment transaction initiated three years ago. Sasol and the JSE will conduct road shows on the trading of the BEE scheme shares on the exchange for five weeks. Sasol has appointed Computershare to do the transfer of shares on its behalf.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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