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SOL
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SOL - Sasol Limited - Sasol announces progressive dividend policy
Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
Share codes: JSE : SOL NYSE : SSL
ISIN codes: ZAE000006896 US8038663006
("Sasol" or "the company" or "the Group")
Sasol announces progressive dividend policy
At the onset of the global economic crisis, Sasol made the decision to
conserve cash and strengthen its balance sheet. Following a substantial drop
in earnings in the 2009 financial year and a bleak, uncertain economic
outlook, the Group decided to reduce the 2009 dividend in line with the
reduction in earnings. Taking into consideration overall improved market and
economic conditions, the strength of its balance sheet and current capital
investment plans, the Group has decided to resume an approach consistent with
its long-term track record of dividend growth as a key component of adding
shareholder value. As a result the board of directors ("the Board") has
decided to adopt a progressive dividend policy, as stated below:
It is Sasol`s intention to maintain and/or grow dividends over time in line
with the Group`s anticipated sustainable growth in earnings, barring
significant economic variables such as fluctuations in the oil price and
exchange rates. When deciding on dividends, the Board will also take into
consideration several factors including the prevailing circumstances of the
company, future investment plans, financial performance and the trading and
macro economic environments.
Sasol Chief Executive Pat Davies highlighted the Group`s focus on total
shareholder return and its progressive dividend policy as complementary to
Sasol`s approach to building value for shareholders over time.
"Sasol manages for the long term, and a consistent return of value to
shareholders through increasing dividend payments allows us to return cash to
investors while remaining well positioned to fund investment opportunities.
The Group`s growth plans and project pipeline remains robust, supported by the
strength of our balance sheet and strong cash generation. The Board`s approval
of a progressive dividend policy therefore underpins our confidence in the
value that Sasol consistently delivers," Davies said.
7 June 2010
Johannesburg
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited
Disclaimer - Forward-looking statements
In this document we make certain statements that are not historical facts and
relate to analyses and other information which are based on forecasts of
future results and estimates of amounts not yet determinable. These
statements may also relate to our future prospects, developments and business
strategies. Examples of such forward-looking statements include, but are not
limited to, statements regarding exchange rate fluctuations, volume growth,
increases in market share, total shareholder return and cost reductions. Words
such as "believe", "anticipate", "expect", "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. By their very nature, forward-looking
statements involve inherent risks and uncertainties, both general and
specific, and there are risks that the predictions, forecasts, projections and
other forward-looking statements will not be achieved. If one or more of
these risks materialise, or should underlying assumptions prove incorrect, our
actual results may differ materially from those anticipated. You should
understand that a number of important factors could cause actual results to
differ materially from the plans, objectives, expectations, estimates and
intentions expressed in such forward-looking statements. These factors are
discussed more fully in our most recent annual report under the Securities
Exchange Act of 1934 on Form 20-F filed on 9 October 2009 and in other filings
with the United States Securities and Exchange Commission. The list of factors
discussed therein is not exhaustive; when relying on forward-looking
statements to make investment decisions, you should carefully consider both
these factors and other uncertainties and events. Forward-looking statements
apply only as of the date on which they are made, and we do not undertake any
obligation to update or revise any of them, whether as a result of new
information, future events or otherwise.
Date: 07/06/2010 16:16:43 Produced by the JSE SENS Department.
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