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Sasol - production and sales metrics
Sasol published production and sales metrics for the three months ended 30 September 2017. Sasol has published its production and sales performance metrics for the three months ended 30 September 2017 on the Company’s website at www.sasol.com, under the Investor Centre section or via this URL: www.sasol.com/investor-centre/financial-reporting/business- performance-metrics
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Sasol - notice of combined GM
Sasol shareholders are referred to the Company’s announcements on 20 September 2017 and 09 October 2017 regarding Sasol’s broad-based black economic empowerment ownership transactions, the Sasol Khanyisa transaction and the Sasol Inzalo black economic empowerment transaction.
Notice of General Meeting
Notice was given that a general meeting of shareholders of Sasol will be held at 10h30 on Friday, 17 November 2017 at The Hilton Hotel, 138 Rivonia Road, Sandown, Sandton, Johannesburg, South Africa, to transact the business stated in the notice of general meeting.
The board of directors has determined that the record date by when a person must be recorded as a shareholder in the securities register of the Company, in order to receive the notice of general meeting, is Friday, 13 October 2017. The record date in order to be recorded as a shareholder in the securities register of Sasol and to attend, participate and vote at the general meeting is Friday, 10 November 2017. The last date to trade in order to be recorded in the securities register of Sasol as a shareholder on the aforementioned record date is Tuesday, 7 November 2017.
Circular
Sasol shareholders are advised that the circular to shareholders dated 18 October 2017, which incorporates the notice of the general meeting (“Circular”), regarding the proposed Sasol Khanyisa transaction (“Sasol Khanyisa”) was distributed to Sasol shareholders on 18 October 2017.
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Sasol - outstanding Sasol Inzalo debt
Sasol shareholders are referred to the Company’s announcement on 20 September 2017 (the “First Announcement”) regarding Sasol’s broad-based black economic empowerment ownership transaction, incorporating information relating to the termination of the Sasol Inzalo black economic empowerment transaction (“Sasol Inzalo transaction”).
The Sasol Inzalo transaction was a landmark, broad-based black economic empowerment initiative that received shareholder approval in 2008. A significant amount of the funding to facilitate this transaction was obtained through the issue of preference shares to external banks to facilitate the acquisition of Sasol preferred ordinary shares by Sasol Inzalo Groups Funding (Pty) Ltd. and Sasol Inzalo Public Funding (Pty) Ltd. (collectively “the Inzalo FundCos”).
Under the terms approved in 2008, 25 547 081 Sasol preferred ordinary shares are due to be re-designated to Sasol ordinary shares during June and September 2018. This would result in dilution for existing ordinary shareholders of approximately 4%. These shares would then need to be sold in the market by the Inzalo FundCos in order to fund the redemption of the preference shares and cumulative dividends. Based on the recent trading range of Sasol’s share price, however, this would not be sufficient to satisfy these obligations and creates a funding shortfall of between R2 billion and R3 billion. This shortfall will be made good by Sasol in terms of a guarantee granted in respect of a portion of the preference share funding at the outset of the transaction.
In the First Announcement Sasol indicated that its preferred funding option would be to undertake an accelerated book- build of up to 43 million Sasol ordinary shares to enable the funding of the minimum amount sufficient to repurchase the relevant Sasol preferred ordinary shares and settle the relevant obligations and associated costs of the Inzalo FundCos. The rationale for this option was to achieve rapid resolution of Sasol and the Inzalo FundCos’ respective financing obligations with a structure designed to help protect Sasol’s investment grade credit rating with limited incremental dilution for shareholders of approximately 1% incremental dilution pursuant to the issue by Sasol of new ordinary shares.
Following extensive engagement with shareholders, Sasol is now undertaking to explore, in consultation with the external banks and Inzalo FundCos, different funding options to settle the relevant financing obligations. Sasol will therefore no longer pursue the preferred funding option, as described in the First Announcement, of issuing up to 43 million ordinary shares through an accelerated book-build process. Sasol’s intention is to mitigate the amount of shareholder dilution whilst still maintaining Sasol’s investment grade credit rating. Sasol will communicate its final plan for settling the Inzalo FundCos’ debt in February 2018.
The terms of Sasol Khanyisa relating to Sasol Inzalo participants, SOLBE1 shareholders and qualifying employees as set out the First Announcement are in no way affected by this announcement.
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