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Sasol/polifin Compulsory Acquisition Of All Remaining Polifin Shares

Release Date: 05/11/1999 07:31:47      Code(s): SOL SOLD PIN
SASOL LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 79/03231/06)
("SASOL")
POLIFIN LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 93/07886/06)
("POLIFIN")
COMPULSORY ACQUISITION OF ALL REMAINING POLIFIN SHARES AND TERMINATION OF
LISTING OF POLIFIN
1. INTRODUCTION
POLIFIN SHAREHOLDERS ARE REFERRED TO THE PRESS ANNOUNCEMENT DATED 23 SEPTEMBER
1999 AND TO THE CIRCULAR TO POLIFIN SHAREHOLDERS DATED 23 SEPTEMBER 1999 IN
WHICH SASOL'S WHOLLY-OWNED SUBSIDIARY, SASOL CHEMICAL INDUSTRIES LIMITED
("SCI"), GAVE NOTICE, IN TERMS OF SECTION 440K OF THE COMPANIES ACT 61 OF 1973,
AS AMENDED ("THE ACT"), OF ITS INTENTION TO COMPULSORILY ACQUIRE THE POLIFIN
SHARES HELD BY THOSE POLIFIN SHAREHOLDERS WHO DID NOT ACCEPT SCI'S OFFER
CONTAINED IN SCI'S OFFER CIRCULAR DATED
26 AUGUST 1999 ("THE OFFER CIRCULAR").
2.  COMPULSORY ACQUISITION
DURING THE SIX-WEEK PERIOD, FROM 23 SEPTEMBER 1999 TO THE DATE OF THE
COMPULSORY ACQUISITION OF THE REMAINING POLIFIN SHARES, NO POLIFIN SHAREHOLDER
MADE AN APPLICATION TO THE HIGH COURT OF SOUTH AFRICA FOR AN ORDER IN TERMS OF
SECTION 440K(1)(A) OF THE ACT.
THE OFFER CONSIDERATION, DESCRIBED IN THE OFFER CIRCULAR, PAYABLE TO THOSE
POLIFIN SHAREHOLDERS WHO HAD NOT SURRENDERED THEIR SHARE CERTIFICATES AND/OR
OTHER DOCUMENTS OF TITLE BY THE CLOSE OF BUSINESS ON
4 NOVEMBER 1999 ("THE REMAINING POLIFIN SHAREHOLDERS"), WILL BE PAID INTO A
SEPARATE BANK ACCOUNT, ADMINISTERED BY MERCANTILE REGISTRARS LIMITED, TO BE
HELD IN TRUST FOR THE REMAINING POLIFIN SHAREHOLDERS IN ACCORDANCE WITH THE
PROVISIONS OF SECTION 440K(4) OF THE ACT.  SIMULTANEOUSLY, INSTRUMENTS OF
TRANSFER WILL BE SIGNED ON BEHALF OF SCI AND THE POLIFIN SHARES OF THE
REMAINING POLIFIN SHAREHOLDERS WILL BE TRANSFERRED TO SCI AND NO FURTHER
INTEREST ON THE OFFER CONSIDERATION WILL BE PAID BY SCI.
3.  TERMINATION OF LISTING ON THE JOHANNESBURG STOCK EXCHANGE ("THE JSE")
THE LISTING OF POLIFIN SHARES UNDER THE "NON-MINING RESOURCES - CHEMICALS, OILS
AND PLASTICS" SECTOR OF THE JSE WAS TERMINATED WITH EFFECT FROM THE CLOSE OF
BUSINESS YESTERDAY, THURSDAY, 4 NOVEMBER 1999.
JOHANNESBURG
5 NOVEMBER 1999
MERCHANT BANK
INVESTEC CORPORATE FINANCE
INVESTEC BANK LIMITED
(REGISTRATION NUMBER 69/04763/06)
ATTORNEYS
EDWARD NATHAN & FRIEDLAND INC
(REGISTRATION NUMBER 77/00525/21)
SPONSORING BROKER
INVESTEC SECURITIES LIMITED
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
REGISTRATION NO. 72/08905/06



                                        
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