first_img3 September 2008Information booklets, containing statements of allocation, will today be posted to almost 300 000 new shareholders who applied to participate in the Sasol Inzalo black economic empowerment (BEE) transaction.Both the cash and funded invitations were extremely sought-after with the cash offer being oversubscribed by 13% and the funded being more than 300% oversubscribed.“Sasol Inzalo’s mandate is to deliver a transaction that will help make broad-based black economic empowerment a tangible and practical reality in the lives of South Africans who may previously not have considered this type of an investment,” said Sasol CEO Pat Davies.“We are very proud that Sasol has met these objectives and is today able to initiate its dialogue with our thousands of new shareholders. I warmly welcome them, from 8 September 2008, when they join the Sasol family.”‘Bottom up’ approachTo achieve a broad-based shareholding of Sasol BEE ordinary shares and Sasol Inzalo ordinary shares, applications were accepted using a “bottom up” approach to prioritise the acceptance of applications for small numbers of shares, over those for larger numbers of shares.In the funded invitation, applicants could apply for a minimum of 25 Sasol Inzalo ordinary shares for an amount of R457.50. Applications for subscription amounts between R457.50 and R915 (i.e. 50 Sasol Inzalo ordinary shares) were accepted in full.Applications for 50 shares and more were allocated on a pro-rata basis. In the funded invitation, applicants received the number of shares applied for up to 50 shares and then, on average, 11.3% of the balance of the shares applied for.In the cash invitation, applicants could apply for a minimum of 10 Sasol BEE ordinary shares for an amount of R3 660. Applications for subscription amounts between R3 660 and R18 300 (i.e. 50 Sasol BEE ordinary shares) were accepted in full.Applications for 50 shares and more were allocated on a pro-rata basis. In the cash invitation, applicants received the number of shares applied for up to 50 shares and then, on average, 76.7% of the balance of the shares applied for.Broad-based empowermentThe top three provincial allocations were to Gauteng, Mpumalanga and KwaZulu Natal at 45%, 19% and 15% respectively, while the largest age group represented in the transaction was the 31-40 years group at 26%, followed by the 41-50 year-olds at 23%.Younger applicants, in the 22-30 age category, as well as the 0-21 category were level at 16%.Female individuals received 43.6% of the allocation with female groups taking 3.9%, while male individuals received 43% of the allocation with male groups taking 9.5%.As a further testimony to the broad-based attraction of the invitations, 95% of the applications received were for 200 shares, or less.“We are very pleased with the outcome of the allocation as we met our broad based targets and still recognised the investment interest from applicants seeking larger numbers of shares,” said Sasol executive director Nolitha Fakude.SAinfo reporter Would you like to use this article in your publicationor on your website?See: Using SAinfo materiallast_img read more

first_imgZimbabwe gave India a seven-wicket hiding, their largest victory over India in ODIs, and also the first time they’ve beaten them in back-to-back games in their 27-year history.India vs Zimbabwe, Scores On a slow pitch at the Harare Sports Club, Zimbabwe’s four spinners led by Greg Lamb (3-45) combined beautifully to restrict India to miserable 194-9, with only Ravindra Jadeja (51) reducing the damages.It seemed the pitch would continue to assist India’s spinners but Zim openers Brendan Taylor (74) and Hamilton Masakadza (66) knocked off 128 in 26.4 overs, before sealing the win in 39.2.Sri Lanka and India had both fielded second-string sides in what was to be a low-key tournament, and the opportunist Zimbabwe have seized upon a chance to ensure this isn’t a two-horse race.India’s slow, cautious start contributed to this loss in no small way. Murali Vijay (21 off 56b) did not strike a boundary in his painstaking innings, adding 58 with Dinesh Karthik in 16.1 overs. They started with 26 runs in 10 overs — a pace largely unseen since the turn of the century — and India’s run-rate never crossed four. Karthik was beginning to blossom when he miscued a reverse sweep off Lamb to Tatenda Taibu with the gloves.A collapse ensued, and India slipped to 95-5. Lamb put Vijay out of his misery, luring him to drive through the cover and getting him stumped.Virat Kohli (18) was caught behind off Prosper Utseya, and the twin run-outs of skipper Suresh Raina and the in-form Rohit Sharma ensured India could at best reach a modest score.advertisementYusuf Pathan flopped too, but Ashok Dinda added 48 with Jadeja to prevent India from being bowled out under 150.The top-order failure allowed seamer Andy Blignaut — who hasn’t played cricket in four years — to slip in 10 overs for 22 runs with the wicket of Jadeja. Taylor and Masakadza were cautious at the start before cutting loose. They raced to 54 in 10 overs and 100 in the 20th.Taylor, having made 83 in the previous game against India, missed out on a hundred here as well when he chipped Pragyan Ojha to long-off.Jadeja dismissed Masakadza and Charles Coventry but it was too little, too late.last_img read more