Sasol Khanyisa, the new R21 billion Broad-Based Black Economic Empowerment deal, proposed by Sasol has been approved and will rolled out as follows.
In February 2018, eligible participants will be invited to keep Sasol BEE Ordinary (SOLBE1) shares on the empowerment segment of the JSE, instead of converting to Sasol ordinary shares.
They will receive the following should they elect to keep the SOLBE1 designation:
- One bonus SOLBE1 share for every four SOLBE1 shares owned; and
- Be invited to participate in Sasol Khanyisa.
Thereafter, in April 2018, eligible Sasol BEE Ordinary shareholders (SOLBE1) and Sasol Inzalo Groups and Public funded shareholders will be invited to participate in Sasol Khanyisa and receive the following:
- One Sasol Khanyisa Public share for every Sasol Inzalo share held; and
- One Sasol BEE Ordinary share for every 10 Sasol Khanyisa Public shares held.
These bonus SOLBE1 and additional SOLBE1 shares issued to shareholders are tradeable from the date of issue.
At the end of the 10 year period and once the vendor funding has been settled, Sasol Khanyisa Public shares will be exchanged for SOLBE1 shares listed the empowerment segment of the JSE.
Participants in the Sasol Khanyisa employee share ownership plan will receive a debt-free share grant of Sasol ordinary shares and Sasol shares listed on the empowerment segment of the JSE worth R100 000. These shares, subject to taxation, will become theirs to keep or sell at the end of a three-year period, in 2021. Participating employees will also receive a pro rata portion of dividends received by the Sasol Khanyisa trust during the three-year period.