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Sasol's Inzalo shareholders to get cash pay-out of over R1.3bn

Eyewitness News logo Eyewitness News 2018-09-11 Eyewitness News

a close up of a fence: A file picture shows the logo of Sasol at its headquarters in Johannesburg. © AFP A file picture shows the logo of Sasol at its headquarters in Johannesburg. JOHANNESBURG – Sasol's Inzalo scheme announced on Tuesday that it will distribute over R1,3 billion to the Sasol Inzalo Public (SIPBEE) shareholders in the form of a cash payment on Monday 17 September.

According to the company, each SIPBEE shareholder will receive R85,63 per share (less dividends withholding tax of 20%, if applicable).

“On Friday, 7 September 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 6 September 2018) was used to calculate the price for the Sasol preferred ordinary shares. The total price paid to Fundco was R8,7 billion,” Sasol said in a statement.

Fundco repaid its outstanding Inzalo funding of R7,4 billion on Monday.

“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. The scheme will delist from the Johannesburg Stock Exchange next week Tuesday.

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