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SOL
SOL
Sasol Limited - General meeting of shareholders to authorise a specific
repurchase
Sasol Limited
(Incorporated in South Africa)
(Registration number: 1979/003231/06)
ISIN Code: ZAE000006896
Share Code: SOL
NYSE Code: SSL
("Sasol" or "the Company")
General meeting of shareholders to authorise a specific repurchase by Sasol
of its own ordinary shares held by a wholly-owned subsidiary
A circular will be posted to shareholders on 11 September 2006, including a
notice convening a general meeting to be held at 09:00 on Tuesday, 3
October 2006 at the Sasol Limited Auditorium, 1 Sturdee Avenue, Rosebank,
Johannesburg for the purpose of considering, and if deemed fit, passing a
special resolution to implement a specific repurchase of shares as set out
below.
1. Introduction and rationale for the specific repurchase
Sasol Investment Company (Proprietary) Limited ("Sasol Investment Company")
acquired ordinary shares in Sasol between 2000 and 2004 pursuant to general
authorities granted to Sasol by its ordinary shareholders. Currently, Sasol
Investment Company owns a total of 60 111 477 Sasol shares ("treasury
shares"), constituting approximately 8,8% of the entire ordinary issued
share capital of Sasol.
Subject to the passing of the requisite special resolution, Sasol will
repurchase the treasury shares from Sasol Investment Company following
which, they will be cancelled as issued shares and restored to the status
of authorised shares. The repurchase of the treasury shares will be
implemented in order to create additional capacity for Sasol to purchase a
further 10% of its own shares.
2. The specific repurchase
Sasol and Sasol Investment Company entered into a share acquisition and
disposal agreement on 31 August 2006. In terms of that agreement, Sasol
will, subject to the approval of Sasol ordinary shareholders, acquire the
treasury shares from Sasol Investment Company. The acquisition will occur
on or about 6 October 2006. The shares will be acquired at market value and
cancelled upon acquisition.
As the specific repurchase is intra-group, it will have no financial effect
on Sasol or its shareholders, other than in respect of transaction costs,
including uncertificated securities tax, that are normally incurred in
transactions of this nature.
3. Conditions
The repurchase is subject to the passing at the general meeting referred to
above, of a special resolution necessary to implement the repurchase and
the subsequent registration thereof by the Registrar of Companies. In terms
of the Listings Requirements of the JSE Limited and the provisions of the
Companies Act, 61 of 1973, Sasol Investment Company will be excluded from
voting at the general meeting.
Shareholders will also be requested to pass a special resolution granting a
general authority for Sasol and/or its subsidiaries to purchase its
ordinary shares up to a maximum of 10% of the issued share capital of
Sasol.
Rosebank
7 September 2006
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Corporate Law Advisers
Edward Nathan (Proprietary) Limited
Date: 07/09/2006 04:43:07 PM Produced by the JSE SENS Department
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