What next as Sasol Inzalo Public BEE schemes comes to an end: Here’s all you need to know

Ujuh Reporter

On the 17th of September 2018, Sasol Inzalo Public (SIPBEE) paid out about R1.3 billion or R85.63 per share (less tax)to its investors bringing to an end the life of this broad based black economic empowerment (B-BBEE) share. The SIPBEE shares delisted from the JSE on  September 18. And it is reincarnated, so to speak, as Sasol Khanyisa.

Many Sasol Inzalo Public investors are asking us: And so what now?  Here are the critical things you need to know.

The BEE Commission Matter

A group of disaffected shareholders have organised themselves with the help of ProBonoMatters to approach the BEE Commission to ask for a probe around the Sasol Inzalo scheme. ProBonoMatters observes that even though the scheme managed to payout R1.3 billion to shareholders, there are matters of principles which need to be addressed.

And there are critical questions which need to be answered around the making, organisation, practice and behaviour of the scheme

Source: Sasol

and certain parties around it. And there is a matter excluded ex-employees which must be resolved. Above all is the fact that an initiative which was sold to people as a reparation of sort was left to chance. And so the lodging of the case with the BEE Commission is set to go ahead, notes ProBonoMatters.

The dividend

If your contact and banking details were in order you must have been paid by now. And the time it takes for the payment to reflect on your account depends on your bank.

To ensure that your contact and banking details are in order, contact Computershare where you can update these details if needs be via their call centre.

Computershare contacts  are as follows:

  •  Email: sasolinzalo@computershare.co.za
  • Call Centre toll-free: 0800 000 222 or
  • Call Centre (International): +27(0)11 370 7700

Sasol Khanyisa

The delisting of Sasol Inzalo on September 18 brings to an end the share’s 10 years journey. And now the focus shift to Sasol Khanyisa.

Qualifying SIPBEE shareholders would have been invited to participate in the Sasol Khanyisa allocation along the following lines.

SIPBEE shareholders were offered the following:

  •  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

All SOLBE1 shares, issued at no cost to you, are tradeable from the date of issue.

Sasol Khanyisa shares are not listed and therefore cannot be traded. Sasol has promised that the Khanyisa shares will be tradeable after three years, that’s in 2021.

news@ujuh.co.za

Leave a Reply

Your email address will not be published. Required fields are marked *