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SASOL LIMITED - Grant and acceptance of share awards by prescribed officers of Sasol and a director of major subsidiaries of Sasol

Release Date: 27/05/2022 13:11
Code(s): SOL SOLBE1     PDF:  
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Grant and acceptance of share awards by prescribed officers of Sasol and a director of major subsidiaries of Sasol

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 or the Company)


In compliance with paragraphs 3.63 to 3.66 of the JSE Limited Listings Requirements
(Listings Requirements), it is hereby announced that prescribed officers of Sasol, and a
director of one of its major subsidiaries, have been granted, and have accepted, conditional
share awards in terms of Sasol’s Long-Term Incentive (LTI) Plan (the Plan).

The Board of Sasol Limited or the Sasol Remuneration Committee (the Committee), as
appropriate, approved the following on-appointment share awards made on 25 May 2022 in
accordance with the rules of the Plan. The vesting of the awards will be subject to service
conditions and, on performance shares, the achievement of the following corporate
performance targets:

                         FY22 | Performance period from 1 July 2021 – 30 June 2024
      KPI (Key
    Performance       WEIGHTING         THRESHOLD                         TARGET                   STRETCH TARGET
                                  Achieve a sustainable 3%       Achieve a 3.8% reduction       Achieve a 4.5% reduction
                                  reduction                      (equating to 2.36mtpa          (equating to 2.78mtpa
                                  (equating to 1.8mtpa           CO2e) in Scope 1 and           CO2e) in Scope 1 and
                                  CO2e) in Scope 1 and           Scope 2 emissions off a        Scope 2 emissions of a
                                  Scope 2 emissions off a        2017 baseline by end FY24      2017 baseline by end FY24
                                  2017 baseline by end           for the Energy business        for the Energy business
 Holistic focus on                FY24 for the Energy            (10%)                          (20%)
 ESG                              business (4%)
 Matters                25%
                                  40% RE power for Sasol         60% RE power for Sasol         80% RE power for
                                  Chemical operations in         Chemical operations in         Chemical operations in
                                  Europe and Americas by         Europe and Americas by         Europe and Americas by
                                  end FY24 (3%)                  end FY24 (8%)                  end FY24 (16%)

                                  Within 10% of the DJSI         Within 6% of the DJSI          Within 3% of the DJSI
                                  inclusion score by             inclusion score by             inclusion score by
                                  November 2023 (3%)             November 2023 (7%)             November 2023 (14%)

                                  ROIC (excl AUC) at SA          ROIC (excl AUC) at SA          ROIC (excl AUC) at SA
                        15%       WACC of 13,5% per              WACC of 13,5% +1% =            WACC of 13,5% +2% =
 Return on Invested               annum                          14,5% per annum                15,5% per annum
 Capital                          (0%)                           (15%)                          (30%)
                                                                 ROIC (excl AUC) at US          ROIC (excl AUC) at US
                                  ROIC (excl AUC) at US
                                                                 WACC of 8% +0,5% =             WACC of 8% +1% = 9%
                        10%       WACC of 8% per annum
                                                                 8,5% per annum                 per annum
                                                                 (10%)                          (20%)
 Relative TSR
                                  50th percentile of the index   60th percentile of the index   75th percentile of the index
 measured against       25%
                                  (12,5%)                        (25%)                          (50%)
 the peer group
                                  Adjusted EBITDA growth         Adjusted EBITDA growth of      Adjusted EBITDA growth of
 Growth on adjusted
                        25%       of compound CPI for three      compound CPI +2% for           compound CPI +4% for
                                  financial years (0%)           three financial years (25%)    three financial years (50%)
All prescribed officers and executive directors of Sasol must meet minimum shareholding
requirements as stated in Sasol’s remuneration policy.

In terms of the rules of the Plan, the participants have to decline such an award within ten
business days after the award date, failing which the award will be deemed to have been

The rules of the Plan are available on the Sasol website at

The following awards have been made:

 Award date:                                             25 May 2022
 Acceptance date:                                        4 June 2022
 Vesting periods:                                        In respect of performance shares (65% of the award):
                                                         50% after 3 years and the balance after 5 years.
                                                         In respect of time restricted shares (35% of the award):
                                                         100% after 5 years.
 Class of securities:                                    Sasol ordinary shares
 Nature of transaction:                                  On appointment LTI award off-market
 Price per share:1                                       R391.02
 Nature and extent of interest:                          Direct beneficial

 Surname and                Company and designation                                            Number Total value of
 initials                                                                                        of    the transaction
                                                                                               shares       (ZAR)2
 Baloyi, S                  Sasol Limited: Prescribed officer                                   14 346    5 609 572.92
                            Sasol Oil (Pty) Ltd: Director
 Rossouw, H                 Sasol Limited: Prescribed officer                                    32 734   12 799 648.68

Note 1 Strike price per share is nil. The shares were awarded at R391.02 being the closing price on 24 May 2022.
Note 2 The total transaction value is the price per share multiplied by the number of Sasol ordinary shares.

In terms of paragraph 3.66 of the Listings Requirements, the necessary clearance to deal
has been obtained for the transactions set out above.

27 May 2022

Sponsor: Merrill Lynch South Africa (Pty) Limited t/a BofA Securities

Date: 27-05-2022 01:11:00
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