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Sasol/amic - Announcement

Release Date: 29/09/1998 11:42:08      Code(s): AMI AMIPSOL SOLD
SASOL LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 79/03231/06)
("SASOL")
ANGLO AMERICAN INDUSTRIAL CORPORATION LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 63/05282/06)
("AMIC")
ANNOUNCEMENT
FURTHER TO THE ANNOUNCEMENT DATED 27 AUGUST 1998, INVESTEC BANK LIMITED IS
AUTHORISED TO ANNOUNCE THAT THE BOARD OF SASOL HAS FOUND THE CONDITIONS IMPOSED
BY THE COMPETITION BOARD FOR THE ACQUISITION OF AECI LIMITED ("AECI") BY SASOL
("THE TRANSACTION") TO BE UNACCEPTABLE. THE CONDITIONS SUGGESTED BY THE
COMPETITION BOARD ARE, INTER ALIA, THAT THE TRANSACTION CAN ONLY GO AHEAD IF
THE FERTILISER AND EXPLOSIVES BUSINESSES OF AECI ARE EXCLUDED FROM THE
TRANSACTION.
IN THE SCHEME DOCUMENTATION POSTED TO ORDINARY SHAREHOLDERS AND PREFERENCE
SHAREHOLDERS OF AECI ("SHAREHOLDERS") ON 16 JULY 1998, SHAREHOLDERS WERE
INFORMED THAT THE ORDINARY AND PREFERENCE SCHEMES OF ARRANGEMENT ("THE
SCHEMES") AS DEFINED THEREIN WOULD LAPSE AND BE OF NO FORCE OR EFFECT IF SASOL
DID NOT GIVE WRITTEN NOTICE TO THE COMPETITION BOARD AND AECI OF ITS ACCEPTANCE
OF THE CONDITIONS IMPOSED ON THE TRANSACTION. AS THE AFOREMENTIONED CONDITIONS
ARE UNACCEPTABLE AND NO WRITTEN NOTICE OF ACCEPTANCE WILL BE GIVEN TO THE
COMPETITION BOARD, THE SCHEMES WILL NOT BE IMPLEMENTED.
ALL AECI DOCUMENTS OF TITLE SURRENDERED IN ANTICIPATION OF THE SCHEMES BECOMING
OPERATIVE WILL BE RETURNED TO SHAREHOLDERS WITHIN SEVEN DAYS. JOHANNESBURG
30 SEPTEMBER 1998
MERCHANT BANK TO SASOL                           SPONSORING BROKER TO AMIC
INVESTEC BANK LIMITED                            SMITH BORKUM HARE (PTY) LTD
(REGISTRATION NUMBER 69/04763/06)                MEMBER OF THE JOHANNESBURG
                                                 STOCK EXCHANGE
                                                 (REGISTRATION NUMBER
                                                 95/01805/07)
SPONSOR SCHEME ATTORNEYS AND ATTORNEYS TO SASOL  ATTORNEYS TO AMIC
EDWARD NATHAN FRIEDLAND                          WEBBER WENTZEL BOWENS



                                        
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