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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
JSE Code SAP
ISIN code ZAE000006284
NYSE code SPP
LSE code SAZ
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 : 18 March 2010
Nature of transaction : Cancellation of credit sale and combined
option/deferred sale allocations under the
Sappi Limited Share Incentive Scheme
Date of allocation : 28 March 2002 (*see below)
Allocation price : R147,20 and R20,27 (*see below)
Vesting period: Over 5 years, maximum 8 years, expiring 28
March 2010
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.
DIRECTOR`S COMPANY ALLOCATION NUMBER ALLOCA- VALUE
NAME DATE OF TION
SHARES PRICE
H de Jongh Sappi Southern 28/3/2002 3 900 R147.20 R574 080
Africa
H de Jongh Sappi Southern 4 680 *R 20.27 R94 863.60
Africa
T S Hawkes Sappi Southern 28/3/2002 5 000 R147.20 R736 000.00
Africa
T S Hawkes Sappi Southern 6 000 *R 20.27 R121 620.00
Africa
R D Hope Sappi Fine 28/3/2002 15 000 R147.20 R2 208 000.00
Paper North
America
R D Hope Sappi Fine 18 000 *R 20.27 R364 860.00
Paper North
America
J H Sappi Southern 28/3/2002 12 500 R147.20 R1 840 000.00
Labuschagne Africa
J H Sappi Southern 15 000 *R 20.27 R304 050.00
Labuschagne Africa
VAR Lubbe Sappi Southern 28/3/2002 12 500 R147.20 R1 840 000.00
Africa
VAR Lubbe Sappi Southern 15 000 *R 20.27 R304 050.00
Africa
D M Mncube Sappi Southern 28/3/2002 4 800 R147.20 R706 560.00
Africa
D M Mncube Sappi Southern 5 760 *R 20.27 R116 755.20
Africa
C M Mowatt Sappi Southern 28/3/2002 3 500 R147.20 R515 200.00
Africa
C M Mowatt Sappi Southern 4 200 *R 20.27 R85 134.00
Africa
DIRECTOR`S COMPANY ALLOCATION NUMBER ALLOCA-TION VALUE
NAME DATE OF PRICE
SHARES
L J Newman Sappi 28/3/2002 5 000 R147.20 R736000.00
International
SA
L J Newman Sappi 6 000 *R 20.27 R121620.00
International
SA
D J O`Connor Sappi Limited 28/3/2002 3 000 R147.20 R441600.00
(Company
Secretary)
D J O`Connor Sappi Limited 3 600 *R 20.27 R72 972.00
(Company
Secretary)
J Passler Sappi 28/3/2002 5 000 R147.20 R736000.00
International
SA
G Pearce Sappi Fine 28/3/2002 2 500 R147.20 R368000.00
Paper Europe
G Pearce Sappi Fine 3 500 *R 20.27 R60 810.00
Paper Europe
R Peelman Sappi 28/3/2002 2 500 R147.20 R368000.00
International
SA
R Peelman Sappi 3 000 *R 20.27 R60 810.00
International
SA
A Rossi Sappi Southern 28/3/2002 4 000 R147.20 R588800.00
Africa
A Rossi Sappi Southern 4 800 *R 20.27 R97 296.00
Africa
M R Thompson Sappi Limited 28/3/2002 7 500 R147.20 R1104000.00
M R Thompson Sappi Limited 9 000 *R 20.27 R182430.00
A D Tubb Sappi Southern 28/3/2002 8 000 R147.20 R1177600.00
Africa
A D Tubb Sappi Southern 9 600 *R 20.27 R194592.00
Africa
G M van Sappi Southern 28/3/2002 2 500 R147.20 R368000.00
Aarde Africa
G M van Sappi Southern 3 000 *R 20.27 R60 810.00
Aarde Africa
A J W van Sappi Southern 28/3/2002 6 000 R147.20 R883200.00
der Merwe Africa
A J W van Sappi Southern 7 200 *R 20.27 R145944.00
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
18 March 2010
Sponsor: UBS South Africa (Pty) Ltd
Date: 18/03/2010 15:45:05 Produced by the JSE SENS Department.
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