In the black! Monday payday for Sasol Inzalo's shareholders

Sasol's Inzalo scheme will be delisted on Tuesday next week after a cash payout of over R1.3-billion to its public shareholders on Monday‚ September 17.

Each Sasol Inzalo Public (SIPBEE) shareholder will receive R85‚63 per share (less dividends withholding tax of 20%‚ if applicable)‚ the Sasol Inzalo Public (RF) Limited company said in a statement.In 2008‚ when Sasol Inzalo was created‚ it was with the objective of providing black South Africans with the opportunity to own a portion of Sasol.

Sasol Inzalo was launched at a Sasol share price of R366 per share in September 2008 and there were several categories of participating shareholders including employees - who got them for free - and the Sasol Inzalo Public (SIPBEE shareholders) - who paid R18‚30 or R36‚60 per share.

Over the term of the Sasol Inzalo transaction‚ the share price has been impacted by volatility in crude oil and commodity prices‚ reaching a high of R632 per share in 2014‚ and a low of R252 per share in 2009.

SIPBEE shareholders are encouraged to contact Computershare to update their contact and bank details ahead of the cash distribution.

Computershare can be contacted by email at sasolinzalo@computershare.co.za or telephonically on 0800 000 222 toll-free (South African calls) and +27(0)11 370 7700 (International calls).

Explaining the background to the payout‚ the company said that on Friday‚ September 7‚ 2018‚ Sasol Limited repurchased 16‚1-million Sasol preferred ordinary shares from Sasol Inzalo Public Funding (Pty) Ltd (Fundco) at R542‚11 per share.

A 30-day volume weighted average share price (as at September 6) was used to calculate the price for the Sasol preferred ordinary shares. The total price paid to Fundco was R8.7- billion. Fundco repaid its outstanding Inzalo funding of R7‚4-billion on Monday‚ September 10.

"After repayment of the outstanding Inzalo funding‚ paying taxes and costs‚ there is a cash surplus of over R1‚3-billion (net of dividends withholding tax‚ if applicable) which will be distributed to the SIPBEE shareholders on 17 September 2018. This marks the end of the Sasol Inzalo transaction. Sasol Inzalo Public Limited (RF) will delist from the JSE on Tuesday‚ 18 September 2018‚" the statement read.