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SOL
SOL
SOL - Sasol Limited - Sasol`s repurchase programme reaches 6% mark
Sasol Limited
(Incorporated in South Africa)
(Registration number: 1979/003231/06)
ISIN Code: ZAE000006896
JSE Code: SOL
NYSE Code: SSL
("Sasol" or "the Company")
SASOL`S REPURCHASE PROGRAMME REACHES 6% MARK
1. INTRODUCTION
Shareholders are advised that, in accordance with the general authority granted
by them at Sasol`s annual general meeting held on 30 November 2007, Sasol
through its wholly-owned subsidiary, Sasol Investment Company (Pty) Limited
("SIC"), purchased 6,01% of its own shares on the open market of the JSE Limited
("JSE") between 7 March 2007 and 18 September 2008.
2. IMPLEMENTATION
As at 30 June 2008, 37 093 117 Sasol ordinary shares in aggregate had been
repurchased, equivalent to approximately 5,88% of Sasol`s issued share capital
on the date that the authority was given.
The repurchase programme was suspended during Sasol`s closed periods (between 31
December 2007 and 25 March 2008 and between 30 June 2008 and 9 September 2008)
but recommenced on 17 September 2008 on a day-to-day basis as market conditions
allowed. By close of trading on 18 September 2008, a further 800 000 Sasol
ordinary shares had been repurchased. A total of 37 893 117 Sasol ordinary
shares, equivalent to 6,01% of the issued share capital of Sasol on the date
that the authority was given, have now been purchased by SIC.
Details of shares repurchased since commencement of the repurchase programme in
March 2007 are as follows:-
Number of ordinary shares repurchased 37 893 117
Cost of ordinary shares repurchased R 11 233 million
Highest price paid per ordinary share* R 348,00
Lowest price paid per ordinary share* R 215,48
Average price paid per ordinary share* R 295,61
* - excluding costs
3. EXTENT OF AUTHORITY OUTSTANDING
The extent of the authority outstanding is 25 142 078 ordinary shares,
equivalent to 3,99% of the total issued ordinary share capital of Sasol on the
date that the authority was granted. This authority is valid until the next
annual general meeting scheduled for 28 November 2008.
4. SOURCE OF FUNDS
Repurchases have been and will in future continue to be funded from available
cash resources.
5. DIRECTORS` STATEMENT
The Directors have considered the effect of the repurchases and are of the
opinion that:
5.1 the Company and the Group will be able in the ordinary course of business to
pay their debts for the period of 12 months after the date of this
announcement;
5.2 the assets of the Company and the Group will exceed liabilities for a period
of 12 months after the date of this announcement, measured in accordance
with the accounting policies used in the Company`s financial statements for
the financial year ended 30 June 2008;
5.3 the share capital and reserves of the Company and the Group will be adequate
for ordinary business purposes for the period of 12 months from the date of
this announcement; and
5.4 the working capital of the Company and the Group will be adequate for
ordinary business purposes for the period of 12 months from the date of
this announcement.
The directors confirm that the repurchase programme was effected through the
order book operated by the JSE trading system and without any prior
understanding or arrangement between the Company and the respective
counterparties.
6. ILLUSTRATIVE FINANCIAL EFFECTS OF THE REPURCHASE
The directors of Sasol are responsible for the preparation of the unaudited pro-
forma financial information, which has been included for the purposes of
illustrating the effect of the repurchases on Sasol`s earnings, headline
earnings, net asset value and net tangible asset value per share on the relevant
reporting date. Due to their nature, the unaudited pro-forma financial effects
may not be a fair reflection of Sasol`s financial position after the
implementation of the repurchases or of Sasol`s future earnings.
Befor After Percentage
e1 2 change (%)
Attributable earnings per share cents 3 649 3 731 2,3
Diluted earnings per share cents 3 601 3 679 2,2
Headline earnings per share cents 3 724 3 811 2,3
Diluted headline earnings per share cents 3 757 2,3
3 675
Weighted average number of shares million 630,2 592,3 (6,0)
Diluted weighted average number of million 600,8 (5,9)
shares 638,7
Net asset value per share cents 13 12 (7,2)
876 871
Net tangible asset value per share cents 13 12 (7,5)
585 562
Total issued number of shares million 594,6 (6,0)
(excluding all treasury shares) 632,5
Notes and Assumptions:
1) Restated unaudited pro-forma financial information illustrating
the financial position of the Sasol Group as at 30 June 2008 and
results of its operations for the year ended 30 June 2008, before
the repurchase of any Sasol ordinary shares. The audited
financial position of the Sasol Group as at 30 June 2008 and the
results of its operations for the year ended 30 June 2008 were
adjusted to exclude the effects of the 37 093 117 Sasol ordinary
shares repurchased (5,88% of the issued share capital of Sasol on
the date that the authority was given) during the period from 7
March 2007 to 30 June 2008 in order to illustrate the effects of
the repurchase of 37 893 117 Sasol ordinary shares (6.01% of the
issued share capital of Sasol on the date that the authority was
given).
2) The pro-forma financial effects after the repurchase of 37 893
117 Sasol ordinary shares (6,01% of the issued share capital of
Sasol on the date that the authority was given)are calculated on
the assumptions that:
a) 6,01% of the Sasol ordinary shares were repurchased on 1 July 2007 for
purposes of calculating the income statement effects and on 30 June 2008
for purposes of calculating the effects on the statement of financial
position;
b) the repurchases were financed by excess cash on hand and interest was
calculated at the average prevailing interest rate for the year ended 30
June 2008; and
c) tax was calculated at a rate of 28%.
7. STOCK EXCHANGE LISTING
The repurchased shares will remain listed on the JSE.
The repurchased shares are held by SIC as treasury shares, and therefore do not
carry any voting rights. All the repurchased shares are held as a long-term
investment.
22 September 2008
Johannesburg
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited
Forward-looking statements: In this document we make certain statements that are
not historical facts and relate to analyses and other information based on
forecasts of future results not yet determinable, relating, amongst other
things, to exchange rate fluctuations, volume growth, increases in market share,
total shareholder return and cost reductions. These are forward-looking
statements as defined in the United States Private Securities Litigation Reform
Act of 1995. Words such as "believe", "anticipate", "intend", "seek", "will",
"plan", "could", "may", "endeavour" and "project" and similar expressions are
intended to identify such forward-looking statements, but are not the exclusive
means of identifying such statements. Forward-looking statements involve
inherent risks and uncertainties and, if one or more of these risks materialise,
or should underlying assumptions prove incorrect, actual results may be very
different from those anticipated. The factors that could cause our actual
results to differ materially from such forward-looking statements are discussed
more fully in our most recent annual report under the Securities Exchange Act of
1934 on Form 20-F filed on 21 November 2007 and in other filings with the United
States Securities and Exchange Commission. Forward-looking statements apply only
as of the date on which they are made, and Sasol does not undertake any
obligation to update or revise any of them, whether as a result of new
information, future events or otherwise.
Date: 22/09/2008 13:12:14 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
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