South Africa: Sasol Directors Pile Into Inzalo BEE Shares
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Business Day (Johannesburg)
11 July 2008
Posted to the web 11 July 2008
Siseko Njobeni
Johannesburg
DIRECTORS of petrochemicals giant Sasol have emerged as among the biggest beneficiaries of the group's Inzalo empowerment share scheme.
With no cap on the amount prospective investors could apply for, the scheme attracted a number of cash-flush investors, enhancing the possibility of an oversubscription.
It appears investors who lined up for a slice of the shares this week may not get as many as they wanted, if the scheme is oversubscribed.
According to the prospectus, executive director and one of the key Sasol personnel behind the deal, Nolitha Fakude, intended to apply for 73200 shares on the funded option and 200 000 shares under the cash option.
Fellow executive director Benny Mokaba would apply for 273 200 shares under the funded option and financial director Christine Ramon would also apply for 273200 shares under that option. The prospectus said Fakude, Mokaba and Ramon would be granted vested rights to 25000 ordinary shares .
Nonexecutive director Imogen Mkhize would buy 130000 shares in the funded option and 2500 in the cash invitation. Sam Montsi opted for 120000 (funded ) and 20000 (cash ), Hixonia Nyasulu 112000 (funded ) and Mandla Gantsho 273200 (funded) and 68300 or "25% of 273200", as the prospectus put it .
Sasol shareholders had approved the participation of the directors in the scheme, the company said.
Sasol spokeswoman Jacqui O'Sullivan said yesterday if there was oversubscription, investors applying for the smallest number of shares would get preference. "The shares will be allocated in a bottom-up fashion ," she said.
Legae Securities analyst Zandisile Mabuya said investors who had put a lot of money in the scheme were likely to stay . "The investor who bought for millions is likely to be in for the long haul. C hances are that these are people who have made their millions in other empowerment deals. There is, however, a question about whether investors who put in smaller amounts will stay ."
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Shoaib Ahmed Vayej of Sanlam Investment Management said yesterday the share offer was valuable as a saving scheme for 10 years.
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I dislike reading about things that I in no way can particpate in any way.One day people will have to admit to the added harm they are inflicting on the economy,somebody somewhere has to pay the difference with utterly no gain.Doesn't sound right does it,it wont because BEE passed its sellby date a long time ago.