Sasol says it did not share price-sensitive information with certain investors

Sasol says it did not share any new price-sensitive information with certain investors after analysts complained that its private discussions with some shareholders had prejudiced others.

On Friday last week, Sasol delayed the release of its full-year earnings report by a month to allow more time for the completion of a probe into cost overruns and start-up delays at its Lake Charles chemical plant in the US.

The company, whose shares fell sharply after the announcement, then held talks with certain investors and analysts who had wanted more information.

But some market commentators complained that this flouted the JSE’s rules in that these investors may have been privy to price-sensitive information while others were not.

JSE CEO Nicky Newton-King, who announced recently that she will retire, said on Twitter on Tuesday the bourse’s regulatory team “is on top of the issue and is clarifying factual position with Sasol”.

Sasol said on Wednesday that “as is normal practice”, it had engaged with investors and analysts in response to the announcement that it would delay its results.

“Sasol confirms that no material or price-sensitive information other than that contained in the announcement was discussed in any of these engagements,” it said.

Last Friday, the company said the delay was necessary as it would “allow for the completion of management’s assessment and remediation of possible control weaknesses followed by the consideration of these assessments by Sasol’s external auditors”.