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SAP
SAVVI
SAP - Sappi Limited - Cancellation of credit sale and combined option/deferred
sale transactions
Sappi Limited
Reg No 1936/008963/06
(Incorporated in the Republic of South Africa)
JSE Code SAP
ISIN code ZAE 000006284
NYSE code SPP
("Sappi" or "the Company")
CANCELLATION OF CREDIT SALE AND COMBINED OPTION/DEFERRED SALE TRANSACTIONS
In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited, we
hereby provide the following information regarding the cancellation by Sappi of
credit sale and combined option/deferred sales allocations under the Sappi
Limited Share Incentive Scheme to the undermentioned directors of the Company
and its major subsidiary companies:
Date of transaction : 9 December 2010
Nature of transaction : Cancellation of credit sale and combined
option/deferred sale allocations under the
Sappi Limited Share Incentive Scheme
Date of allocation : 13 February 2003 (*see below)
Allocation price : R112.83 and R20.27 (*see below)
Vesting period : Over 5 years, maximum 8 years, expiring 13
February 2011
The allocations concerned consisted of an
initial allocation and then an allocation
arising from entitlement in terms of the
Sappi rights offer in December 2008, both of
which allocations were required to be taken
up/paid for in conjunction with each other.
The average price of the allocations is well
above the current market price and the Board
has decided that it would not be in the best
interests of the Company to enforce payment
by the participants concerned. The purpose
of the Share Scheme is to offer participants
an incentive and to force participants to
pay for these allocations would impose a
hardship on participants and serve as a
disincentive. The allocations have
therefore been cancelled in terms of the
rules of the Scheme.
Class of security : Ordinary shares
Extent of interest : Direct beneficial
The necessary authority in terms of 3.66 was obtained and these were off-market
transactions.
DIRECTOR`S COMPANY ALLOCATION NUMBER ALLOCA-TION VALUE
NAME DATE OF PRICE
SHARES
H de Jongh Sappi 13/2/2003 4 500 R112.83 R507 735.00
Southern
Africa
H de Jongh Sappi 5 400 *R 20.27 R109 458.00
Southern
Africa
T S Hawkes Sappi 13/2/2003 1 400 R112.83 R157 962.00
Southern
Africa
T S Hawkes Sappi 1 680 *R 20.27 R34 053.60
Southern
Africa
R D Hope Sappi Fine 13/2/2003 15 000 R112.83 R1 692 450.00
Paper North
America
R D Hope Sappi Fine 18 000 *R 20.27 R364 860.00
Paper North
America
D M Mncube Sappi 13/2/2003 4 500 R112.83 R507 735.00
Southern
Africa
D M Mncube Sappi 5 400 *R 20.27 R109 458..00
Southern
Africa
C M Mowatt Sappi 13/2/2003 3 500 R112.83 R394 905.00
Southern
Africa
C M Mowatt Sappi 4 200 *R 20.27 R85 134.00
Southern
Africa
L J Newman Sappi 13/2/2003 5 000 R112.83 R564 150.00
Internation
al SA
L J Newman Sappi 6 000 *R 20.27 R121 620.00
Internation
al SA
D J O`Connor Sappi 13/2/2003 3 000 R112.83 R338 490.00
(Company Limited
Secretary)
D J O`Connor Sappi 3 600 *R 20.27 R72 972.00
(Company Limited
Secretary)
DIRECTOR`S COMPANY ALLOCATION NUMBER ALLOCA-TION VALUE
NAME DATE OF PRICE
SHARES
J Passler Sappi 13/2/2003 5 000 R112.83 R564 150.00
Internation
al SA
J Passler Sappi 6 000 *R 20.27 R121 620.00
Internation
al SA
G Pearce Sappi Fine 13/2/2003 600 R112.83 R67 698.00
Paper
Europe
G Pearce Sappi Fine 720 *R 20.27 R14 594.40
Paper
Europe
R Peelman Sappi 13/2/2003 500 R112.83 R56 415.00
Internation
al SA
R Peelman Sappi 600 *R 20.27 R12 162.00
Internation
al SA
A Rossi Sappi 13/2/2003 8 000 R112.83 R902 640.00
Southern
Africa
A Rossi Sappi 9 600 *R 20.27 R194 592.00
Southern
Africa
Swartz LA Sappi 13/2/2003 15 000 R112.83 R1 692 450.00
Limited
Swartz LA Sappi 18 000 *R 20.27 R364 860.00
Limited
M R Thompson Sappi 13/2/2003 15 000 R112.83 R1 692 450.00
Limited
M R Thompson Sappi 18 000 *R 20.27 R364 860.00
Limited
G M van Sappi 13/2/2003 3 000 R112.83 R338 490.00
Aarde Southern
Africa
G M van Sappi 3 600 *R 20.27 R72 972.00
Aarde Southern
Africa
A J W van Sappi 13/2/2003 6 000 R112.83 R676 980.00
der Merwe Southern
Africa
A J W van Sappi 7 200 *R 20.27 R145 944.00
der Merwe Southern
Africa
* Allocations arising from rights offer December 2008 whose allocation date, in
terms of the rules of the Share Scheme, is deemed to be the allocation date
relating to those allocations from which the entitlements to the rights offer
allocation arose.
Denis O`Connor
Group Secretary
10 December 2010
Sponsor: UBS South Africa (Pty) Ltd
Date: 10/12/2010 10:30:01 Produced by the JSE SENS Department.
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