October 3, 2006 - Sasol (JSE: SOL; NYSE: SSL) Announces Results of General Meeting of Members
October 03 2006 - 9:06AM
PR Newswire (US)
JOHANNESBURG, South Africa, Oct. 3 /PRNewswire-FirstCall/ --
Shareholders are advised that - 1. A special resolution granting a
specific authority to Sasol to acquire 60 111 477 ordinary shares
in the issued ordinary share capital of Sasol from Sasol Investment
Company (Proprietary) Limited; 2. A special resolution granting a
general authority to Sasol and/or its subsidiaries to acquire
Sasol's ordinary shares, by way of a general repurchase; and 3. An
ordinary resolution authorizing any director or the secretary to do
all things necessary to give effect to the special resolutions were
passed at a General Meeting of Members on 3 October 2006. The
special resolutions will be lodged for registration with the
Registrar of Companies. The rationale for the specific and general
repurchase of Sasol ordinary shares is as follows: Specific
repurchase Sasol Investment Company acquired the treasury shares
between 2000 and 2004 pursuant to general authorities granted to
Sasol by Sasol shareholders. As a result, the treasury shares total
60 111 477 Sasol ordinary shares and constitute 8.8% of the entire
ordinary issued share capital of Sasol. The specific repurchase of
the treasury shares is being implemented in order to create
additional capacity for Sasol to purchase a further 10% of its own
shares through its subsidiaries. Accordingly, the treasury shares
will, following their acquisition, be cancelled as issued shares
and restored to the status of authorized shares. The cancellation
of the treasury shares, following their acquisition, will not place
the Company in breach of the spread regulations of the JSE.
Further, the specific repurchase of the treasury shares will not be
conducted during the Company's closed period. General repurchase
Sasol did not seek a general authority at its 2005 annual general
meeting to enable the repurchase programme to continue in the 2006
fiscal year due to the Company approaching the upper limit of its
gearing target of between 30% and 50%. The Board believes that it
is now an appropriate time to obtain a further general authority as
Sasol is now in a position to consider recommencing the repurchase
programme should it so elect. Details of the resolutions are given
in the circular posted to Sasol's shareholders, which is available
on Sasol's website at
http://www.sasol.com/sasol_internet/frontend/navigation.jsp?articleId=15500005
&navid=4&rootid=4&cmpAd=1. (Please copy and paste link
into web browser). Sasol Investor Relations Tel.:
+27-11-441-3113/3563/3321 DATASOURCE: Sasol CONTACT: Sasol Investor
Relations: +27-11-441-3113-/3563/3321,
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