So after wasting 12 billion dollars of investors money they sell 50% (6billion dollars) for 2 billion dollars????????????????????
Can someone please go and show there management how a calculator works !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
And all this to bring debt down from $10Billion to $8 billion.
I am certain that investors would have opted to rather do a rights issue for $2billion than to give 50% away for nothing. I mean we already footed the bill for the $12 billion so what is another $2 billion spread over all the shareholders.
I really hope that shareholders vote against this transaction as this does not make sense????????
Notwithstanding this progress, the Company continues to work towards a rights offer of up to
US$2 billion in the second half of the 2021 financial year as the final step of the response plan. This,
if implemented, would allow Sasol to operate sustainably within its covenant thresholds and so deliver
on the Future Sasol Strategy. The amount to be raised in any rights offer and its timing remain subject
to prevailing operating and market conditions as well as other initiatives, such as further disposals,
that Sasol may implement. Any equity raising will also be aligned with the outlook for the Company
under the Future Sasol Strategy. In light of the extended period before any rights offer takes place,
the Company has terminated the standby underwriting arrangements that were put in place in March
So even though they sold 50% they will also ask the shareholders for $2 billion. Just ask for $4Billion and get it over with. We know management messed up so lets just refinance and and get it back on track. Sasol must claw back al salaries and bonusses paid to management over last 5 years - let them keep 50% of there salary so we can use the other 50% to pay for this mess.....
I am so mad, so please ignore all my comments as I am just trying to vent somewhere...............