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Sol - Sasol - Results Of The Invitations To Members Of The Black Public To

Release Date: 02/09/2008 12:45:02      Code(s): SOL
SOL - Sasol - Results Of The Invitations To Members Of The Black Public To      
Subscribe For Sasol Bee Ordinary Shares                                         
Sasol Limited                                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration no.: 1979/003231/06)                                              
Share code JSE: SOL      NYSE: SSL                                              
ISIN: ZAE000006896       US8038663006                                           
("Sasol")                                                                       
Sasol Inzalo Public Limited                                                     
Incorporated in the Republic of South Africa                                    
(Registration no.: 2007/030646/06)                                              
("Sasol Inzalo")                                                                
RESULTS OF THE INVITATIONS TO MEMBERS OF THE BLACK PUBLIC TO SUBSCRIBE FOR SASOL
BEE ORDINARY SHARES IN SASOL ("SASOL BEE ORDINARY SHARES") AND ORDINARY SHARES  
IN SASOL INZALO ("SASOL INZALO ORDINARY SHARES")                                
1. Introduction                                                                 
Sasol invited members of the black public to apply for up to 2 838 564 Sasol BEE
ordinary shares ("Cash Invitation") in terms of the prospectus dated 15 May 2008
issued by Sasol ("Cash Invitation Prospectus").  Simultaneously, Sasol Inzalo,  
which at the time was a wholly owned subsidiary of Sasol, invited members of the
black public to apply for up to 16 085 200 Sasol Inzalo ordinary shares ("Funded
Invitation") in terms of the prospectus dated 15 May 2008 issued by Sasol Inzalo
("Funded Invitation Prospectus").  The Cash Invitation Prospectus and the Funded
Invitation Prospectus are herein collectively referred to as "the Prospectuses".
-    Sasol and Sasol Inzalo are pleased to announce that:                       
-    the Cash Invitation and the Funded Invitation (collectively, "the          
    Invitations"), which were both a resounding success, were 13% and more than 
300% oversubscribed, respectively;                                          
-    approximately 300 000 applications were received in respect of both        
    Invitations;                                                                
-    applications from women and women`s groups comprised 47% of the            
applications received;                                                      
-    to the extent that applications were not accepted, refunds together with   
    interest on such refunds, as described in more detail in paragraph 5 below, 
    will be paid on 2 September 2008;                                           
-    Sasol BEE ordinary shares and Sasol Inzalo ordinary shares will be allotted
    and issued by Sasol and Sasol Inzalo, respectively, to successful           
    applicants on 8 September 2008, to the extent that their applications were  
    accepted; and                                                               
-    information will be posted to all applicants on 2 September 2008 to inform 
    them, inter alia, of the status of their applications, including, where     
    applicable, the extent to which their applications were accepted and the    
    number of shares that will be allotted and issued to them on 8 September    
2008.                                                                       
2. Results of the Invitations                                                   
A total of 2 838 564 Sasol BEE ordinary shares and 16 085 200 Sasol Inzalo      
ordinary shares were available for allocation to members of the black public.   
The results of the Invitations are summarised in the table below.               
                                Cash        Funded     Total                    
                                Invitation  Invitation                          
Number      of     applications  76 715      222 659    299 374                 
received                                                                        
Capital raised (R million)       1 270       2 116      3 386                   
Number   of   shares   to    be  2 838 564   16 085 200 18 923 764              
allotted   and  issued   on   8                                                 
September 2008                                                                  
Number   of   shares   to    be  0,4%(1)     2,6%(1,2)  3,0%(1)                 
allotted   and  issued   as   a                                                 
percentage  of  Sasol`s  issued                                                 
capital                                                                         
(1)  Based on Sasol`s issued share capital on 18 March 2008, before the         
    implementation of Sasol Inzalo                                              
(2)  Based on the fact that in ten years` time the holders of the Sasol Inzalo  
ordinary shares could potentially hold up to one Sasol ordinary share for   
    each Sasol Inzalo ordinary share issued, subject to the settlement of the   
    outstanding amount of preference share and any other funding at that time   
All applications were considered by Sasol and Sasol Inzalo, respectively, except
for those referred to in paragraph 4.  Unless the applications were disqualified
for the reasons described in the Prospectuses, the applications were accepted,  
with effect from 2 September 2008, in full or in part, based on the principles  
described in paragraph 3 below. In this regard, information, will be posted to  
all applicants on 2 September 2008 to inform them, inter alia, of the status of 
their applications, including, where applicable, the extent to which their      
applications were accepted and the number of shares that will be allotted and   
issued to them on 8 September 2008.                                             
3. Principles for the acceptance of applications for shares                     
To achieve a broad based shareholding of Sasol BEE ordinary shares and Sasol    
Inzalo ordinary shares, applications were accepted using a "bottom up" approach 
so as to prioritise the acceptance, in whole or in part, of applications for    
small numbers of shares over those for larger numbers of shares.                
Applications for Sasol Inzalo ordinary shares and Sasol BEE ordinary shares,    
were accepted by Sasol Inzalo (as directed by Sasol in its sole discretion) and 
Sasol respectively, also having regard to factors such as the number of         
applications received and in the case of:                                       
-    a black person, whether such person is a black woman, disabled or          
    unemployed;                                                                 
-    a black company, the percentage black women, disabled and unemployed       
participation and black ownership and control;                              
-    a black entity, the percentage black ownership, beneficiaries, members or  
    participants and black representatives and black women participation.       
In addition, Sasol took account of the spread between black people and black    
groups when considering the acceptance of the allocations.                      
3.1 Basis of allocation in the Funded Invitation                                
Applicants in the Funded Invitation could apply for a minimum of 25 Sasol Inzalo
ordinary shares for a subscription amount of R457,50.  Applications for         
subscription amounts between R457,50 (25 Sasol Inzalo ordinary shares) and      
R915,00 (50 Sasol Inzalo ordinary shares), inclusive, were accepted in full,    
unless the applicant concerned was otherwise disqualified. Applications for     
subscription amounts in excess of R915,00 have been accepted as to 50 shares    
each and a percentage of the balance of the shares applied for, unless the      
applicant concerned was otherwise disqualified.  On average the percentage by   
which the applications in excess of R915,00 have been accepted amounts to 11,3% 
of the balance of shares applied for.  However, this percentage will differ from
applicant to applicant based on the other factors that have been considered as  
described above.                                                                
In the Funded Invitation applications were accepted from women and women`s      
groups which will result in the allotment and issue of 49% of the total number  
of Sasol Inzalo ordinary shares to them.                                        
3.2 Basis of allocation in the Cash Invitation                                  
Applicants in the Cash Invitation could apply for a minimum of 10 Sasol BEE     
ordinary shares for a subscription amount of R3 660,00.  Applications for       
subscription amounts between R3 660,00 (10 Sasol BEE ordinary shares) and R18   
300,00 (50 Sasol BEE Ordinary Shares), inclusive, were accepted in full, unless 
the applicant concerned was otherwise disqualified.  Applications for           
subscription amounts in excess of R18 300,00 have been accepted as to 50 shares 
each and a percentage of the balance of the shares applied for, unless the      
applicant concerned was otherwise disqualified. On average the percentage by    
which the applications in excess of R18 300,00 have been accepted amounts to    
76,7% of the balance of the shares applied for.  However, this percentage will  
differ from applicant to applicant based on the other factors that have been    
considered as described above.  The average percentage for the Cash Invitation  
is much higher than that for the Funded Invitation because the Cash Invitation  
was only 13% oversubscribed compared to the more than 300% oversubscription of  
the Funded Invitation.                                                          
In the Cash Invitation applications were accepted from women and women`s groups 
which will result in the allotment and issue of 40% of the total number of Sasol
BEE ordinary shares to them.                                                    
4. Applications that have not yet been verified                                 
A number of original application forms and supporting documents submitted by    
some applicants to the South African Post Office ("Post Office") have not yet   
reached the Post Office`s central consolidation point, where verification is    
undertaken.  The Post Office has electronically captured the information        
contained in the application forms and has paid all funds received in respect of
these applications to Computershare Investor Services (Proprietary) Limited     
(Sasol and Sasol Inzalo`s share administrators) who are holding these funds for 
and on behalf of the affected applicants.  However, Sasol cannot consider these 
applications until it is in possession of the original signed application forms 
and supporting documents.                                                       
In order to expedite this process, the Post Office has been contacting the      
affected applicants urging them to return to the Post Office to complete        
duplicate application forms and to resubmit their supporting documents.  A      
letter has been posted to affected applicants explaining the situation and      
providing them with a summary of the information that was captured by the Post  
Office.                                                                         
These applicants are assured that Sasol and Sasol Inzalo will allot and issue   
sufficient shares (in respect of both Invitations) to the Sasol Inzalo Public   
Facilitation Trust (the "Trust") on 8 September 2008 on the basis that the Trust
will be directed by Sasol to satisfy, in whole or in part, the applications of  
affected applicants, which are accepted by Sasol or which Sasol directs Sasol   
Inzalo to accept, in accordance with the principles described in paragraph 3    
above.   In the event of refunds being due to these applicants, the refund      
amounts together with interest calculated up to the day before the date of such 
refund will be paid to affected applicants as set out in paragraph 5.           
The verification of applications that have not yet reached the Post Office`s    
central consolidation point is of the utmost importance to Sasol and Sasol      
Inzalo.  Sasol and Sasol Inzalo are working with the Post Office to resolve this
matter as quickly as possible, to the reasonable satisfaction of all.           
5. Refunds                                                                      
Refunds will be made in the following instances:                                
-    if applications were not accepted in full, due to the oversubscription;    
-    if applicants withdrew their applications after the expiry of the 45 day   
    period during which the applications were irrevocable; and                  
-    if applicants were disqualified for any of the reasons described in the    
Prospectuses.                                                               
Refunds for the appropriate amount of money commenced on 1 September 2008 by    
electronic funds transfer into each affected applicant`s specified transactional
bank account and will continue on 2 September 2008, except for those            
applications that have not reached the central consolidation point of the Post  
Office as described in paragraph 4 above.  Applicants bear the risk in respect  
of electronic funds transfers.                                                  
Interest, at a rate of 5% per annum for the first R1 million and 7% per annum   
for amounts in excess of R1 million, has been paid to affected applicants from  
the closing date of 9 July 2008 until 1 September 2008.                         
As detailed in the Prospectuses, refunds of less than R15,00 will not be made.  
Instead these amounts have been aggregated (amounting to R43 664) and will be   
donated to the following charitable organizations:                              
-    The Red Cross Children`s Hospital;                                         
-    World Vision South Africa;                                                 
-    The AIDS Foundation of South Africa;                                       
-    Childline; and                                                             
-    The Hospice Palliative Care Association.                                   
6. Participation by Sasol and Sasol Inzalo directors and their associates       
At the general meeting of Sasol shareholders held on 16 May 2008, shareholders  
inter alia approved the participation by named black Sasol directors in the Cash
Invitation and the Funded Invitation. The approved maximum participation by     
black Sasol directors was stipulated in the Prospectuses. It was also indicated 
in the Prospectuses that the applications of such directors might be reduced in 
the event of an oversubscription.                                               
Ms Mkhize applied in the Funded Invitation and Cash Invitation, but subsequently
withdrew the Cash Invitation application made in her own name. An associate (as 
defined in the Listings Requirements of the JSE Limited) of Ms Mkhize applied   
for 430 Sasol BEE ordinary shares in the Cash Invitation and that application   
was accepted in respect of 313 shares based on the principles described in      
paragraph 3.2 above.                                                            
Dr Gantsho did not submit an application to participate in the Cash Invitation. 
An associate of Mr Montsi (Mr Montsi resigned as a director of Sasol with effect
from 1 August 2008) applied for 10 000 Sasol BEE ordinary shares and that       
application was accepted in respect of 9 655 shares based on the principles     
described in paragraph 3.2 above.                                               
Ms Fakude and Dr Mokaba submitted applications to participate in both the Cash  
Invitation and the Funded Invitation, but applied to withdraw their             
applications. Dr Gantsho submitted an application to participate in the Funded  
Invitation and subsequently applied to withdraw the application.                
The above revocation applications were accepted by Sasol after the 45 day period
during which applications were irrevocable. Other applications for revocation of
applications were treated in the same way.                                      
Due to the oversubscription in the Funded Invitation, the applications of       
directors and their associates were not accepted in full.  The acceptances of   
these applications were determined in accordance with the principles described  
in paragraph 3.1 above.                                                         
The table below sets out the maximum number of Sasol Inzalo ordinary shares     
which shareholders approved for allocation to directors, the actual number      
applied for by directors and/ or their associates and the extent to which their 
applications were accepted in the Funded Invitation:                            
Director or associate  Indication in    Number of   Number of                   
of director            Funded           Sasol       Sasol Inzalo                
                      Invitation       Inzalo      ordinary                     
                      Prospectus       ordinary    shares in                    
                      regarding the    shares      respect of                   
number of Sasol  applied for which the                    
                      Inzalo ordinary              applications                 
                      shares that                  were accepted                
                      would be                                                  
applied for by                                            
                      director                                                  
Associate of           112 000          13 711      1 450                       
Thembalihle Hixonia                                                             
Nyasulu                                                                         
Kandimathie Christine  273 200          230 050     31 004                      
Ramon (1)                               70 050      9 470                       
Associate                                                                       
Associate of Imogen    130 000          138 097     18 626                      
Nonhlanhla Mkhize                                                               
Associate of Sam       120 000          130 000     17 538                      
Montsi(2)                                                                       
(1) Also a director of Sasol Inzalo                                             
(2) Resigned as a Sasol director with effect from 1 August 2008                 
7. Welcome pack                                                                 
The original share certificates issued in respect of the relevant shares to be  
allotted and issued to the successful applicants on 8 September 2008 pursuant to
the Invitations, will be retained by the custodian appointed by Sasol, in       
respect of the Cash Invitation, and Sasol Inzalo, in respect of the Funded      
Invitation, to ensure compliance with the restrictions on disposal and          
encumbrances, if applicable, of Sasol BEE ordinary shares and Sasol Inzalo      
ordinary shares.                                                                
A welcome pack containing, inter alia, a welcome letter from the Chief Executive
Officer of Sasol, proof of participation certificate and important shareholder  
information will be posted to all successful applicants.  Letters have also been
sent to unsuccessful applicants, those applicants who withdrew after the 45 day 
period during which the applications were irrevocable and those applicants whose
signed application forms have not yet reached the Post Office`s central         
consolidation point.                                                            
8. Underlying value of Sasol BEE ordinary shares and Sasol Inzalo ordinary      
shares                                                                          
The intrinsic value of each Sasol BEE ordinary share and Sasol Inzalo ordinary  
share, calculated in accordance with the respective formulae set out in the     
Prospectuses, is available at www.sasol.com and will be updated on a monthly    
basis.                                                                          
All applicants can call 0800 000 222 with any queries.                          
Rosebank                                                                        
2 September 2008                                                                
Merchant bank and transaction sponsor                                           
Rand Merchant Bank (A division of FirstRand Bank Limited)                       
Legal adviser                                                                   
Edward Nathan Sonnenbergs Inc.                                                  
Sponsor                                                                         
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 02/09/2008 12:45:01 Supplied by www.sharenet.co.za                     
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