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Sasol - Inzalo Public announced intention to list
Sasol Inzalo Public announces its intention to list on the BEE Segment of the Main Board of the stock exchange operated by the JSE. The requisite documentation for listing is currently being reviewed by the JSE and neither the documentation nor the application for listing has been formally approved by the JSE. If approved by the JSE, Sasol Inzalo Public shareholders will be approached for the approvals required to enable a listing.
Sasol Inzalo Public was established by Sasol in 2008 to allow previously disadvantaged South Africans an opportunity to acquire an interest in the company and to share in Sasol’s success. This includes black South Africans, B-BBEE- owned companies and B-BBBEE controlled companies, as defined in the Broad-Based Black Economic Empowerment Act, No. 53 of 2003 (“BEE Act”). Sasol Inzalo Public indirectly owns 2,4% of Sasol’s total issued share capital.
The proposed listing of the ordinary shares in Sasol Inzalo Public on the JSE will provide existing and prospective holders of ordinary shares in Sasol Inzalo Public with access to a licensed trading platform with the benefits of a globally recognised stock exchange in a regulated environment. This includes a market determined share price and exit mechanism, while ensuring that Sasol Inzalo Public ordinary shares are traded exclusively amongst BEE compliant persons, as defined in the JSE Listings Requirements, for the remaining duration of the empowerment period, which commenced on 8 September 2008 and will end on 7 September 2018 (“Empowerment Period”).
The board of directors of Sasol Inzalo Public decided to list the ordinary shares in Sasol Inzalo Public on the JSE pursuant to a directive issued by the Financial Services Board (“FSB”) to the effect that it would not allow existing single counter trading mechanisms to continue operating without a license under the Financial Markets Act 2012 (Act No 19 of 2012)(“FMA”). Sasol Inzalo Public has been granted an exemption to operate its existing trading mechanism until 30 November 2015.
A pre-listing statement including full details of the proposed listing will be available on or about 23 October 2015. Sasol Inzalo Public has appointed Deutsche Securities (SA) (Pty) Ltd. as its sponsor and Edward Nathan Sonnenbergs Inc. as legal advisor.
Additional Information
During May 2008, Sasol Inzalo Public issued the funded invitation prospectus dated May 2008 (“Funded Invitation Prospectus”) inviting black people, B-BBEE-owned companies and B-BBEE controlled companies, to make offers, in terms of which successful applicants would be allotted and issued Sasol Inzalo Public ordinary shares (“Funded Invitation”). The Funded Invitation formed part of the BEE ownership initiatives of Sasol aimed at furthering Sasol’s BEE objectives. A total of 16 085 199 Sasol Inzalo Public ordinary Shares were issued by Sasol Inzalo to 214 404 successful applicants. As at the date of this announcement, a total of 16 085 199 Sasol Inzalo Public ordinary shares which are held by 206 496 holders remain in issue.
From 8 September 2011, Sasol Inzalo Public ordinary shareholders were permitted to trade their Sasol Inzalo Public ordinary shares and in terms of the Funded Invitation Prospectus, Sasol and Sasol Inzalo Public undertook to use their reasonable endeavours to establish a trading market to facilitate trading in the Sasol Inzalo Public ordinary shares. Sasol and Sasol Inzalo Public put in place the Sasol Inzalo Public share trading platform with effect from 1 March 2012. In July 2014, the FSB issued a directive stipulating that a person who maintains or provides infrastructure which meets the requirements of the definition of an exchange in the FMA operates an exchange, regardless of whether the infrastructure is provided for transactions in respect of only one security.
On the basis of this directive, the FSB informed Sasol Inzalo Public that it is of the view that the Sasol Inzalo Public share trading platform is an exchange in terms of the FMA and is therefore required to be licensed as an exchange in terms of the FMA.
The FSB granted Sasol Inzalo Public a temporary exemption until 30 November 2015 from applying to the FBS to have the Sasol Inzalo Public share trading platform licensed as an exchange or from listing the Sasol Inzalo Public ordinary shares on the BEE Segment of the Main Board of the JSE as an asset backed security. At the date of issue of this announcement, the JSE is the only exchange licensed under the FMA which has a segment where trade in the securities listed on that segment, namely BEE Securities, is restricted to occur exclusively between BEE Compliant Persons.
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Sasol - Inzalo Public Ltd. final results
Salient features
- 27% Increase in dividend received from R24,20 to R30,80 per share
- 2% Decrease in finance costs mainly due to refinancing transaction
- 68% Increase in cash generated from operations
- 29% Decrease in the investment in security
Refinancing of debt
Sasol Inzalo Public Funding (Pty) Ltd. (RF) renegotiated the refinancing of the D preference shares through a subsequent issue of C preference shares. The refinancing transaction was implemented on 17 October 2014, this being the effective date. The refinancing transaction resulted in a subscription of additional C preference shares by the existing C preference shareholders (R2 177 million), which was used to repay the outstanding capital and notional interest on the D preference shares on the effective date. Consequently, the interest rate on all C preference shares reduced from 80,3% of the prime interest rate to 68% of the prime interest rate, from the effective date.
Commentary
The group recorded a net loss for the year of R84 million (2014: R194 million), showing an improvement of 57% from the previous year. This was mainly driven by the 27% increase in dividend received from Sasol in line with the structure of the transaction and was partially offset by the increase in other expenses of R5 million, mainly due to costs incurred in respect of the annual general meeting. Finance costs reduced slightly by 2% as a result of the impact of the refinancing transaction implemented on 17 October 2015.
Investment in Sasol was revalued at the closing market price of R450,00 (2014: R632,36) per Sasol ordinary share as at 30 June 2015, to a value of R7 238 million (2014: R10 172 million) in line with the group's accounting policy on investment in Sasol.
The group generated sufficient cash from dividends received on the investment in Sasol to fund operating activities, finance costs and to repay long-term debt during the year. Cash generated from operating activities amounted to R256 million (2014: R152 million). The increase in cash generated from operating activities is mainly due to the increase in dividend income received from Sasol.
2015 - 2014
- Dividend received: 495 - 389
- Interest received: 2 - –
- Wealth created: 497 - 389
- Operating costs: 8 - (4)
- Repayment of debt: 507 - 356
- Dividend paid: – - 32
- Security tax paid: 4 - –
- Utilised from cash brought forward: (22) - –
- Reinvested in the group: 0 - 5
- How we used our cash: 497 - 389
The short-form announcement is the responsibility of the directors. The summary does not contain the full audited financial results for the year ended 30 June 2015. The full audited financial results will, from 23 October 2015, be available on www.sasol.com/investor-centre/sasol-inzalo/sasol-inzalo-financial-results. The full set of audited financial results will also be available for inspection at the company's registered office at no charge, during office hours. Copies of the full set of audited financial results may be requested by contacting Computershare on 0800 000 222 or at sasolinzalo@computershare.co.za.
The Sasol Inzalo Public Ltd. (RF) Group forms part of Sasol’s 2008 broad-based BEE ownership transaction equal to 10% of its issued share capital at the time. The Sasol Inzalo Public Ltd. (RF) Group owns approximately 2,4% of Sasol’s issued share capital.
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Sasol - retirement of director
After eighteen years on the Sasol board of directors (“the board”), seven of which have been as the lead independent director, Professor Jürgen Erich Schrempp, has indicated that he will step down as director and lead independent director of the company at its annual general meeting on 4 December 2015.
Professor Schrempp reached retirement age in the 2014 calendar year and the Board had then agreed to extend his term until the end of the 2015 calendar year to ensure continuity on the board.
The board will make an announcement on the appointment of a lead independent director to succeed Professor Schrempp at the appropriate time.
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Sasol - 2015 annual financial statements
Annual Financial statements for the year ended 30 June 2015 Sasol's annual financial statements for the year ended 30 June 2015, prepared in accordance with International Financial Reporting Standards, have been published on the Sasol website at www.sasol.com.
Copies of annual financial statements for the year ended 30 June 2015 A copy of the annual financial statements of the Company may be obtained by every person who holds or has a beneficial interest in any securities issued by the Company, without charge, as follows:
- By downloading a copy of the annual financial statements from the company’s website, www.sasol.com; or
- By requesting a copy of the annual financial statements from Sasol Investor Relations by means of either:
- * e-mail to investor.relations@sasol.com;
- * Post to PO Box 5486, Johannesburg, 2000, South Africa; or
- * Facsimile to + 27 (0) 11 522 1184.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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