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Sasol Inzalo - distribution of cash
In the SENS announcement published on Friday, 7 September 2018, shareholders were advised that all of Sasol Inzalo’s preferred ordinary shares were repurchased by Sasol Ltd. at the 30 day volume weighted average price of a Sasol ordinary share on Thursday, 6 September 2018 of R542.11 per Sasol ordinary share.
Sasol Inzalo Funding (RF) (Pty) Ltd. (FundCo) used proceeds received to first repay its outstanding debt of R7 429 104 986.41 on Monday, 10 September 2018.
After repayment of the outstanding debt as well as costs and taxes, there is a cash surplus of R1 377 305 815.53.
On Monday, 10 September 2018 after fully redeeming the preference share balance, the board of directors of Sasol Inzalo passed the necessary resolutions to declare a cash distribution of R85.63 (8563 cents) per Sasol Inzalo ordinary share which is R1 377 305 815.53 in the aggregate of which -
- R370 924 688.94 (R23.06 (2306 cents) per Sasol Inzalo share) will be a return of capital which is to be funded out of contributed tax capital and is not subject to dividend withholding tax, and
- R1 006 381 126.59 (R62.57 (6257 cents) per Sasol Inzalo share) will be a dividend funded out of cash and will be subject to dividend withholding tax.
The South African Dividends Tax rate is 20%. The gross dividend amount is R62.57 per Sasol Inzalo share for shareholders exempt from dividend withholding tax. The net dividend amount is R50.05 (5005.6 cents) per Sasol Inzalo share for shareholders liable to pay the dividends withholding tax.
As at the date of this declaration Sasol Inzalo has 16 085 199 ordinary shares in issue and Sasol Inzalo’s income tax reference number is 9495070162.
Shareholders registered as such on the register of Sasol Inzalo at the close of business on the record date, being Friday, 7 September 2018 as contemplated in the SENS announcement published on Wednesday, 29 August 2018, will receive a distribution per above (less dividends withholding tax, if applicable) in Sasol Inzalo which will be paid on Monday, 17 September 2018.
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