The process of unwinding the Sasol Inzalo BEE investment scheme and setting up Sasol Khanyisa has commenced which requires investors to take some action including exercising an option.
Here follows what different investors need to do:
Sasol Inzalo Public (SIPBEE)
Qualifying shareholders in Sasol Inzalo Public and Sasol Inzalo Groups will be invited to participate in Sasol Khanyisa Public. The invitation is set to be issued on the 16th of April 2018. The Sasol Inzalo Public final redemption date has been set for the 8th of September 2018:
The invitation will see qualifying Sasol Inzalo Public shareholders receive:
- 1 Sasol Khanyisa Public share for every Sasol Inzalo Public or Groups share held, at no cost, and
- 1 SOLBE1 share for every 10 Sasol Khanyisa Public shares that are immediately tradeable, at no cost.
As an example, if you own 100 Sasol Inzalo Public shares you will receive at no cost to you:
- 100 Sasol Khanyisa Public shares, funded by Sasol; and
- a further 10 SOLBE1 shares, worth R3 300 based on a share price of R330 per share (value will depend on actual share price).
All SOLBE1 shares, issued at no cost to you, are tradeable from the date of issue.
1 June 2018: Sasol Khanyisa effective date. Additional SOLBE1 shares issued. SIPBEE delisted from the JSE empowerment segment
Sasol Inzalo BEE Ordinary (SOLBE1)
SOLBE1 shareholders will on the 21st of February 2018 be invited to make their choice between retaining their SOLBE1 shares and converting them in to Sasol group ordinary shares.
They will have the opportunity to keep their shares in the empowerment segment of the JSE and participate in Sasol Khanyisa at no cost.
The retention option
Those that choose to remain within the empowerment segment of the JSE will receive one bonus Sasol BEE Ordinary Share (SOLBE1) for every four Sasol BEE Ordinary (SOLBE1) shares owned.
The conversion option
Those that choose to leave the empowerment segment of the JSE will automatically receive Sasol ordinary shares equal to the number of their Sasol BEE Ordinary (SOLBE1) shares. 100 SOLBE1 shares will become 100 Sasol ordinary shares.
Those who go with the conversion to Sasol ordinary shares will not take part in Sasol Khanyisa and they will not receive any additional shares.