Sasol bosses pull out

Madoda Milazi

Madoda Milazi

Sasol chief executive Pat Davies yesterday said there was nothing amiss about the withdrawal of four of its top black directors from the R7,5billion black empowerment share scheme.

The four include Nolitha Fakude, who is driving the share scheme, Mandla Gantsho, Imogen Mkhize and Benny Mokaba.

Speaking at the company headquarters in Rosebank, Davies said the "feeling" he got was that the four withdrew "to allow smaller shareholders to participate".

This was confirmed by Fakude.

Fakude said the cash option was oversubscribed by 13percent and the funded option by 300percent.

"To achieve a broad-based shareholding of Sasol BEE shares and Sasol Inzalo shares, applicants were accepted using a bottom up approach to prioritise the acceptance of application for small numbers of shares over those of larger numbers," said Fakude.

She said in the funded option, applicants could apply for a minimum of 25 shares for R457,50. Applications for subscription amounts between R457,50 and R915 were accepted in full, while those for 50 and more were allocated on a pro-rata basis.

In the cash invitation, she said, applicants could apply for a minimum of 10 shares for R3660. Applications for subscription amounts between R3660 and R18300 (50 shares) were accepted in full, while those for more than 50 were allocated on a pro-rata basis.

"Within groups, an emphasis was placed on the percentage of black ownership, with a barrier entry of 51percent being required. In addition to this, groups were rated according to their percentages of female ownership with an additional 10percent allocation for women ownership above 51percent," she said.

She said the allocation for individual buyers favoured women, the unemployed and the disabled, by allocating another 10percent to these groups.

Davies said refunds to applicants, where applications could not be met in full, began on Monday evening and share certificates would be issued on September 8.

He said those who bought shares had already been paid interest, at a rate of five percent for the first R1million and seven percent for amounts in excess of R1million, dated from the closing date of July 9 until September 1.