Specific Repurchase and Cancellation of Ordinary Shares held by Subsidiary
(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 “Company”)
SPECIFIC REPURCHASE AND CANCELLATION OF ORDINARY SHARES HELD
At the annual general meeting held on 17 November 2017, Sasol
shareholders approved a specific authority to acquire 8 809
886 ordinary shares from its wholly-owned subsidiary, Sasol
Investment Company (Pty) Ltd (SIC) at Sasol’s closing ordinary
share price on the business day prior to the approval of the
repurchase by the Sasol board of directors (the Board) or its
nominee (Specific Repurchase).
In accordance with the authority conferred on him by the
Board, the Chief Financial Officer today, after the Board
concluded that Sasol satisfied the solvency and liquidity test
as required in terms of the Listings Requirements of the JSE
Limited (JSE), sections 4 and 46 of the Companies Act,
approved the Specific Repurchase of 8 809 886 ordinary shares
from SIC at the closing price on 23 February 2018 of R394.50
per ordinary share effective, 26 February 2018.
The effect is that the shares have been cancelled and restored
to Sasol’s authorised ordinary share capital as from today. No
treasury shares will be in issue after the Specific
Repurchase. Application will be made to the JSE for the
delisting of the shares with effect from Monday, 5 March 2018.
The acquisition will have no financial effect on Sasol or its
shareholders, other than in respect of Specific Repurchase
costs that are normally incurred in transactions of this
nature. As the Specific Repurchase is intra-group, between
Sasol and its wholly-owned subsidiary, SIC, the net cash
position of the Sasol group will not change as a result of the
acquisition (except for the payment of the transaction costs).
Consequently, the financial effect of the Specific 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 cost of the sponsor fee, the
legal fees, the taxes levied by the South African Revenue
Services and the JSE documentation fee which are considered
negligible. The Specific Repurchase will be funded out of
Sasol’s existing reserves resulting in a reduction of
contributed tax capital.
26 February 2018
Sponsor: Deutsche Securities (SA) Proprietary Limited
Date: 26/02/2018 11:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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