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Sasol - results of annual general meeting
Sasol shareholders are advised that at the annual general meeting of Sasol held today, Wednesday, 27 November 2019, at the Forum, The Campus, Wanderers Building, 57 Sloane Street, Bryanston, Johannesburg, South Africa, all the resolutions tabled thereat were passed by the requisite majority of shareholders.
The audited annual financial statements of the Company, and of the Sasol group, including the reports of the directors, external auditors, audit committee and the safety, social and ethics committee for the financial year ended 30 June 2019 were presented.
More than 25% of the votes exercised by shareholders, voted against the Company's Implementation Report of the Remuneration Policy at the annual general meeting. In terms of the recommendations of the King IV(TM) Report on Corporate Governance for South Africa, 2016 and paragraph 3.84(k) of the JSE Ltd. Listings Requirements, the Sasol Remuneration Committee (the Committee), on behalf of the Board, will engage with shareholders to better understand the reasons why they voted against the non-binding advisory endorsement, to enable the Committee to consider these concerns.
Accordingly, any shareholder that voted against the non-binding advisory endorsement and who would prefer to engage further with the Company, is requested to write to Feroza Syed, Chief Investor Relations Officer via email to investor.relations@sasol.com by close of business 10 January 2020, setting out any reason for voting against the non-binding advisory endorsement, and indicating whether such shareholder would be interested in participating in further engagement. The Company will determine the format of such engagement once it has a better understanding from shareholders as to the reasons for their dissenting vote.
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Sasol - trading statement
The company advised that for the half year ending 31 December 2019:
- Headline earnings per share (HEPS) are expected to decrease by at least 20%, or R4.65, compared to the HEPS of R23.25 reported for the period ended 31 December 2018; and
- Earnings per share (EPS) are expected to decrease by at least 20%, or R4,.8, compared to EPS of R23.92 reported for the period ended 31 December 2018.
A more detailed trading statement will be published as soon as more certainty has been attained with respect to the range of the decrease in HEPS and EPS.
Sasol's results for the six months ending 31 December 2019 may be further affected by adjustments resulting from their half year-end closure process. This may result in a change in the estimated earnings noted above. This trading statement only deals with the comparison to the prior period.
Sasol's results for the financial half year ending 31 December 2019 will be announced on Monday, 24 February 2020.
The Company has taken a number of actions consistent with its ongoing commitment to balance sheet flexibility, access to liquidity, and maintaining an optimal funding mix. This includes putting in place incremental liquidity through a USD1 billion syndicated loan facility with Bank of America, Citi, Mizuho and MUFG of up to 18 months and two bilateral facilities with a combined quantum of USD250 million, and a tenor of two years. These facilities enhance the Company's USD liquidity position during the peak gearing phase as the Lake Charles Chemicals Project ramps up. These incremental facilities should not affect Sasol's net debt position.
In these new facilities, consistent with the Company's existing revolving credit facility and USD Term Loan facility, the covenant has been set at 3x net debt: earnings before interest, taxation, depreciation and amortisation (EBITDA). However, across all of these facilities, the lenders have agreed that for the financial reporting periods ending December 2019 and June 2020 the covenant will be increased to 3.5x.
Sasol remains committed to its investment grade credit rating. Sasol is currently rated BBB-/A-3 and Baa3/P-3 by S&P and Moody's respectively.
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Sasol - appointment of company secretary
Further to the Company's SENS announcement dated 28 October 2019, and in terms of paragraph 3.59 of the JSE Ltd. Listings Requirements, shareholders are advised that Ms M M L Mokoka has been appointed as the Company Secretary of Sasol effective 21 November 2019.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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