Sasol Limited: Specific Repurchase and Cancellation of Ordinary Shares Held by Subsidiary

JOHANNESBURG, February 26, 2018 /PRNewswire/ --

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.

Sponsor: Deutsche Securities (SA) Proprietary Limited

Disclaimer - Forward-looking statements: Sasol may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return, executing our growth projects (including LCCP) oil and gas reserves and cost reductions, including in connection with our Business Performance Enhancement Programme and Response Plan and our business performance outlook. Words such as "believe", "anticipate","expect", "intend", "seek", "will", "plan", "could", "may", "endeavour", "target", "forecast", "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 the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements. These factors are discussed more fully in our most recent annual report on Form 20-F filed on 28 August 2017 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. 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.

Please note: A billion is defined as one thousand million. All references to years refer to the financial year ended 30 June. Any reference to a calendar year is prefaced by the word "calendar".

Investor Relations:

Moveshen Moodley
Chief Investor Relations Officer
Telephone: +27-(0)-10-344-8052

Alex Anderson
Head of Group Media Relations
Direct telephone: +27-(0)-10-344-6509
Mobile: +27-(0)-71-600-9605

Matebello Motloung
Senior Specialist: Media Relations
Direct telephone: +27-(0)-10-344-9256
Mobile: +27-(0)-82-773-9457

SOURCE Sasol Limited