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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 : 12 December 2011
Nature of transaction : Cancellation of credit sale and combined
option/deferred sale allocations under
the Sappi Limited Share Incentive Scheme
Date of allocation : 30 December 2003 and 14 January 2004
(*see below)
Allocation price : R79.25 and R20.27 (*see below)
Vesting period: Over 5 years, maximum 8 years, expiring 30
December 2011 and 14 January 2012 respectively.
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- VALUE
NAME DATE OF TION
SHARES PRICE
H de Jongh Sappi Southern 14/01/2004 1 900 R79.25 R150 575.00
Africa
H de Jongh Sappi Southern 2 280 *R 20.27 R46 215.60
Africa
T S Hawkes Sappi Southern 14/1/2004 1 000 R79 25 R79 250.00
Africa
T S Hawkes Sappi Southern 1 200 *R 20.27 R24 324.00
Africa
R D Hope Sappi Fine 30/12/2003 18 000 R79.25 R1 426
Paper North 500.00
America/Sappi
Southern
Africa
R D Hope Sappi Fine 21 600 *R 20.27 R437 832.00
Paper North
America/Sappi
Southern
Africa
C M Mowatt Sappi Southern 14/1/2004 3 500 R79.25 R277 375.00
Africa
C M Mowatt Sappi Southern 4 200 *R 20.27 R85 134.00
Africa
L J Newman Sappi 30/12/2003 1 750 R79.25 R138 687.50
International
SA
L J Newman Sappi 2 100 *R 20.27 R42 567.00
International
SA
D J O`Connor Sappi Limited 30/12/2003 3 500 R79.25 R277 375.00
(Company
Secretary)
D J O`Connor Sappi Limited 4 200 *R 20.27 R85 134.00
(Company
Secretary)
G Pearce Sappi Fine 14/1/2004 1 400 R79.25 R110 950.00
Paper Europe
G Pearce Sappi Fine 1 680 *R 20.27 R34 053.60
Paper Europe
A Rossi Sappi Southern 30/12/2003 1 000 R79.25 R79 250.00
Africa
A Rossi Sappi Southern 1 200 *R 20.27 R24 324.00
Africa
M R Thompson Sappi Limited 30/12/2003 18 000 R79.25 R1 426
500.00
M R Thompson Sappi Limited 21 600 *R 20.27 R437 832.00
A J W van Sappi Southern 30/12/2003 8 000 R79.25 R634 000.00
der Merwe Africa
A J W van Sappi Southern 9 600 *R 20.27 R194 592.00
der Merwe 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
13 December 2011
Sponsor: UBS South Africa (Pty) Ltd
Date: 13/12/2011 13:27:22 Produced by the JSE SENS Department.
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