| Fri 11 Apr 2008, 12:24 | | SAP - Sappi Limited - Press Release |
|
SAP
SAVVI
SAP - Sappi Limited - Press Release
Sappi Limited
Registration Number 1936/008963/06
(Incorporated in the Republic of South Africa)
Issuer Code: SAVVI
JSE Code: SAP
ISIN: ZAE000006284
Press Release
11 April 2008
London Stock Exchange Trading Platform
In order to facilitate the trading of Sappi Limited shares on the London Stock
Exchange on which Sappi has been listed since 1992, Sappi has arranged for its
shares to be traded on the London Stock Exchange`s SETSmm Trading Platform with
effect from 23 April 2008 through the trading of Depository Interests in respect
of the underlying Sappi shares. Settlement of trades in the Depository
Interests, which will be issued by Capita IRG Trustees Limited, will be possible
through CREST and the Depository Interests may be held and transferred within
CREST.
More details are set out below in the operational bulletin which was made by
Euroclear UK and Ireland on 09 April 2008, the contents of which are as follows:
"Sappi Limited (the `Company`)
With effect from 23 April 2008, CREST members will be able to hold and transfer
interests in Sappi Limited ordinary shares of one Rand each (the `Shares`) (ISIN
number ZAE000006284) within the CREST system, pursuant to a depository interest
arrangement established by the Company, which is incorporated in South Africa.
The Shares will not themselves be admitted to the CREST system; rather the
Company has arranged for Capita IRG Trustees Limited (`Capita`) to issue
depository interests in respect of the underlying Shares (the `Depository
Interests`). These Depository Interests may be held and transferred within the
CREST system. The Depository Interests will be created and issued pursuant to a
Deed Poll executed by Capita under English law, copies of which are available
from Capita, and the provisions of the Deed Poll are expressed to bind all
holders future and present.
In the CREST system, the Depository Interests will carry the same ISIN as the
Shares. It will of course remain open to members, should they wish to do so, to
continue to hold Shares in the Company as they do now and make use of the
residual settlement mechanism.
If CREST members wish to avail themselves of this facility, they can do so by
inputting a stock deposit in the usual way. The Company has informed Euroclear
UK and Ireland that (1) a CREST transfer form or dematerialisation form lodged
as a stock deposit will be deemed to constitute a transfer of the Shares to
Capita, who will issue corresponding Depository Interests in the CREST system to
the depositing member/transferee; and (2) in a similar way, a stock withdrawal
will be deemed to constitute an instruction to Capita to cancel the Depository
Interests and effect a transfer of the Shares to the person specified in the
instruction.
Transfers of the Depository Interests will not be subject to SDRT. This is
because the Depository Interests meet all the criteria set out for the SDRT
exemption granted in Statutory Instrument 1999 No 2383 (as amended) (The Stamp
Duty Reserve Tax (UK Depositary Interests in Foreign Securities) Regulations
1999).
Any enquiries concerning the contents of this bulletin should be addressed to
the Client Contact Centre on +44 (0)845 9645 648. Calls to Euroclear UK and
Ireland may be monitored and recorded for security purposes. Calls from the
United Kingdom will be charged at local rates. Call charges from mobile phones
may vary depending upon provider."
For further information:
Denis O`Connor
Group Secretary
Sappi Limited
e-Mail Denis.O`Connor@sappi.com
Tel +27 (0)11 407 8072
gdocpressrelease
Date: 11/04/2008 12:24:01 Produced by the JSE SENS Department.
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