INVOLUNTARY INSOLVENCY/LIQUIDATION. 9.1 If You are a Black Person who is involuntarily sequestrated (whether provisionally or finally), during the Empowerment Period, then: 9.1.1 the Public Facilitation Trust will not have the right to buy Your Sasol Inzalo Ordinary Shares pursuant to clause 7 even though those shares as a result may now be held in breach of the requirements of this Agreement unless clause 9.2 applies; 9.1.2 the trustee, instead of having to do so immediately, will have 180 (one hundred and eighty) days from the date of Your provisional sequestration to Sell Your Sasol Inzalo Ordinary Shares, subject to compliance with clause 6, to any Black Person and/or a Black Group. 9.2 If the trustee has not complied with clause 9.1.2, the Public Facilitation Trust shall be entitled, but shall not be obliged, to buy Your Sasol Inzalo Ordinary Shares by written notice to the trustee, in which event a Sale of Your Sasol Inzalo Ordinary Shares shall be deemed to have been concluded on the following terms and conditions: 9.2.1 Your Sasol Inzalo Ordinary Shares shall be Sold with effect from the day prior to the date of Your provisional sequestration; 9.2.2 the purchase price of Your Sasol Inzalo Ordinary Shares shall be the Forced Sale Value calculated as at the date of the written notice from the Public Facilitation Trust to Your trustee, discounted by 10% (ten per cent). The reason for the discount is to encourage Your trustee to find a suitable buyer, because Sasol will, if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your Sasol Inzalo Ordinary Shares; 9.2.3 the purchase price, less an amount equal to the amount of dividends paid to You during the period in which Your trustee was in breach of clause 9.1.2, shall be payable against delivery of the transfer form for Your Sasol Inzalo Ordinary Shares. If the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your trustee notice, then You agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your attorney and agent to sign the necessary transfer forms; 9.2.4 the Sasol Inzalo Ordinary Shares shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that: 9.2.4.1 You are the beneficial as well as registered owner thereof; and 9.2.4.2 no person has any right of any nature whatsoever to acquire the Sasol Inzalo Ordinary Shares in question; 9.2.5 the securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trust. 9.3 If You are a Black Group and any of You are involuntarily liquidated (provisionally or finally), as a result of which, during the Empowerment Period, You are no longer a Black Group, then: 9.3.1 the Public Facilitation Trust will not have the right to buy Your Sasol Inzalo Ordinary Shares pursuant to clause 7 even though those shares as a result may now be held in breach of the requirements of this Agreement unless clause 9.4 applies; 9.3.2 if it is not possible for the breach to be remedied during the Empowerment Period, Your liquidator can Sell Your Sasol Inzalo Ordinary Shares to a Black Group and/or a Black Person; 9.3.3 instead of having to remedy the breach immediately Your liquidator will have 180 (one hundred and eighty) days from the date of Your provisional liquidation to act in accordance with clause 9.3.2. 9.4 If Your Sasol Inzalo Ordinary Shares have not been Sold or the breach caused by the liquidation has not otherwise been remedied within 180 (one hundred and eighty) days from the date of Your liquidation, the Public Facilitation Trust shall be entitled, but shall not be obliged, to buy Your Sasol Inzalo Ordinary Shares by written notice to Your liquidator, in which event a Sale of Your Sasol Inzalo Ordinary Shares shall be deemed to have been concluded on the following terms and conditions: 9.4.1 the Sasol Inzalo Ordinary Shares shall be Sold with effect from the day prior to the date of Your provisional liquidation; 9.4.2 the purchase price of the Sasol Inzalo Ordinary Shares shall be the Forced Sale Value calculated as at the date of the written notice from the Public Facilitation Trust to Your liquidator, discounted by 10% (ten per cent). The reason for the discount is to encourage Your liquidator to find a suitable buyer, because Sasol will, if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your Sasol Inzalo Ordinary Shares; 9.4.3 the purchase price, less an amount equal to the amount of dividends paid to You during the period in which Your liquidator was in breach of clause 9.3.2, shall be payable against delivery of the transfer form for Your Sasol Inzalo Ordinary Shares. If the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your liquidator notice, then You agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your attorney and agent to sign the necessary transfer forms; 9.4.4 the Sasol Inzalo Ordinary Shares shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that: 9.4.4.1 You are the beneficial as well as registered owner thereof; and 9.4.4.2 no person has any right of any nature whatsoever to acquire the Sasol Inzalo Ordinary Shares in question; 9.4.5 the securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trust.
Appears in 1 contract
Samples: Funded Contract
INVOLUNTARY INSOLVENCY/LIQUIDATION. 9.1 If You are a Black Person who is involuntarily sequestrated (whether provisionally or finally), during the Empowerment Period, then:
9.1.1 the Public Facilitation Trust will not have the right to buy Your Sasol Inzalo Ordinary Shares pursuant to clause 7 even though those shares as a result may now be held in breach of the requirements of this Agreement unless clause 9.2 applies;
9.1.2 the trustee, instead of having to do so immediately, will have 180 (one hundred and eighty) days from the date of Your provisional sequestration to Sell Your Sasol Inzalo Ordinary Shares, subject to compliance with clause 6, to any Black Person and/or a Black Group.
9.2 If the trustee has not complied with clause 9.1.2, the Public Facilitation Trust shall be entitled, but shall not be obliged, to buy Your Sasol Inzalo Ordinary Shares by written notice to the trustee, in which event a Sale of Your Sasol Inzalo Ordinary Shares shall be deemed to have been concluded on the following terms and conditions:
9.2.1 Your Sasol Inzalo Ordinary Shares shall be Sold with effect from the day prior to the date of Your provisional sequestration;
9.2.2 the purchase price of Your Sasol Inzalo Ordinary Shares shall be the Forced Sale Value calculated as at the date of the written notice from the Public Facilitation Trust to Your trustee, discounted by 10% (ten per cent). The reason for the discount is to encourage Your trustee to find a suitable buyer, because Sasol will, if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your Sasol Inzalo Ordinary Shares;
9.2.3 the purchase price, less an amount equal to the amount of dividends paid to You during the period in which Your trustee was in breach of clause 9.1.2, shall be payable against delivery of the transfer form for Your Sasol Inzalo Ordinary Shares. If the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your trustee notice, then You agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your attorney and agent to sign the necessary transfer forms;
9.2.4 the Sasol Inzalo Ordinary Shares shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that:
9.2.4.1 9.2.5 from the Transfer Date, You are the beneficial owner and the New Registered Shareholder is the registered holder of those Sasol Inzalo Ordinary SharesYou are the beneficial as well as registered owner thereof; and
9.2.4.2 9.2.5.1 no person has any right of any nature whatsoever to acquire the Sasol Inzalo Ordinary Shares in question;
9.2.5 9.2.6 the securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trust.
9.3 If You are a Black Group and any of You are involuntarily liquidated (provisionally or finally), as a result of which, during the Empowerment Period, You are no longer a Black Group, then:
9.3.1 the Public Facilitation Trust will not have the right to buy Your Sasol Inzalo Ordinary Shares pursuant to clause 7 even though those shares as a result may now be held in breach of the requirements of this Agreement unless clause 9.4 applies;
9.3.2 if it is not possible for the breach to be remedied during the Empowerment Period, Your liquidator can Sell Your Sasol Inzalo Ordinary Shares to a Black Group and/or a Black Person;
9.3.3 instead of having to remedy the breach immediately Your liquidator will have 180 (one hundred and eighty) days from the date of Your provisional liquidation to act in accordance with clause 9.3.2.
9.4 If Your Sasol Inzalo Ordinary Shares have not been Sold or the breach caused by the liquidation has not otherwise been remedied within 180 (one hundred and eighty) days from the date of Your liquidation, the Public Facilitation Trust shall be entitled, but shall not be obliged, to buy Your Sasol Inzalo Ordinary Shares by written notice to Your liquidator, in which event a Sale of Your Sasol Inzalo Ordinary Shares shall be deemed to have been concluded on the following terms and conditions:
9.4.1 : the Sasol Inzalo Ordinary Shares shall be Sold with effect from the day prior to the date of Your provisional liquidation;
9.4.2 9.4.1 the purchase price of the Sasol Inzalo Ordinary Shares shall be the Forced Sale Value calculated as at the date of the written notice from the Public Facilitation Trust to Your liquidator, discounted by 10% (ten per cent). The reason for the discount is to encourage Your liquidator to find a suitable buyer, because Sasol will, if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your Sasol Inzalo Ordinary Shares;
9.4.3 9.4.2 the purchase price, less an amount equal to the amount of dividends paid to You during the period in which Your liquidator was in breach of clause 9.3.2, shall be payable against delivery of the transfer form for Your Sasol Inzalo Ordinary Shares. If the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your liquidator notice, then You agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your attorney and agent to sign the necessary transfer forms;
9.4.4 9.4.3 the Sasol Inzalo Ordinary Shares shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that:
9.4.4.1 9.4.4 from the Transfer Date, You are the beneficial owner and the New Registered Shareholder is the registered holder of those Sasol Inzalo Ordinary SharesYou are the beneficial as well as registered owner thereof; and
9.4.4.2 9.4.4.1 no person has any right of any nature whatsoever to acquire the Sasol Inzalo Ordinary Shares in question;
9.4.5 the securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trust.
9.4.5.1 9A OBLIGATION ON NEW REGISTERED SHAREHOLDER TO PROCURE TRANSFER OF SASOL INZALO ORDINARY SHARES In respect of clauses 7.2, 8.2, 8.4, 9.2 and 9.4, the New Registered Shareholder will be obliged within 10 (ten) days after receipt of notice from Sasol Inzalo to instruct the relevant central securities depository participant to effect transfer of your Sasol Inzalo Ordinary Shares out of the account in the name of the New Registered Shareholder into an account in the name of the Public Facilitation Trust both as registered and beneficial owner.
Appears in 1 contract
Samples: New Funded Contract
INVOLUNTARY INSOLVENCY/LIQUIDATION. 9.1 If You are a Black Person who is involuntarily sequestrated (whether provisionally or finallyfinally), during the Empowerment Period, then:
9.1.1 the Public Facilitation Trust will not have the right to buy Your Sasol Inzalo BEE Ordinary Shares pursuant to clause 7 even though those shares as a result may now be held in breach of the requirements of this the Agreement unless clause 9.2 applies;
9.1.2 the trustee, instead of having to do so immediately, will have 180 (one hundred and eighty) days from the date of Your provisional sequestration to Sell Your Sasol Inzalo BEE Ordinary Shares, subject to compliance with clause 6, to any Black Person and/or and/ or a Black Group.
9.2 If the trustee has not complied with clause 9.1.2, the Public Facilitation Trust shall be entitled, but shall not be obliged, obliged to buy Your Sasol Inzalo BEE Ordinary Shares by written notice to the trustee, in which event a Sale of Your Sasol Inzalo BEE Ordinary Shares shall be deemed to have been concluded on the following terms and conditions:
9.2.1 Your the Sasol Inzalo BEE Ordinary Shares shall be Sold acquired with effect from the day prior to the date of Your provisional sequestration;
9.2.2 the purchase price of Your the Sasol Inzalo BEE Ordinary Shares shall be the Forced Sale Value calculated as at the date of the written notice from the Public Facilitation Trust to Your the trustee, discounted by 10% (ten per cent). The reason for the discount is to encourage Your the trustee to find find a suitable buyer, because Sasol will, if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your Sasol Inzalo BEE Ordinary Shares;
9.2.3 the purchase price, less an amount equal to the amount of dividends paid to You during the period in which Your the trustee was in breach of clause 9.1.2, shall be payable against delivery of the transfer form for Your Sasol Inzalo BEE Ordinary Shares. If the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your the trustee notice, then You agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your attorney and agent to sign the necessary transfer forms;
9.2.4 the Sasol Inzalo BEE Ordinary Shares shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that:
9.2.4.1 from the Transfer Date, You are the beneficial as well as owner and the New Registered Shareholder is the registered owner thereofholder of those Sasol BEE Ordinary Shares; and
9.2.4.2 no person has any right of any nature whatsoever to acquire the Sasol Inzalo BEE Ordinary Shares in question;
9.2.5 the securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo BEE Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trust.
9.3 If You are a Black Group and any of You are involuntarily liquidated (provisionally or finallyfinally), as a result of which, during the Empowerment Period, You are no longer a Black Group, then:
9.3.1 the Public Facilitation Trust will not have the right to buy Your Sasol Inzalo BEE Ordinary Shares pursuant to clause 7 even though those shares as a result may now be held in breach of the requirements of this the Agreement unless clause 9.4 applies;
9.3.2 if it is not possible for the breach to be remedied during the Empowerment Period, Your liquidator can Sell Your Sasol Inzalo BEE Ordinary Shares to a Black Group and/or a Black Person;
9.3.3 instead of having to remedy the breach immediately Your liquidator will have 180 (one hundred and eighty) days from the date of Your provisional liquidation to act in accordance with clause 9.3.2.
9.4 If Your Sasol Inzalo BEE Ordinary Shares have not been Sold or the breach caused by the liquidation has not otherwise been remedied within 180 (one hundred and eighty) days from the date of Your liquidation, the Public Facilitation Trust shall be entitled, but shall not be obliged, obliged to buy Your Sasol Inzalo BEE Ordinary Shares by written notice to Your liquidator, in which event a Sale of Your Sasol Inzalo BEE Ordinary Shares shall be deemed to have been concluded on the following terms and conditions:
9.4.1 the Sasol Inzalo BEE Ordinary Shares shall be Sold acquired with effect from the day prior to the date of Your provisional liquidation;
9.4.2 the purchase price of the Sasol Inzalo BEE Ordinary Shares shall be the Forced Sale Value calculated as at the date of the written notice from the Public Facilitation Trust to Your liquidator, discounted by 10% (ten per cent). The reason for the discount is to encourage Your liquidator to find find a suitable buyer, because Sasol will, if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your Sasol Inzalo BEE Ordinary Shares;
9.4.3 the purchase price, less an amount equal to the amount of dividends paid to You during the period in which Your liquidator was in breach of clause 9.3.2, shall be payable against delivery of the transfer form for Your Sasol Inzalo BEE Ordinary Shares. If the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your liquidator notice, then You agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your attorney and agent to sign the necessary transfer forms;
9.4.4 the Sasol Inzalo BEE Ordinary Shares shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that:
9.4.4.1 from the Transfer Date, You are the beneficial as well as owner and the New Registered Shareholder is the registered owner thereofholder of those Sasol BEE Ordinary Shares; and
9.4.4.2 no person has any right of any nature whatsoever to acquire the Sasol Inzalo BEE Ordinary Shares in question;
9.4.5 the securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo BEE Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trust.
Appears in 1 contract
Samples: Cash Contract
INVOLUNTARY INSOLVENCY/LIQUIDATION. 9.1 19.1 If You are a Black Person natural person who is involuntarily sequestrated (whether provisionally or finally), during the Empowerment Periodexistence of This BEE Contract, then:
9.1.1 19.1.1 the Public Facilitation Trust will Specified Issuers (or the Specified Issuers’ Nominees) shall not have the right to buy Your Sasol Inzalo Ordinary Shares the Specified BEE Securities issued by those Specified Issuers pursuant to clause 7 17 even though those shares Specified BEE Securities as a result may now be held in breach of the requirements of this Agreement This BEE Contract unless clause 9.2 19.2 applies;
9.1.2 the trustee, 19.1.2 instead of having to do so immediately, will the trustee shall have 180 (one hundred and eighty) days from the additional periods as set out in the Additional Terms of each Specified Issuer in relation to each Specified Issuer’s Specified BEE Securities commencing on the date of Your provisional sequestration sequestration, to Sell Your Sasol Inzalo Ordinary Sharesthe Specified BEE Securities, subject to compliance with clause 616, to any Black BEE Compliant Person and/or a Black Groupand the trustee shall instruct the Registered Shareholder to take whatever steps are necessary, and the Registered Shareholder shall be obliged to take such steps, in order to give effect any such Sale of the Specified BEE Securities by effecting transfer of each Specified Issuer’s Specified BEE Securities out of the account in the name of the Registered Shareholder into an account in the name of the registered shareholder of that BEE Compliant Person.
9.2 19.2 If the trustee has and/or the Registered Shareholder have not complied with their obligations in clause 9.1.219.1 as regards Specified BEE Securities of a particular Specified Issuer, the Public Facilitation Trust that Specified Issuer (or that Specified Issuer’s Nominee) shall be entitled, but shall not be obliged, obliged to buy Your Sasol Inzalo Ordinary Shares from You those Specified BEE Securities by written notice to the trusteetrustee and the Registered Shareholder, in which event a Sale of Your Sasol Inzalo Ordinary Shares those Specified BEE Securities shall be deemed to have been concluded on the following terms and conditions:
9.2.1 Your Sasol Inzalo Ordinary Shares 19.2.1 those Specified BEE Securities shall be Sold acquired with effect from the day prior to the date of Your provisional sequestration;
9.2.2 19.2.2 the purchase price of Your Sasol Inzalo Ordinary Shares those Specified BEE Securities shall be the Forced Sale Value thereof calculated as at the date of the written notice from that Specified Issuer (or the Public Facilitation Trust Specified Issuer’s Nominee) to Your trusteethe trustee and the Registered Shareholder, discounted by 10% (ten per cent). The reason for the discount is to encourage Your trustee to find a suitable buyer, because Sasol willpercentage set out in the Additional Terms of that Specified Issuer, if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your Sasol Inzalo Ordinary Sharesany or as applicable;
9.2.3 19.2.3 the purchase priceprice as calculated in terms of clause 19.2.2, less an amount equal to the amount of dividends paid by that Specified Issuer to You during the period in which Registered Shareholder for Your benefit while the trustee and/or the Registered Shareholder was in breach of clause 9.1.219.1.2, shall be payable against delivery the registration of those Specified BEE Securities in the transfer form for Your Sasol Inzalo Ordinary Shares. If name of that Specified Issuer’s Nominee or upon the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your trustee notice, then You agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your attorney and agent to sign the necessary transfer formscancellation of those Specified BEE Securities;
9.2.4 the Sasol Inzalo Ordinary Shares 19.2.4 those Specified BEE Securities and claims, if any, shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that:
9.2.4.1 19.2.4.1 You are the beneficial Beneficial Owner, and the Registered Shareholder is the registered holder, of those Specified BEE Securities, or You are an Own Name Client in whose name those Specified BEE Securities are registered, as well as registered owner thereofthe case may be; and
9.2.4.2 19.2.4.2 no person has any right of any nature whatsoever to acquire the Sasol Inzalo Ordinary Shares in question;
9.2.5 the securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trustthose Specified BEE Securities.
9.3 19.3 If You are not a Black Group natural person and either You or any of You Your shareholders, members, participants or beneficiaries are involuntarily liquidated (provisionally or finally), as a result of which, during the Empowerment Periodexistence of This BEE Contract, You are no longer a Black GroupBEE Compliant Person, then:
9.3.1 19.3.1 the Public Facilitation Trust will Specified Issuers (or the Specified Issuers’ Nominees) shall not have the right to buy Your Sasol Inzalo Ordinary Shares the Specified BEE Securities issued by those Specified Issuers pursuant to clause 7 17 even though those shares Specified BEE Securities as a result may now be held in breach of the requirements of this Agreement This BEE Contract unless clause 9.4 19.4 applies;
9.3.2 19.3.2 if it is not possible for the breach to be remedied during the Empowerment Periodremedied, Your liquidator or You (if any of Your shareholders, members, participants or beneficiaries are involuntarily liquidated), as the case may be, can Sell Your Sasol Inzalo Ordinary Shares the Specified BEE Securities to a Black Group and/or a Black BEE Compliant Person;
9.3.3 19.3.3 instead of having to remedy the breach immediately do so immediately, Your liquidator will or You, as the case may be, and the Registered Shareholder shall have 180 (one hundred and eighty) days from the additional periods as set out in the Additional Terms of each Specified Issuer in relation to each Specified Issuer’s Specified BEE Securities commencing on the date of Your or Your shareholder’s, member’s, participant’s or beneficiary’s provisional liquidation liquidation, to act Sell the Specified BEE Securities to any BEE Compliant Person and Your liquidator or You, as the case may be, shall instruct the Registered Shareholder to take whatever steps are necessary, and the Registered Shareholder shall be obliged to take such steps, in accordance with clause 9.3.2order to effect any such Sale of the Specified BEE Securities.
9.4 19.4 If Your Sasol Inzalo Ordinary Shares the Specified BEE Securities have not been Sold or the breach caused by the liquidation has not otherwise been remedied within 180 (one hundred and eighty) days from the additional period as set out in the Additional Terms of a particular Specified Issuer commencing on the date of Your or Your shareholder’s, member’s, participant’s or beneficiary’s involuntary liquidation, the Public Facilitation Trust that Specified Issuer (or that Specified Issuer’s Nominee) shall be entitled, but shall not be obliged, obliged to buy from You those Specified BEE Securities which that Specified Issuer has issued by giving Your Sasol Inzalo Ordinary Shares by liquidator or You, as the case may be, and the Registered Shareholder written notice to Your liquidatornotice, in which event a Sale of Your Sasol Inzalo Ordinary Shares those Specified BEE Securities shall be deemed to have been concluded on the following terms term and conditions:
9.4.1 the Sasol Inzalo Ordinary Shares 19.4.1 those Specified BEE Securities shall be Sold acquired with effect from the day prior to the date of Your or Your shareholder’s, member’s, participant’s or beneficiary’s provisional liquidation;
9.4.2 19.4.2 the purchase price of the Sasol Inzalo Ordinary Shares those Specified BEE Securities shall be the Forced Sale Value thereof calculated as at the date of the written notice from that Specified Issuer (or the Public Facilitation Trust Specified Issuer’s Nominee) to Your liquidatorliquidator or You, as the case may be, and the Registered Shareholder, discounted by 10% (ten per cent). The reason for the discount is to encourage Your liquidator to find a suitable buyer, because Sasol willpercentage set out in the Additional Terms of each Specified Issuer, if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your Sasol Inzalo Ordinary Sharesany or as applicable;
9.4.3 19.4.3 the purchase priceprice as calculated in terms of clause 19.4.2, less an amount equal to the amount of dividends paid by that Specified Issuer to You during the period in which Registered Shareholder for Your benefit while Your liquidator or You, as the case may be, and/or the Registered Shareholder was in breach of clause 9.3.219.3.2, shall be payable against delivery the registration of those Specified BEE Securities in the transfer form for Your Sasol Inzalo Ordinary Shares. If name of that Specified Issuer’s Nominee or upon the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your liquidator notice, then You agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your attorney and agent to sign the necessary transfer formscancellation of those Specified BEE Securities;
9.4.4 the Sasol Inzalo Ordinary Shares 19.4.4 those Specified BEE Securities and claims, if any, shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that:
9.4.4.1 19.4.4.1 You are the beneficial Beneficial Owner, and the Registered Shareholder is the registered holder, of those Specified BEE Securities, or You are an Own Name Client in whose name those Specified BEE Securities are registered, as well as registered owner thereofthe case may be; and
9.4.4.2 19.4.4.2 no person has any right of any nature whatsoever to acquire the Sasol Inzalo Ordinary Shares in question;
9.4.5 the securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trustthose Specified BEE Securities.
Appears in 1 contract
Samples: Bee Contract
INVOLUNTARY INSOLVENCY/LIQUIDATION. 9.1 If You you are a Black Person who is involuntarily sequestrated (whether provisionally or finally), during the Empowerment Period, then:
9.1.1 the Public Facilitation Trust will not have the right to buy Your your Sasol Inzalo Ordinary Shares pursuant to clause 7 even though those shares as a result may now be held in breach of the requirements of this the Agreement unless clause 9.2 applies;
9.1.2 if you are involuntarily sequestrated (provisionally or finally), during the Funded Invitation Minimum Investment Period, the restrictions set out in clause 5.3.2 are relaxed so that the trustee of your estate may comply with clause 9.1.1.3;
9.1.3 the trustee, instead of having to do so immediately, will have 180 (one hundred and eighty) days from the date of Your your provisional sequestration to Sell Your your Sasol Inzalo Ordinary Shares, subject to compliance with clause 6, to any Black Person and/or a Black Group.
9.2 If the trustee has not complied with clause 9.1.29.1.1.3, the Public Facilitation Trust shall be entitled, but shall not be obliged, obliged to buy Your your Sasol Inzalo Ordinary Shares by written notice to the trustee, in which event a Sale of Your your Sasol Inzalo Ordinary Shares shall be deemed to have been concluded on the following terms and conditions:
9.2.1 Your the Sasol Inzalo Ordinary Shares shall be Sold with effect from the day prior to the date of Your your provisional sequestration;
9.2.2 the purchase price of Your the Sasol Inzalo Ordinary Shares shall be the Forced Sale Value calculated as at the date of the written notice from the Public Facilitation Trust to Your the trustee, discounted by 10% (ten per centpercent). The reason for the discount is to encourage Your the trustee to find a suitable buyer, because Sasol will, if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your your Sasol Inzalo Ordinary Shares;
9.2.3 the purchase price, less an amount equal to the amount of dividends paid to You you during the period in which Your the trustee was in breach of clause 9.1.29.1.1.3, shall be payable against delivery of the transfer form for Your your Sasol Inzalo Ordinary Shares. If the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your the trustee notice, then You you agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your your attorney and agent to sign the necessary transfer forms;
9.2.4 the Sasol Inzalo Ordinary Shares and claims shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that:
9.2.4.1 You you are the beneficial as well as registered owner thereof; and
9.2.4.2 no person has any right of any nature whatsoever to acquire the Sasol Inzalo Ordinary Shares in question;
9.2.5 the stamp duty or securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trust.
9.3 If You you are a Black Group and any of You you are involuntarily liquidated (provisionally or finally), as a result of which, during the:
9.3.1 Funded Invitation Minimum Investment Period, you fail to maintain your BEE Status;
9.3.2 after the Funded Invitation Minimum Investment Period but during the Empowerment Period, You you are no longer a Black Group, then:–
9.3.1 9.3.3 the Public Facilitation Trust will not have the right to buy Your your Sasol Inzalo Ordinary Shares pursuant to clause 7 even though those shares as a result may now be held in breach of the requirements of this the Agreement unless clause 9.4 applies;
9.3.2 9.3.4 if it is not possible for the breach to be remedied remedied;
9.3.4.1 during the Funded Invitation Minimum Investment Period, the restrictions set out in clause 5.3.2 are relaxed so that your liquidator can Sell your Sasol Inzalo Ordinary Shares to a third party, provided that such third party has at least the same BEE Status as you;
9.3.4.2 after the Funded Invitation Minimum Investment Period but during the Empowerment Period, Your your liquidator can Sell Your your Sasol Inzalo Ordinary Shares to a Black Group and/or a Black Person;.
9.3.3 instead 9.3.5 Instead of having to remedy the breach immediately Your your liquidator will have 180 (one hundred and eighty) days from the date of Your your provisional liquidation to act in accordance with clause 9.3.29.3.4.
9.4 If Your your Sasol Inzalo Ordinary Shares have not been Sold or the breach caused by the liquidation has not otherwise been remedied within 180 (one hundred and eighty) days from the date of Your your liquidation, the Public Facilitation Trust shall be entitled, but shall not be obliged, obliged to buy Your your Sasol Inzalo Ordinary Shares by written notice to Your your liquidator, in which event a Sale of Your your Sasol Inzalo Ordinary Shares shall be deemed to have been concluded on the following terms and conditions:
9.4.1 the Sasol Inzalo Ordinary Shares shall be Sold with effect from the day prior to the date of Your your provisional liquidation;
9.4.2 the purchase price of the Sasol Inzalo Ordinary Shares shall be the Forced Sale Value calculated as at the date of the written notice from the Public Facilitation Trust to Your your liquidator, discounted by 10% (ten per centpercent). The reason for the discount is to encourage Your your liquidator to find a suitable buyer, because Sasol will, if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your your Sasol Inzalo Ordinary Shares;
9.4.3 the purchase price, less an amount equal to the amount of dividends paid to You you during the period in which Your your liquidator was in breach of clause 9.3.29.3.4, shall be payable against delivery of the transfer form for Your your Sasol Inzalo Ordinary Shares. If the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your your liquidator notice, then You you agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your your attorney and agent to sign the necessary transfer forms;
9.4.4 the Sasol Inzalo Ordinary Shares and claims shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that:
9.4.4.1 You you are the beneficial as well as registered owner thereof; and
9.4.4.2 no person has any right of any nature whatsoever to acquire the Sasol Inzalo Ordinary Shares in question;
9.4.5 the stamp duty or securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trust.
Appears in 1 contract
Samples: Funded Contract
INVOLUNTARY INSOLVENCY/LIQUIDATION. 9.1 9.1. If You are a Black Person who is involuntarily sequestrated (whether provisionally or finally), during the Empowerment Period, then:
9.1.1 9.1.1. the Public Facilitation Trust will not have the right to buy Your Sasol Inzalo Ordinary Shares pursuant to clause 7 even though those shares as a result may now be held in breach of the requirements of this Agreement unless clause 9.2 applies;
9.1.2 9.1.2. the trustee, instead of having to do so immediately, will have 180 (one hundred and eighty) days from the date of Your provisional sequestration to Sell Your Sasol Inzalo Ordinary Shares, subject to compliance with clause 6, to any Black Person and/or a Black Group.
9.2 9.2. If the trustee has not complied with clause 9.1.2, the Public Facilitation Trust shall be entitled, but shall not be obliged, to buy Your Sasol Inzalo Ordinary Shares by written notice to the trustee, in which event a Sale of Your Sasol Inzalo Ordinary Shares shall be deemed to have been concluded on the following terms and conditions:
9.2.1 9.2.1. Your Sasol Inzalo Ordinary Shares shall be Sold with effect from the day prior to the date of Your provisional sequestration;
9.2.2 9.2.2. the purchase price of Your Sasol Inzalo Ordinary Shares shall be the Forced Sale Value calculated as at the date of the written notice from the Public Facilitation Trust to Your trustee, discounted by 10% (ten per cent). The reason for the discount is to encourage Your trustee to find a suitable buyer, because Sasol willwill , if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your Sasol Inzalo Ordinary Shares;
9.2.3 9.2.3. the purchase price, less an amount equal to the amount of dividends paid to You during the period in which Your trustee was in breach of clause 9.1.2, shall be payable against delivery of the transfer form for Your Sasol Inzalo Ordinary Shares. If the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your trustee notice, then You agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your attorney and agent to sign the necessary transfer forms;
9.2.4 9.2.4. the Sasol Inzalo Ordinary Shares shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that:that -
9.2.4.1 9.2.4.1. You are the beneficial as well as registered owner thereof; and
9.2.4.2 9.2.4.2. no person has any right of any nature whatsoever to acquire the Sasol Inzalo Ordinary Shares in question;
9.2.5 9.2.5. the securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trust.
9.3 9.3. If You are a Black Group and any of You are involuntarily liquidated (provisionally or finally), as a result of which, during the Empowerment Period, You are no longer a Black Group, then:
9.3.1 9.3.1. the Public Facilitation Trust will not have the right to buy Your Sasol Inzalo Ordinary Shares pursuant to clause 7 even though those shares as a result may now be held in breach of the requirements of this Agreement unless clause 9.4 applies;
9.3.2 9.3.2. if it is not possible for the breach to be remedied during the Empowerment Period, Your liquidator can Sell Your Sasol Inzalo Ordinary Shares to a Black Group and/or a Black Person;
9.3.3 9.3.3. instead of having to remedy the breach immediately Your liquidator will have 180 (one hundred and eighty) days from the date of Your provisional liquidation to act in accordance with clause 9.3.2.
9.4 9.4. If Your Sasol Inzalo Ordinary Shares have not been Sold or the breach caused by the liquidation has not otherwise been remedied within 180 (one hundred and eighty) days from the date of Your liquidation, the Public Facilitation Trust shall be entitled, but shall not be obliged, to buy Your Sasol Inzalo Ordinary Shares by written notice to Your liquidator, in which event a Sale of Your Sasol Inzalo Ordinary Shares shall be deemed to have been concluded on the following terms and conditions:
9.4.1 9.4.1. the Sasol Inzalo Ordinary Shares shall be Sold with effect from the day prior to the date of Your provisional liquidation;
9.4.2 9.4.2. the purchase price of the Sasol Inzalo Ordinary Shares shall be the Forced Sale Value calculated as at the date of the written notice from the Public Facilitation Trust to Your liquidator, discounted by 10% (ten per cent). The reason for the discount is to encourage Your liquidator to find a suitable buyer, because Sasol willwill , if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your Sasol Inzalo Ordinary Shares;
9.4.3 9.4.3. the purchase price, less an amount equal to the amount of dividends paid to You during the period in which Your liquidator was in breach of clause 9.3.2, shall be payable against delivery of the transfer form for Your Sasol Inzalo Ordinary Shares. If the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your liquidator notice, then You agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your attorney and agent to sign the necessary transfer forms;
9.4.4 9.4.4. the Sasol Inzalo Ordinary Shares shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that:that -
9.4.4.1 9.4.4.1. You are the beneficial as well as registered owner thereof; and
9.4.4.2 9.4.4.2. no person has any right of any nature whatsoever to acquire the Sasol Inzalo Ordinary Shares in question;
9.4.5 9.4.5. the securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trust.
Appears in 1 contract
Samples: Funded Contract
INVOLUNTARY INSOLVENCY/LIQUIDATION. 9.1 If You you are a Black Person who is involuntarily sequestrated (whether provisionally or finally), during the Empowerment Period, then:
9.1.1 the Public Facilitation Trust will not have the right to buy Your your Sasol Inzalo Ordinary Shares pursuant to clause 7 even though those shares as a result may now be held in breach of the requirements of this the Agreement unless clause 9.2 applies;
9.1.2 if you are involuntarily sequestrated (provisionally or finally), during the Funded Invitation Minimum Investment Period, the restrictions set out in clause 5.3.2 are relaxed so that the trustee of your estate may comply with clause 9.1.1.3;
9.1.3 the trustee, instead of having to do so immediately, will have 180 (one hundred and eighty) days from the date of Your your provisional sequestration to Sell Your your Sasol Inzalo Ordinary Shares, subject to compliance with clause 6, to any Black Person and/or a Black Group.
9.2 If the trustee has not complied with clause 9.1.29.1.1.3, the Public Facilitation Trust shall be entitled, but shall not be obliged, obliged to buy Your your Sasol Inzalo Ordinary Shares by written notice to the trustee, in which event a Sale of Your your Sasol Inzalo Ordinary Shares shall be deemed to have been concluded on the following terms and conditions:
9.2.1 Your the Sasol Inzalo Ordinary Shares shall be Sold with effect from the day prior to the date of Your your provisional sequestration;
9.2.2 the purchase price of Your the Sasol Inzalo Ordinary Shares shall be the Forced Sale Value calculated as at the date of the written notice from the Public Facilitation Trust to Your the trustee, discounted by 10% (ten per centpercent). The reason for the discount is to encourage Your the trustee to find a suitable buyersuitablebuyer, because Sasol will, if it wishes to maintain the same level tomaintainthesamelevel of Black ownershipBlackownership, have to fund the Public Facilitation Trust to enable it to exercise its right to exerciseits rightto buy Your your Sasol Inzalo Ordinary Shares;
9.2.3 the purchase price, less an amount equal to the amount of dividends paid to You you during the period in which Your the trustee was in breach of clause 9.1.29.1.1.3, shall be payable against delivery of the transfer form for Your your Sasol Inzalo Ordinary Shares. If the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your the trustee notice, then You you agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your your attorney and agent to sign the necessary transfer forms;
9.2.4 the Sasol Inzalo Ordinary Shares and claims shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that:
9.2.4.1 You from the Transfer Date, you are the beneficial owner and the New Registered Shareholder is the registered holder of those Sasol Inzalo Ordinary Sharesyou are the beneficial as well as registered owner thereof; and
9.2.4.2 no person has any right of any nature whatsoever to acquire the Sasol Inzalo Ordinary Shares in question;
9.2.5 the stamp duty or securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trust.
9.3 If You you are a Black Group and any of You you are involuntarily liquidated (provisionally or finally), as a result of which, during the:
9.3.1 Funded Invitation Minimum Investment Period, you fail tomaintainyour BEEStatus;
9.3.2 after the Funded Invitation Minimum Investment Period but during the Empowerment Period, You you are no longer a Black Group, then:–
9.3.1 9.3.3 the Public Facilitation Trust will not have the right to buy Your your Sasol Inzalo Ordinary Shares pursuant to clause 7 even though those shares as a result may now be held in breach of the requirements of this the Agreement unless clause clause
9.4 applies;
9.3.2 if it is not possible for the breach to be remedied during the Empowerment Period, Your liquidator can Sell Your Sasol Inzalo Ordinary Shares to a Black Group and/or a Black Person;
9.3.3 instead of having to remedy the breach immediately Your liquidator will have 180 (one hundred and eighty) days from the date of Your provisional liquidation to act in accordance with clause 9.3.2.
9.4 If Your Sasol Inzalo Ordinary Shares have not been Sold or the breach caused by the liquidation has not otherwise been remedied within 180 (one hundred and eighty) days from the date of Your liquidation, the Public Facilitation Trust shall be entitled, but shall not be obliged, to buy Your Sasol Inzalo Ordinary Shares by written notice to Your liquidator, in which event a Sale of Your Sasol Inzalo Ordinary Shares shall be deemed to have been concluded on the following terms and conditions:
9.4.1 the Sasol Inzalo Ordinary Shares shall be Sold with effect from the day prior to the date of Your provisional liquidation;
9.4.2 the purchase price of the Sasol Inzalo Ordinary Shares shall be the Forced Sale Value calculated as at the date of the written notice from the Public Facilitation Trust to Your liquidator, discounted by 10% (ten per cent). The reason for the discount is to encourage Your liquidator to find a suitable buyer, because Sasol will, if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your Sasol Inzalo Ordinary Shares;
9.4.3 the purchase price, less an amount equal to the amount of dividends paid to You during the period in which Your liquidator was in breach of clause 9.3.2, shall be payable against delivery of the transfer form for Your Sasol Inzalo Ordinary Shares. If the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your liquidator notice, then You agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your attorney and agent to sign the necessary transfer forms;
9.4.4 the Sasol Inzalo Ordinary Shares shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that:
9.4.4.1 You are the beneficial as well as registered owner thereof; and
9.4.4.2 no person has any right of any nature whatsoever to acquire the Sasol Inzalo Ordinary Shares in question;
9.4.5 the securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trust.
Appears in 1 contract
Samples: Funded Contract
INVOLUNTARY INSOLVENCY/LIQUIDATION. 9.1 If You are a Black Person who is involuntarily sequestrated (whether provisionally or finallyfinally), during the Empowerment Period, then:
9.1.1 the Public Facilitation Trust will not have the right to buy Your Sasol Inzalo BEE Ordinary Shares pursuant to clause 7 even though those shares as a result may now be held in breach of the requirements of this the Agreement unless clause 9.2 applies;
9.1.2 the trustee, instead of having to do so immediately, will have 180 (one hundred and eighty) days from the date of Your provisional sequestration to Sell Your Sasol Inzalo BEE Ordinary Shares, subject to compliance with clause 6, to any Black Person and/or and/ or a Black Group.
9.2 If the trustee has not complied with clause 9.1.2, the Public Facilitation Trust shall be entitled, but shall not be obliged, obliged to buy Your Sasol Inzalo BEE Ordinary Shares by written notice to the trustee, in which event a Sale of Your Sasol Inzalo BEE Ordinary Shares shall be deemed to have been concluded on the following terms and conditions:
9.2.1 Your the Sasol Inzalo BEE Ordinary Shares shall be Sold acquired with effect from the day prior to the date of Your provisional sequestration;
9.2.2 the purchase price of Your the Sasol Inzalo BEE Ordinary Shares shall be the Forced Sale Value calculated as at the date of the written notice from the Public Facilitation Trust to Your the trustee, discounted by 10% (ten per cent). The reason for the discount is to encourage Your the trustee to find find a suitable buyer, because Sasol will, if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your Sasol Inzalo BEE Ordinary Shares;
9.2.3 the purchase price, less an amount equal to the amount of dividends paid to You during the period in which Your the trustee was in breach of clause 9.1.2, shall be payable against delivery of the transfer form for Your Sasol Inzalo BEE Ordinary Shares. If the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your the trustee notice, then You agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your attorney and agent to sign the necessary transfer forms;
9.2.4 the Sasol Inzalo BEE Ordinary Shares shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that:
9.2.4.1 You are the beneficial beneficial as well as registered owner thereof; and
9.2.4.2 no person has any right of any nature whatsoever to acquire the Sasol Inzalo BEE Ordinary Shares in question;
9.2.5 the securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo BEE Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trust.
9.3 If You are a Black Group and any of You are involuntarily liquidated (provisionally or finallyfinally), as a result of which, during the Empowerment Period, You are no longer a Black Group, then:
9.3.1 the Public Facilitation Trust will not have the right to buy Your Sasol Inzalo BEE Ordinary Shares pursuant to clause 7 even though those shares as a result may now be held in breach of the requirements of this the Agreement unless clause 9.4 applies;
9.3.2 if it is not possible for the breach to be remedied during the Empowerment Period, Your liquidator can Sell Your Sasol Inzalo BEE Ordinary Shares to a Black Group and/or a Black Person;
9.3.3 instead of having to remedy the breach immediately Your liquidator will have 180 (one hundred and eighty) days from the date of Your provisional liquidation to act in accordance with clause 9.3.2.
9.4 If Your Sasol Inzalo BEE Ordinary Shares have not been Sold or the breach caused by the liquidation has not otherwise been remedied within 180 (one hundred and eighty) days from the date of Your liquidation, the Public Facilitation Trust shall be entitled, but shall not be obliged, obliged to buy Your Sasol Inzalo BEE Ordinary Shares by written notice to Your liquidator, in which event a Sale of Your Sasol Inzalo BEE Ordinary Shares shall be deemed to have been concluded on the following terms and conditions:
9.4.1 the Sasol Inzalo BEE Ordinary Shares shall be Sold acquired with effect from the day prior to the date of Your provisional liquidation;
9.4.2 the purchase price of the Sasol Inzalo BEE Ordinary Shares shall be the Forced Sale Value calculated as at the date of the written notice from the Public Facilitation Trust to Your liquidator, discounted by 10% (ten per cent). The reason for the discount is to encourage Your liquidator to find find a suitable buyer, because Sasol will, if it wishes to maintain the same level of Black ownership, have to fund the Public Facilitation Trust to enable it to exercise its right to buy Your Sasol Inzalo BEE Ordinary Shares;
9.4.3 the purchase price, less an amount equal to the amount of dividends paid to You during the period in which Your liquidator was in breach of clause 9.3.2, shall be payable against delivery of the transfer form for Your Sasol Inzalo BEE Ordinary Shares. If the Public Facilitation Trust has not received the requisite transfer form within 7 (seven) days from the date when the Public Facilitation Trust gives Your liquidator notice, then You agree that the Public Facilitation Trust is irrevocably and in rem suam authorised and appointed as Your attorney and agent to sign the necessary transfer forms;
9.4.4 the Sasol Inzalo BEE Ordinary Shares shall be purchased voetstoots and without any warranties or representations of any nature whatsoever, save that:
9.4.4.1 You are the beneficial beneficial as well as registered owner thereof; and
9.4.4.2 no person has any right of any nature whatsoever to acquire the Sasol Inzalo BEE Ordinary Shares in question;
9.4.5 the securities transfer tax payable in respect of the registration of transfer of the Sasol Inzalo BEE Ordinary Shares Sold in terms hereof shall be borne by the Public Facilitation Trust.
Appears in 1 contract
Samples: Cash Contract