Sasol, the South African integrated energy and chemical company, has announced the results of its General Meeting held on 17 November 2023. Shareholders gathered to deliberate on a crucial matter—the specific authority to issue Sasol Ordinary Shares in accordance with the Terms and Conditions to holders of Convertible Bonds who choose to convert their bonds into Sasol Ordinary Shares.

Special Resolution Passes with Strong Support

The highlight of the meeting was the special resolution, which secured approval from a significant majority of voting rights exercised. The detailed breakdown of the votes reveals a robust mandate for the resolution.

1. Special Resolution: Specific Authority to Issue Sasol Ordinary Shares

The substantial 85.13% approval underscores the confidence and support Sasol shareholders have in the proposed course of action.

Record Date and Total Shares in Issue

The results are based on the total number of Sasol Ordinary Shares and Sasol BEE Ordinary Shares in issue, as of the Record Date on Friday, 10 November 2023. The total shares in issue amounted to 644,967,612. This figure set the stage for a comprehensive assessment of the shareholders’ sentiment during the General Meeting.

Significance of the Special Resolution

The approval of the special resolution grants Sasol the specific authority to issue Ordinary Shares in alignment with the Terms and Conditions to holders of Convertible Bonds who decide to exercise their rights to convert these bonds into Sasol Ordinary Shares. The strategic move aims to provide flexibility to Sasol and its shareholders while optimizing the capital structure.

Shareholder Participation and Engagement

The impressive 73.21% of shares voted reflects a high level of shareholder participation in the decision-making process. Shareholders actively engaged in shaping the company’s future by expressing their views on the proposed resolution.

Analysis of Voting Patterns

To gain a deeper understanding of the shareholders’ stance, the analysis focused on the breakdown of votes, excluding treasury shares from the calculation. The following insights emerged:

• Support: 85.13% of shareholders voted in favor of the resolution, indicating a robust endorsement of Sasol’s strategic direction.
• Opposition: The 14.87% of votes against the resolution signifies a minority dissenting view among the shareholders.
• Abstentions: A minimal 0.23% of shareholders chose to abstain from voting, possibly reflecting a neutral stance or a decision to refrain from taking a position.

Forward Momentum for Sasol

The positive outcome of the General Meeting propels Sasol forward with a clear mandate from its shareholders. The approved resolution aligns with the company’s broader strategic objectives and financial planning.

Comments from Leadership

In response to the resounding support from shareholders, Sasol’s leadership expressed gratitude for the confidence placed in the company’s vision. The approval of the special resolution is seen as a testament to the collaborative relationship between Sasol and its shareholders.

Implications for Sasol’s Capital Structure

The approved resolution provides Sasol with increased flexibility in managing its capital structure. The ability to issue Ordinary Shares to holders of Convertible Bonds enhances Sasol’s financial agility, positioning the company to navigate evolving market conditions effectively.

Commitment to Transformation: BEE Ordinary Share Code

Sasol’s commitment to Broad-Based Black Economic Empowerment (BEE) is evident in its BEE Ordinary Share code (JSE: SOLBE1) and BEE Ordinary ISIN code (ZAE000151817). The company continues to prioritize inclusivity and diversity in its ownership structure.

Conclusion

The resounding approval of the special resolution at Sasol’s General Meeting marks a significant milestone in the company’s journey. Shareholders have demonstrated their confidence in Sasol’s strategic initiatives, emphasizing the collaborative spirit between the company and its investors. As Sasol moves forward with enhanced financial flexibility, the positive outcome positions the company for continued success in the dynamic energy and chemical landscape.