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Sasol - repurchase of preferred ordinary shares
Announcement regarding repurchase of preferred ordinary shares from Sasol Inzalo Groups Funding (Pty) Ltd (RF) (“Inzalo Groups Funding”)
1.Shareholders are reminded that at a general meeting held on 17 November 2017, Sasol shareholders authorised the Company, by way of a specific authority, to repurchase all or some of the unlisted Sasol preferred ordinary shares (“Preferred Ordinary Shares”) held by Inzalo Groups Funding at the 30-day volume weighted average price (“VWAP”) of a Sasol ordinary share of no par value (“SOL Share”) on the business day immediately prior to the date of the repurchase since the Preferred Ordinary Shares would have, had they not been repurchased today, redesignated as SOL Shares on Wednesday, 27 June 2018.
2.The 30-day VWAP of a SOL Share on 25 June 2018 was R475,03.
3.Sasol today repurchased 9 461 882 Preferred Ordinary Shares from Inzalo Groups Funding for a purchase price of R475,03 per Preferred Ordinary Share (“the Repurchase”).
4.After deducting the proceeds of the Repurchase of the Preferred Ordinary Shares from the aggregate amount outstanding in respect of the preference shares issued by Inzalo Groups Funding, the preference share funding shortfall remaining due as regards the Class C preference shares (together with costs and taxes) is R59,42 million. On 27 June 2018, Sasol will subscribe for 1 ordinary share in Inzalo Groups Funding for an amount of R59,42 million, so as to place Inzalo Groups Funding in funds to settle the Class C preference share funding shortfall and any applicable costs and taxes. By doing so, Sasol ensures that the guarantee which it gave to the holders of Class C preference shares in Inzalo Groups Funding will not be called up.
5.The financial effect of the Repurchase on Sasol’s earnings per share, headline earnings per share and net asset value per share will be limited to the legal fees, the taxes levied by the South African Revenue Services and the JSE documentation fee, which are considered negligible. The Repurchase will be funded from Sasol’s available cash resources.
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Sasol - repurchase of Sasol shares
1. Resolutions in relation to the treatment of the Sasol ordinary shares (SOL Shares) held by the Inzalo Employee Schemes at the end of these schemes were passed at a general meeting of ordinary shareholders of Sasol held on 16 May 2008. In accordance with these resolutions and depending on the SOL Share price prior to the end of the Inzalo Employee Schemes on 4 June 2018, Sasol was entitled to repurchase some or all of the SOL Shares held by the Inzalo Employee Scheme trusts in accordance with the provisions of the Inzalo Employee Scheme trust deeds. The Inzalo Employee Scheme trusts together held 25 231 686 SOL Shares.
2. Sasol exercised its rights of repurchase under the Inzalo Employee Schemes trust deeds on 4 June 2018 by repurchasing 25 231 686 SOL Shares from the Inzalo Employee Schemes, at a nominal value of R0,01 per share (the Specific Repurchase). Accordingly, the Inzalo Employee Schemes ceased to hold any SOL Shares and consequently the relevant vested participants in the Inzalo Employee Schemes will receive no distribution of SOL Shares.
3. The effect of the Specific Repurchase is that SOL Shares representing 3,9% of Sasol’s total issued share capital before the Specific Repurchase, have been cancelled and restored to Sasol’s authorised ordinary share capital with effect from 4 June 2018. After the cancellation, Sasol will have 623 066 479 SOL Shares in issue.
4. Sasol has applied for the delisting of the SOL Shares from the JSE with effect from Thursday, 07 June 2018. The acquisition will have no financial effect on Sasol or its shareholders, other than in respect of Specific Repurchase costs that are normally incurred in transactions of this nature. The financial effect of the Specific Repurchase on Sasol’s earnings per share, headline earnings per share, net asset value per share and net tangible asset value per share will be confined to the cost of the sponsor fee, the legal fees, the taxes levied by the South African Revenue Services and the JSE documentation fee which are considered negligible. The Specific Repurchase has been funded out of Sasol’s existing reserves resulting in a reduction of contributed tax capital.
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Sasol - Sasol Khanyisa transaction
The effective date of the Sasol Khanyisa Transaction is on Friday, 1 June 2018. 2 973 022 additional SOLBE1 Shares will be issued to SOLBE1 and SIPBEE shareholders and shareholders of Sasol Inzalo Groups Ltd. (RF). In addition, 2 458 880 SOLBE1 Shares and 2 033 680 SOL Shares will be issued to the trustees of the Sasol Khanyisa Employee Share Ownership Plan Trust. The SOLBE1 and SOL Shares held by the Trust cannot be disposed of for a period of three years.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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