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Sol - Sasol Limited - Sasol`s Repurchase Programme Reaches 6% Mark

Release Date: 22/09/2008 13:12:15      Code(s): SOL
SOL - Sasol Limited - Sasol`s repurchase programme reaches 6% 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 6% MARK                                    
1.  INTRODUCTION                                                                
Shareholders are advised that, in accordance with the general authority granted 
by them at Sasol`s annual general meeting held on 30 November 2007, Sasol       
through its wholly-owned subsidiary, Sasol Investment Company (Pty) Limited     
("SIC"), purchased 6,01% of its own shares on the open market of the JSE Limited
("JSE") between 7 March 2007 and 18 September 2008.                             
2.  IMPLEMENTATION                                                              
As at 30 June 2008, 37 093 117 Sasol ordinary shares in aggregate had been      
repurchased, equivalent to approximately 5,88% of Sasol`s issued share capital  
on the date that the authority was given.                                       
The repurchase programme was suspended during Sasol`s closed periods (between 31
December 2007 and 25 March 2008 and between 30 June 2008 and 9 September 2008)  
but recommenced on 17 September 2008 on a day-to-day basis as market conditions 
allowed. By close of trading on 18 September 2008, a further 800 000 Sasol      
ordinary shares had been repurchased. A total of 37 893 117 Sasol ordinary      
shares, equivalent to 6,01% of the issued share capital of Sasol on the date    
that the authority was given, have now been purchased by SIC.                   
Details of shares repurchased since commencement of the repurchase programme in 
March 2007 are as follows:-                                                     
    Number of ordinary shares repurchased           37 893 117                  
    Cost of ordinary shares repurchased             R 11 233 million            
    Highest price paid per ordinary share*          R 348,00                    
Lowest price paid per ordinary share*           R 215,48                    
    Average price paid per ordinary share*          R 295,61                    
* - excluding costs                                                             
3.  EXTENT OF AUTHORITY OUTSTANDING                                             
The extent of the authority outstanding is 25 142 078 ordinary shares,          
equivalent to 3,99% of the total issued ordinary share capital of Sasol on the  
date that the authority was granted. This authority is valid until the next     
annual general meeting scheduled for 28 November 2008.                          
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 2008;                                       
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.                
                                                  Befor  After  Percentage      
e1     2      change (%)      
    Attributable earnings per share      cents    3 649  3 731  2,3             
    Diluted earnings per share           cents    3 601  3 679  2,2             
    Headline earnings per share          cents    3 724  3 811  2,3             
Diluted headline earnings per share  cents           3 757  2,3             
                                                  3 675                         
    Weighted average number of shares    million  630,2  592,3  (6,0)           
    Diluted weighted average number of   million         600,8  (5,9)           
shares                                        638,7                         
    Net asset value per share            cents    13     12     (7,2)           
                                                  876    871                    
    Net tangible asset value per share   cents    13     12     (7,5)           
585    562                    
    Total issued number of shares        million         594,6  (6,0)           
    (excluding all treasury shares)               632,5                         
Notes and Assumptions:                                                          
1)  Restated unaudited pro-forma financial information illustrating         
        the financial position of the Sasol Group as at 30 June 2008 and        
        results of its operations for the year ended 30 June 2008, before       
        the repurchase of any Sasol ordinary shares. The audited                
financial position of the Sasol Group as at 30 June 2008 and the        
        results of its operations for the year ended 30 June 2008 were          
        adjusted to exclude the effects of the 37 093 117 Sasol ordinary        
        shares repurchased (5,88% of the issued share capital of Sasol on       
the date that the authority was given) during the period from 7         
        March 2007 to 30 June 2008 in order to illustrate the effects of        
        the repurchase of 37 893 117 Sasol ordinary shares (6.01% of the        
        issued share capital of Sasol on the date that the authority was        
given).                                                                 
    2)  The pro-forma financial effects after the repurchase of 37 893          
        117 Sasol ordinary shares (6,01% of the issued share capital of         
        Sasol on the date that the authority was given)are calculated on        
the assumptions that:                                                   
a)  6,01% of the Sasol ordinary shares were repurchased on 1 July 2007 for      
   purposes of calculating the income statement effects and on 30 June 2008     
   for purposes of calculating the effects on the statement of financial        
position;                                                                    
b)  the repurchases were financed by excess cash on hand and interest was       
   calculated at the average prevailing interest rate for the year ended 30     
   June 2008; and                                                               
c)  tax was calculated at a rate of 28%.                                        
7.  STOCK EXCHANGE LISTING                                                      
The repurchased shares will remain listed on the JSE.                           
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.                                                                     
22 September 2008                                                               
Johannesburg                                                                    
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited               
Forward-looking statements: In this document we make certain statements that are
not historical facts and relate to analyses and other information based on      
forecasts of future results not yet determinable, relating, amongst other       
things, to exchange rate fluctuations, volume growth, increases in market share,
total shareholder return and cost reductions. These are forward-looking         
statements as defined in the United States Private Securities Litigation Reform 
Act of 1995. Words such as "believe", "anticipate", "intend", "seek", "will",   
"plan", "could", "may", "endeavour" and "project" and similar expressions are   
intended to identify such forward-looking statements, but are not the exclusive 
means of identifying such statements. Forward-looking statements involve        
inherent risks and uncertainties and, if one or more of these risks materialise,
or should underlying assumptions prove incorrect, actual results may be very    
different from those anticipated. The factors that could cause our actual       
results to differ materially from such forward-looking statements are discussed 
more fully in our most recent annual report under the Securities Exchange Act of
1934 on Form 20-F filed on 21 November 2007 and in other filings with the United
States Securities and Exchange Commission. Forward-looking statements apply only
as of the date on which they are made, and Sasol does not undertake any         
obligation to update or revise any of them, whether as a result of new          
information, future events or otherwise.                                        
Date: 22/09/2008 13:12:14 Supplied by www.sharenet.co.za                     
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information disseminated through SENS.                                          



                                        
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