SS Lazio (BIT:SSL)
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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,