Sasol’s offer for ‘the blind’

2011-09-03 10:45

Black people who bought Sasol’s ­Inzalo shares will on Thursday be ­allowed to start trading their shares.

Investors and potential ­buyers for the shares will have to “thumbsuck” a value of the shares and agree on a price before a sale can be made.

“As the Sasol Inzalo Ordinary Shares are unlisted, transfers or sales will only take place as a result of a private direct negotiation ­between buyer and seller,” Sasol spokesperson Nothemba Noruwana told City Press.

“The market value or price agreed between the two parties will be unique to their agreement. Therefore the seller and buyer will need to determine the value of each share and reach an agreement between themselves,” she said.

Sasol last week sent its broad-based black economic empowerment investors – which included ­Africans, Coloureds, Indians and Chinese – correspondence notifying them that they could start exercising their options to sell, and went on to advise them on their options to sell.

“It gives us pleasure to inform you that as of 8 September 2011 you will be entitled to sell or transfer your Sasol lnzalo shares,” reads the letter.

The letter then advises the investors on their options to sell.

“Sasol lnzalo was established as a long-term investment from ­September 8 2008 to September 7 2018, so you are not obliged to sell or transfer your shares during this period,” it reads.

“We also encourage you to seek guidance from a licensed financial adviser before deciding whether to sell or transfer your shares,” said the letter signed by Sasol Inzalo ­chairperson Bheki Sibiya and Sasol executive director Nolitha Fakude.

“Sasol Limited and Sasol lnzalo Public Limited have appointed Computershare to do the transfers of your shares.”
Empowerment analyst Ajay Lalu criticised Sasol for not listing the shares.

“This is a poor mechanism to achieve transformation because ­essentially most of the people who bought the shares are an un­sophisticated public – as they come from townships and rural areas – which is looking for guidance on ­determining the value of the shares,” said Lalu.

“Not listing the shares could open a process of abuse where the shares could end up being sold at below market price,” he said.

“Sasol should have given a range of value that is acceptable. The ­problem, however, is that this will ­effectively show that the shares are worth less than the ordinary share price of Sasol,” said Lalu.

Sasol Inzalo investor Patricia Mokoena said she would decide whether to sell the shares once she knew their value.

“Before exercising my option to sell, I will first check how much the shares are worth,” she said, adding that she was baffled to discover that the shares could only be sold through a broker.

For more information, investors can contact Computershare as follows:

»Phone the call centre on ­0800 000 222 during business hours;

»Send an e-mail to ­sasolinzalosales@computershare.co.za;

»Visit the Computershare offices at 70 Marshall Street, Johannesburg; or

»Write to ­Computershare Sasol lnzalo Sales, Private Bag X4, Marshalltown, 2107.

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