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Ssl - Sasol Limited - Sasol`s Repurchase Programme Reaches 3% Mark

Release Date: 05/10/2007 10:13:18      Code(s): SOL
SSL - Sasol Limited - Sasol`s repurchase programme reaches 3% 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 3% MARK                                    
1.  INTRODUCTION                                                                
Shareholders are advised that Sasol has through a wholly-owned subsidiary,      
Sasol Investment Company (Pty) Limited ("SIC") purchased 3% of its own shares   
on the open market of the JSE Limited ("JSE"), in accordance with the general   
authority granted by its shareholders at its annual general meeting held on     
23 November 2006 ("the repurchase").                                            
2.  IMPLEMENTATION                                                              
As at 30 June 2007 14 919 592 Sasol ordinary shares in aggregate had been       
repurchased, equivalent to approximately 2,4% of Sasol`s issued share capital.  
The repurchase programme was suspended during Sasol`s closed period (between    
30 June 2007 and 11 September 2007) but recommenced on 12 September 2007 on a   
day-to-day basis as market conditions allowed. Between 12 September 2007 and 3  
October 2007 a further 4 531 897 Sasol ordinary shares were repurchased.        
A total of 19 451 489 Sasol ordinary shares, equivalent to 3,09% of the issued  
share capital of Sasol, had been purchased by SIC by 3 October 2007.            
Details of shares repurchased since the commencement of the repurchase          
programme are as follows:-                                                      
    Number of ordinary shares repurchased           19 451 489                  
Cost of ordinary shares repurchased             R 5 060 million             
    Highest price paid per ordinary share*          R 323,00                    
    Lowest price paid per ordinary share*           R 215,48                    
    Average price paid per ordinary share*          R 259,40                    
* - excluding costs                                                             
3.  EXTENT OF AUTHORITY OUTSTANDING                                             
The extent of the authority outstanding is 43 488 686 ordinary shares,          
equivalent to 6,91% of the total issued ordinary share capital of Sasol. This   
authority is valid until the next annual general meeting scheduled for 30       
November 2007.                                                                  
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 2007;                           
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.      
                                                                Percentage      
                                                  Befor  After  change (%)      
                                                  e1     2                      
Attributable earnings per share      cents    2 731  2 772  1,5             
    Diluted earnings per share           cents    2 698  2 737  1,4             
    Headline earnings per share          cents    2 534  2 569  1,4             
    Fully diluted headline earnings per  cents           2 536  1,3             
share                                         2 503                         
    Weighted average number of shares    million  624,9  605,4  (3,1)           
    Weighted average diluted number of   million         613,1  (3,1)           
    shares                                        632,6                         
Net asset value per share            cents    10     9 902  (4,8)           
                                                  400                           
    Net tangible asset value per share   cents    10     9 702  (4,9)           
                                                  207                           
Total issued number of shares        million         608,3  (3,1)           
    (after share repurchases)                     627,7                         
Notes and Assumptions:                                                          
    1)  Restated unaudited pro forma financial information illustrating         
the financial position of the Sasol Group as at 30 June 2007 and        
        results of its operations for the year ended 30 June 2007, before       
        the repurchase of any Sasol ordinary shares. The financial              
        effects of the 2,4% Sasol ordinary shares repurchased during the        
period from 7 March 2007 to 30 June 2007, which are included in         
        the financial position of the Sasol Group as at 30 June 2007 and        
        results of its operations for the year ended 30 June 2007, are          
        reversed in order to illustrate the effects of the repurchase of        
3,09% of Sasol ordinary shares.                                         
    2)  The pro forma financial effects after the repurchase of 3,09% of        
        Sasol ordinary shares are calculated on the assumption that:            
a)  3,09% of the Sasol ordinary shares were repurchased on 1 July 2006 for      
purposes of calculating the income statement effects and on 30 June 2007 for    
purposes of calculating the balance sheet effects.                              
b)  the repurchases were financed by excess cash on hand and interest was       
calculated at the prevailing interest rates for the year ended 30 June 2007.    
c)  Tax was calculated at a rate of 29%.                                        
7.  STOCK EXCHANGE LISTING                                                      
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.                                                                
5 October 2007                                                                  
Johannesburg                                                                    
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited               
Date: 05/10/2007 10:13:17 Supplied by www.sharenet.co.za                     
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