SOL & SSL: General Meeting of Shareholders to Authorise a Specific Repurchase
September 07 2006 - 1:11PM
PR Newswire (US)
JOHANNESBURG, South Africa, Sept. 7 /PRNewswire-FirstCall/ --
General meeting of shareholders to authorise a specific repurchase
by Sasol of its own ordinary shares held by a wholly-owned
subsidiary. A circular will be posted to shareholders on 11
September 2006, including a notice convening a general meeting to
be held at 09:00 on Tuesday, 3 October 2006 at the Sasol Limited
Auditorium, 1 Sturdee Avenue, Rosebank, Johannesburg for the
purpose of considering, and if deemed fit, passing a special
resolution to implement a specific repurchase of shares as set out
below. 1. Introduction and rationale for the specific repurchase
Sasol Investment Company (Proprietary) Limited ("Sasol Investment
Company") acquired ordinary shares in Sasol between 2000 and 2004
pursuant to general authorities granted to Sasol by its ordinary
shareholders. Currently, Sasol Investment Company owns a total of
60 111 477 Sasol shares ("treasury shares"), constituting
approximately 8,8% of the entire ordinary issued share capital of
Sasol. Subject to the passing of the requisite special resolution,
Sasol will repurchase the treasury shares from Sasol Investment
Company following which, they will be cancelled as issued shares
and restored to the status of authorised shares. The repurchase of
the treasury shares will be implemented in order to create
additional capacity for Sasol to purchase a further 10% of its own
shares. 2. The specific repurchase Sasol and Sasol Investment
Company entered into a share acquisition and disposal agreement on
31 August 2006. In terms of that agreement, Sasol will, subject to
the approval of Sasol ordinary shareholders, acquire the treasury
shares from Sasol Investment Company. The acquisition will occur on
or about 6 October 2006. The shares will be acquired at market
value and cancelled upon acquisition. As the specific repurchase is
intra-group, it will have no financial effect on Sasol or its
shareholders, other than in respect of transaction costs, including
uncertificated securities tax, that are normally incurred in
transactions of this nature. 3. Conditions The repurchase is
subject to the passing at the general meeting referred to above, of
a special resolution necessary to implement the repurchase and the
subsequent registration thereof by the Registrar of Companies. In
terms of the Listings Requirements of the JSE Limited and the
provisions of the Companies Act, 61 of 1973, Sasol Investment
Company will be excluded from voting at the general meeting.
Shareholders will also be requested to pass a special resolution
granting a general authority for Sasol and/or its subsidiaries to
purchase its ordinary shares up to a maximum of 10% of the issued
share capital of Sasol. Regards The Sasol Investor Relations team
Tel.: +27 11 441 3113/3563/3321 DATASOURCE: Sasol CONTACT: The
Sasol Investor Relations team, +27-11-441-3113/3563/3321,
Copyright