Sasol Limited (JSE: SOL; NYSE: SSL) Specific Repurchase by Sasol of its Ordinary Shares held by a wholly-owned subsidiary, and S
October 30 2008 - 10:53AM
PR Newswire (US)
JOHANNESBURG, South Africa, Oct. 30 /PRNewswire-FirstCall/ -- 1.
Introduction and rationale for the specific repurchase Sasol
Investment Company (Proprietary) Limited ("SIC") acquired ordinary
shares in the share capital of Sasol between 7 March 2007 and 1
October 2008 pursuant to general authorities granted to Sasol by
its shareholders. Currently SIC owns a total of 40 309 886 Sasol
ordinary shares ("treasury shares"), constituting approximately
6,39% of Sasol's issued ordinary share capital as at 30 September
2008. The treasury shares have been purchased at an average of
R298,92 per share. Sasol will request shareholders at its annual
general meeting, to approve that Sasol repurchases 31 500 000
treasury shares from SIC, following which those shares will be
cancelled as issued ordinary shares and restored to the status of
authorised ordinary shares. Subsequent to the specific repurchase,
SIC will continue to own 8 809 886 treasury shares, constituting
approximately 1,4% of Sasol's issued ordinary share capital as at
30 September 2008. The specific repurchase of the treasury shares
is being implemented in order to create additional capacity for
Sasol or any of its subsidiaries to purchase ordinary Sasol shares,
as and when Sasol shareholders authorise such repurchases, in
accordance with the provisions of the Companies Act 61 of 1973
("Companies Act") and the JSE listings requirements. 2. The
specific repurchase Sasol and SIC entered into a Disposal and
Acquisition of Shares agreement on 21 October 2008. In terms of
that agreement, Sasol will, subject to the approval of Sasol
shareholders and the final approval by two of the directors of
Sasol, acquire 31 500 000 treasury shares from SIC. The acquisition
will take effect on a date to be determined by two of Sasol's
directors, following the fulfilment of the suspensive conditions
(see below), but no later than 31 December 2008. The shares will be
acquired at market value and cancelled upon acquisition. The
specific repurchase will have no financial effect on Sasol or its
shareholders, other than in respect of transaction costs, including
securities transfer tax, that are normally incurred in transactions
of this nature. As the specific repurchase is intra-group, the net
cash position of the Sasol group will not change as a result of the
specific repurchase (except for the payment of the transaction
costs and securities transfer tax). 3. Suspensive conditions The
specific repurchase is subject to the passing at the annual general
meeting of Sasol scheduled for 28 November 2008 the special
resolution necessary to implement the repurchase, the subsequent
registration of the special resolution by the Registrar of
Companies and approval by two Sasol directors of the repurchase,
following the authority given to them by shareholders and the board
of Sasol. In terms of the JSE listings requirements and the
provisions of the Companies Act, SIC will be excluded from voting
at the meeting. In terms of the JSE Listings Requirements Sasol
ordinary shares held by The Sasol Inzalo Employee Trust and The
Sasol Inzalo Management Trust will not have their votes taken into
account for purposes of the approval of the special resolution
regarding the specific repurchase. 4. Notice of annual general
meeting The annual general meeting of members of Sasol will be held
at 09:00 on 28 November 2008 at The Teatro, Mosaiek Lifestyle,
Danielle Street (off Davidson Street), Fairland, Johannesburg,
South Africa, to transact the business stated in the notice of
annual general meeting. Notices of annual general meeting will be
mailed to members by no later than 6 November 2008. Sasol Investor
Relations team Tel.: +27 11 441 3113 / 3563 / 3321 About Sasol:
Sasol is an integrated oil and gas company with substantial
chemical interests. Based in South Africa and operating worldwide,
Sasol is listed on the NYSE and JSE stock exchanges. We are the
leading provider of liquid fuels in South Africa and a major
international producer of chemicals. Sasol uses proprietary
Fischer-Tropsch technologies for the commercial production of
synthetic fuels and chemicals from low-grade coal and natural gas.
We manufacture more than 200 fuel and chemical products that are
sold worldwide. In South Africa we also operate coal mines to
provide feedstock for our synthetic fuels plants. Sasol operates
the only inland crude oil refinery in South Africa. The group
produces crude oil in offshore Gabon, supplies Mozambican natural
gas to end-user customers and petrochemical plants in South Africa,
and with partners involved in gas-to-liquids fuel joint ventures in
Qatar and Nigeria. Internet address: http://www.sasol.com/
Disclaimer - Forward-looking statements We may, in this document,
make statements that are not historical facts and relate to
analyses and other information based on forecasts of future results
and estimates of amounts not yet determinable. These are
forward-looking statements as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Words such as "believe",
"anticipate", "expect", "intend", "seek", "will", "plan", "could",
"may", "endeavor" and "project" and similar expressions are
intended to identify such forward-looking statements, but are not
the exclusive means of identifying such statements. By their very
nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and there are risks that
predictions, forecasts, projections and other forward-looking
statements will not be achieved. If one or more of these risks
materialize, 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 the plans, objectives, expectations, estimates and intentions
expressed in such forward-looking statements are discussed more
fully in our registration statement under the Securities Exchange
Act of 1934 on Form 20-F filed on November 21, 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 we do not undertake any obligation to update or
revise any of them, whether as a result of new information, future
events or otherwise. DATASOURCE: Sasol Limited CONTACT: Sasol
Investor Relations team, +27-11-441-3113, or +27-11-441-3563, or
+27-11-441-3321, Web Site: http://www.sasol.com/
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