3 September 2008
Information booklets, containing statements of allocation, will today be posted to almost 300 000 new shareholders who applied to participate in the Sasol Inzalo black economic empowerment (BEE) transaction.
Both the cash and funded invitations were extremely sought-after with the cash offer being oversubscribed by 13% and the funded being more than 300% oversubscribed.
“Sasol Inzalo’s mandate is to deliver a transaction that will help make broad-based black economic empowerment a tangible and practical reality in the lives of South Africans who may previously not have considered this type of an investment,” said Sasol CEO Pat Davies.
“We are very proud that Sasol has met these objectives and is today able to initiate its dialogue with our thousands of new shareholders. I warmly welcome them, from 8 September 2008, when they join the Sasol family.”
‘Bottom up’ approach
To achieve a broad-based shareholding of Sasol BEE ordinary shares and Sasol Inzalo ordinary shares, applications were accepted using a “bottom up” approach to prioritise the acceptance of applications for small numbers of shares, over those for larger numbers of shares.
In the funded invitation, applicants could apply for a minimum of 25 Sasol Inzalo ordinary shares for an amount of R457.50. Applications for subscription amounts between R457.50 and R915 (i.e. 50 Sasol Inzalo ordinary shares) were accepted in full.
Applications for 50 shares and more were allocated on a pro-rata basis. In the funded invitation, applicants received the number of shares applied for up to 50 shares and then, on average, 11.3% of the balance of the shares applied for.
In the cash invitation, applicants could apply for a minimum of 10 Sasol BEE ordinary shares for an amount of R3 660. Applications for subscription amounts between R3 660 and R18 300 (i.e. 50 Sasol BEE ordinary shares) were accepted in full.
Applications for 50 shares and more were allocated on a pro-rata basis. In the cash invitation, applicants received the number of shares applied for up to 50 shares and then, on average, 76.7% of the balance of the shares applied for.
The top three provincial allocations were to Gauteng, Mpumalanga and KwaZulu Natal at 45%, 19% and 15% respectively, while the largest age group represented in the transaction was the 31-40 years group at 26%, followed by the 41-50 year-olds at 23%.
Younger applicants, in the 22-30 age category, as well as the 0-21 category were level at 16%.
Female individuals received 43.6% of the allocation with female groups taking 3.9%, while male individuals received 43% of the allocation with male groups taking 9.5%.
As a further testimony to the broad-based attraction of the invitations, 95% of the applications received were for 200 shares, or less.
“We are very pleased with the outcome of the allocation as we met our broad based targets and still recognised the investment interest from applicants seeking larger numbers of shares,” said Sasol executive director Nolitha Fakude.
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