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SAP
SAVVI
SAP - Sappi Limited - Vesting of conditional share awards granted to directors
of listed company
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")
1. VESTING OF CONDITIONAL SHARE AWARDS GRANTED TO DIRECTORS OF LISTED COMPANY
In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited, we
hereby provide the following information regarding the vesting of conditional
share awards granted by Sappi to the undermentioned director of the Company.
The necessary authority in terms of paragraph 3.66 was obtained and these were
off-market transactions:
Director`s Name : R J Boettger
Nature of transaction : Vesting of grants of conditional
share awards in terms of the Sappi
Limited Performance Share Incentive
Plan.
Date of transaction : 11 August 2011 (date participant informed of
vesting)
Number of conditional
Share awards originally
Granted : 220,000
Date of Grants : 02 July 2007 (100,000 for nil consideration)
and 15 December 2008 (120,000, ie 6
additional grants for every 5 existing grants
at R20,27 each -total R2,432,400- to take
cognizance of Sappi Limited rights offer).
Applicable to 4 year performance period 01
October 2006 to 30 September 2010
Vesting period : 4 years from date of original grant
Percentage of grants vested : 50%
Number of grants vested : 110,000
Total Value : R2,772,000.00
Number of grants lapsed : 110,000
Total Value : R2,772,000.00
Payment for vested grants : Surrender of 48,262 grants
Total Value : R1,216,200.00
Number of shares to director : 61,738
Total Value : R1,555,797.60
Class of security : Ordinary shares
Extent of interest : Direct beneficial
2. DEALING IN SECURITIES BY DIRECTORS OF LISTED COMPANIES
In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited, we
hereby provide the following information regarding dealing in securities of
Sappi by a director of +the Company. The dealing was an on-market transaction
and clearance for the dealing was received in terms of Listings Requirement
3.66, as follows:
Director`s Name : R J Boettger
Company : Sappi Limited
Date of transaction : 11 August 2011
Nature of transaction : Sale of shares to defray taxation payable on
61,738 shares referred to in (1) above
Total Value : R624,440
Number of Shares
sold : 24,700
Selling price per share : R25,20
Class of security : Ordinary shares
Extent of interest : Direct beneficial
Denis O`Connor
Group Secretary
Sappi Limited
Tel +27 11 407 8111
Fax +27 11 339 1881
e-Mail Denis.O`Connor@sappi.com
www.sappiI.com
11 August 2011
Sponsor: UBS South Africa (Pty) Ltd
Date: 11/08/2011 17:11:34 Produced by the JSE SENS Department.
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