SASOL LIMITED - Announcement regarding repurchase of preferred ordinary shares from Sasol Inzalo Public Funding (RF) Proprietary Ltd

Release Date: 07/09/2018 12:50
Code(s): SOL SOLBE1
 
Wrap Text
Announcement regarding repurchase of preferred ordinary shares from Sasol Inzalo Public Funding (RF) Proprietary Ltd

Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
Sasol Ordinary Share codes:      JSE: SOL      NYSE: SSL
Sasol Ordinary ISIN codes:       ZAE000006896 US8038663006
Sasol BEE Ordinary Share code: JSE: SOLBE1
Sasol BEE Ordinary ISIN code: ZAE000151817
("Sasol")

ANNOUNCEMENT REGARDING REPURCHASE OF PREFERRED ORDINARY SHARES FROM SASOL
INZALO PUBLIC FUNDING (RF) PROPRIETARY LIMITED (“INZALO PUBLIC FUNDCO”), A
SUBSIDIARY OF SASOL INZALO PUBLIC (RF) LIMITED

1.      Shareholders are reminded that at a general meeting held on 17 November 2017, shareholders
        authorised Sasol, by way of a specific authority, to repurchase all or some of the Sasol preferred
        ordinary shares (“Preferred Ordinary Shares”) held by Inzalo Public FundCo at the 30 day volume
        weighted average price (“VWAP”) of a Sasol ordinary share (“SOL Share”) on the business day
        immediately prior to the date of repurchase of the Preferred Ordinary Shares.

2.      Sasol today repurchased 16 085 199 Preferred Ordinary Shares, being all the Preferred Ordinary
        Shares from Inzalo Public FundCo. The 30 day VWAP of a SOL Share on 6 September 2018 was
        R542,11. Sasol therefore paid R8 720 million for such Preferred Ordinary Shares. The 16 085 199
        Preferred Ordinary Shares were cancelled upon repurchase in accordance with section 35(5) of the
        Companies Act 2008, as amended, and have the same status as authorised but unissued shares.

3.      The proceeds of the repurchase of the Preferred Ordinary Shares were sufficient to discharge in full
        the preference share funding obligations of Inzalo Public FundCo. The guarantee which Sasol gave to
        the holders of Class C preference shares has therefore ceased to have any effect.

4.      The financial effect of the repurchase on Sasol’s earnings per share, headline earnings per share, net
        asset value per share and net tangible asset value per share will be confined to the legal fees, the
        taxes levied by the South African Revenue Services and the JSE documentation fee which are
        considered negligible. The repurchase of the Preferred Ordinary Shares has been funded out of
        available cash and credit facilities.

Sandton
7 September 2018

Sponsor
Deutsche Securities (SA) Proprietary Limited

Sole Financial Advisor
Rothschild (South Africa) Proprietary Limited

Joint South African Legal Advisors
Edward Nathan Sonnenbergs Inc
Ledwaba Mazwai Attorneys

US Legal Advisors
Shearman & Sterling

Date: 07/09/2018 12:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story