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SOL
SOL
SSL - Sasol Limited - Sasol`s repurchase programme reaches 3% mark
Sasol Limited
(Incorporated in South Africa)
(Registration number: 1979/003231/06)
ISIN Code: ZAE000006896
JSE Code: SOL
NYSE Code: SSL
("Sasol" or "the Company")
SASOL`S REPURCHASE PROGRAMME REACHES 3% MARK
1. INTRODUCTION
Shareholders are advised that Sasol has through a wholly-owned subsidiary,
Sasol Investment Company (Pty) Limited ("SIC") purchased 3% of its own shares
on the open market of the JSE Limited ("JSE"), in accordance with the general
authority granted by its shareholders at its annual general meeting held on
23 November 2006 ("the repurchase").
2. IMPLEMENTATION
As at 30 June 2007 14 919 592 Sasol ordinary shares in aggregate had been
repurchased, equivalent to approximately 2,4% of Sasol`s issued share capital.
The repurchase programme was suspended during Sasol`s closed period (between
30 June 2007 and 11 September 2007) but recommenced on 12 September 2007 on a
day-to-day basis as market conditions allowed. Between 12 September 2007 and 3
October 2007 a further 4 531 897 Sasol ordinary shares were repurchased.
A total of 19 451 489 Sasol ordinary shares, equivalent to 3,09% of the issued
share capital of Sasol, had been purchased by SIC by 3 October 2007.
Details of shares repurchased since the commencement of the repurchase
programme are as follows:-
Number of ordinary shares repurchased 19 451 489
Cost of ordinary shares repurchased R 5 060 million
Highest price paid per ordinary share* R 323,00
Lowest price paid per ordinary share* R 215,48
Average price paid per ordinary share* R 259,40
* - excluding costs
3. EXTENT OF AUTHORITY OUTSTANDING
The extent of the authority outstanding is 43 488 686 ordinary shares,
equivalent to 6,91% of the total issued ordinary share capital of Sasol. This
authority is valid until the next annual general meeting scheduled for 30
November 2007.
4. SOURCE OF FUNDS
Repurchases have been and will in future continue to be funded from available
cash resources.
5. DIRECTORS` STATEMENT
The Directors have considered the effect of the repurchases and are of the
opinion that:
5.1 the Company and the Group will be able in the ordinary course of business
to pay their debts for the period of 12 months after the date of this
announcement;
5.2 the assets of the Company and the Group will exceed liabilities for a
period of 12 months after the date of this announcement, measured in
accordance with the accounting policies used in the Company`s financial
statements for the financial year ended 30 June 2007;
5.3 the share capital and reserves of the Company and the Group will be
adequate for ordinary business purposes for the period of 12 months from the
date of this announcement; and
5.4 the working capital of the Company and the Group will be adequate for
ordinary business purposes for the period of 12 months from the date of this
announcement.
The directors confirm that the repurchase programme was effected through the
order book operated by the JSE trading system and without any prior
understanding or arrangement between the Company and the respective
counterparties.
6. ILLUSTRATIVE FINANCIAL EFFECTS OF THE REPURCHASE
The directors of Sasol are responsible for the preparation of the unaudited
pro forma financial information, which has been included for the purposes of
illustrating the effect of the repurchases on Sasol`s earnings, headline
earnings, net asset value and net tangible asset value per share on the
relevant reporting date. Due to their nature, the unaudited pro-forma
financial effects may not be a fair reflection of Sasol`s financial position
after the implementation of the repurchases or of Sasol`s future earnings.
Percentage
Befor After change (%)
e1 2
Attributable earnings per share cents 2 731 2 772 1,5
Diluted earnings per share cents 2 698 2 737 1,4
Headline earnings per share cents 2 534 2 569 1,4
Fully diluted headline earnings per cents 2 536 1,3
share 2 503
Weighted average number of shares million 624,9 605,4 (3,1)
Weighted average diluted number of million 613,1 (3,1)
shares 632,6
Net asset value per share cents 10 9 902 (4,8)
400
Net tangible asset value per share cents 10 9 702 (4,9)
207
Total issued number of shares million 608,3 (3,1)
(after share repurchases) 627,7
Notes and Assumptions:
1) Restated unaudited pro forma financial information illustrating
the financial position of the Sasol Group as at 30 June 2007 and
results of its operations for the year ended 30 June 2007, before
the repurchase of any Sasol ordinary shares. The financial
effects of the 2,4% Sasol ordinary shares repurchased during the
period from 7 March 2007 to 30 June 2007, which are included in
the financial position of the Sasol Group as at 30 June 2007 and
results of its operations for the year ended 30 June 2007, are
reversed in order to illustrate the effects of the repurchase of
3,09% of Sasol ordinary shares.
2) The pro forma financial effects after the repurchase of 3,09% of
Sasol ordinary shares are calculated on the assumption that:
a) 3,09% of the Sasol ordinary shares were repurchased on 1 July 2006 for
purposes of calculating the income statement effects and on 30 June 2007 for
purposes of calculating the balance sheet effects.
b) the repurchases were financed by excess cash on hand and interest was
calculated at the prevailing interest rates for the year ended 30 June 2007.
c) Tax was calculated at a rate of 29%.
7. STOCK EXCHANGE LISTING
The repurchased shares are held by SIC as treasury shares, and therefore do
not carry any voting rights. All the repurchased shares are held as a long-
term investment.
5 October 2007
Johannesburg
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited
Date: 05/10/2007 10:13:17 Produced by the JSE SENS Department.
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