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SAP
SAVVI
Sappi Limited - Dealing in securities by directors of listed companies
Sappi Limited
(Registration number 1936/008963/06)
(Incorporated in the Republic of South Africa)
Share code: SAP & ISIN: ZAE000006284)
("Sappi" or the "Company")
DEALING IN SECURITIES BY DIRECTORS OF LISTED COMPANIES
Following the resignation of Mr J C A Leslie as chief executive officer of Sappi
Limited in March 2006, the Sappi board requested the chairman, Mr Eugene van As,
to assume executive responsibility for the group until a new chief executive
officer was appointed, and to oversee an orderly hand-over of responsibilities
to the new chief executive officer.
The process to find a new chief executive officer continues. However, Mr van As
has until now received compensation only for his services as chairman and not
any remuneration for his additional responsibilities.
Mr van As has informed the board that certain trusts and funds, of which he is
one of the beneficiaries and which hold Sappi shares, need to re-arrange their
portfolios, and intend to dispose of approximately 350 000 Sappi shares in the
near future. A specific SENS announcement will be prepared for release as and
when any such disposals are made.
With regards to Mr van As" remuneration for his additional executive
responsibilities, he has agreed with the board to be remunerated in Sappi
shares, not in cash. The board has decided to compensate him for these services
until the appointment of, and orderly hand-over to, a new chief executive
officer by procuring the delivery to Mr van As of
100 000 Sappi shares to be purchased in the open market in two tranches of 50
000 each on 29 September 2006 and 30 March 2007 respectively, subject to the
restriction regarding Mr van As" trading of such shares as set out below.
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 Sappi. The dealing for which clearance was received in
terms of Listings Requirements 3.74 is as follows:
Director"s Name : Eugene van As
Company (subsidiary) : Sappi Limited
Date of transaction : 29 September 2006 and 30 March 2007
Nature of transaction : Delivery of Sappi shares to Mr van As as
compensation for his executive services on
condition that Mr van As shall not be
entitled to trade such shares until a new
chief executive officer has been appointed
Number of shares to be acquired: 50 000 shares on 29 September 2006 and a
further 50 000 shares on 30 March 2007
Purchase Price : Price at opening of trading on JSE on
29 September 2006 and 30 March 2007
respectively
Class of security : Ordinary shares
Extent of interest : Direct beneficial
Clearance to deal in terms of Listings Requirements 3.66: Yes
Johannesburg
8 September 2006
Date: 08/09/2006 03:18:07 PM Produced by the JSE SENS Department
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