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Sappi Announces Cancellation Of Credit Sale And Combined Option And Deferred Sale Transactions

JOHANNESBURG, March 18 /PRNewswire-FirstCall/ -- 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 (NYSE: SPP) of credit sale and combined option/deferred sales allocations under the Sappi Limited Share Incentive Scheme to the under mentioned directors of the Company and its major subsidiary companies:

(Logo:   http://www.newscom.com/cgi-bin/prnh/20090826/NE66332LOGO )

    
    
    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 OF ALLOCATION  VALUE
      NAME            -------        DATE     SHARES    PRICE      -----
    ----------                     --------- --------  --------
    
                    Sappi Southern
    H de Jongh      Africa          28/3/2002  3 900  R147.20       R574 080
                    Sappi Southern
    H de Jongh      Africa                     4 680 *R 20.27     R94 863.60
                    Sappi Southern
    T S Hawkes      Africa          28/3/2002  5 000  R147.20    R736 000.00
                    Sappi Southern
    T S Hawkes      Africa                     6 000 *R 20.27    R121 620.00
    
                    Sappi Fine Paper
    R D Hope        North America   28/3/2002 15 000  R147.20  R2 208 000.00
                    Sappi Fine Paper
    R D Hope        North America             18 000 *R 20.27    R364 860.00
    
                    Sappi Southern
    J H Labuschagne Africa          28/3/2002 12 500  R147.20  R1 840 000.00
                    Sappi Southern
    J H Labuschagne Africa                    15 000 *R 20.27    R304 050.00
    
                    Sappi Southern
    VAR Lubbe       Africa          28/3/2002 12 500  R147.20  R1 840 000.00
                    Sappi Southern
    VAR Lubbe       Africa                    15 000 *R 20.27    R304 050.00
    
                    Sappi Southern
    D M Mncube      Africa          28/3/2002  4 800  R147.20    R706 560.00
                    Sappi Southern
    D M Mncube      Africa                     5 760 *R 20.27    R116 755.20
    
                    Sappi Southern
    C M Mowatt      Africa          28/3/2002  3 500  R147.20    R515 200.00
                    Sappi Southern
    C M Mowatt      Africa                     4 200 *R 20.27     R85 134.00
    
    
    DIRECTOR'S   COMPANY         ALLOCATION NUMBER OF  ALLOCATION   VALUE
      NAME       -------             DATE    SHARES      PRICE      -----
     ----------                   --------- --------     --------
    
                  Sappi International
    L J Newman    SA                 28/3/2002  5 000   R147.20   R736 000.00
                  Sappi International
    L J Newman    SA                            6 000  *R 20.27   R121 620.00
    
    D J O'Connor
     (Company
     Secretary)   Sappi Limited      28/3/2002  3 000   R147.20   R441 600.00
    D J O'Connor
     (Company
     Secretary)   Sappi Limited                 3 600  *R 20.27    R72 972.00
    
                  Sappi International
    J Passler     SA                 28/3/2002  5 000   R147.20   R736 000.00
    
                  Sappi Fine Paper
    G Pearce      Europe             28/3/2002  2 500   R147.20   R368 000.00
                  Sappi Fine Paper
    G Pearce      Europe                        3 500  *R 20.27    R60 810.00
    
                  Sappi International
    R Peelman     SA                 28/3/2002  2 500   R147.20   R368 000.00
                  Sappi International
    R Peelman     SA                            3 000  *R 20.27    R60 810.00
    
                  Sappi Southern
    A Rossi       Africa             28/3/2002  4 000   R147.20   R588 800.00
                  Sappi Southern
    A Rossi       Africa                        4 800  *R 20.27    R97 296.00
    
    M R Thompson  Sappi Limited      28/3/2002  7 500   R147.20 R1 104 000.00
    M R Thompson  Sappi Limited                 9 000  *R 20.27   R182 430.00
    
                  Sappi Southern
    A D Tubb      Africa             28/3/2002  8 000   R147.20 R1 177 600.00
                  Sappi Southern
    A D Tubb      Africa                        9 600  *R 20.27   R194 592.00
    
                  Sappi Southern
    G M van Aarde Africa             28/3/2002  2 500   R147.20   R368 000.00
                  Sappi Southern
    G M van Aarde Africa                        3 000  *R 20.27    R60 810.00
    
    A J W van der Sappi Southern
     Merwe        Africa             28/3/2002  6 000   R147.20   R883 200.00
    
    A J W van der Sappi Southern
     Merwe        Africa                        7 200  *R 20.27   R145 944.00

*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.

www.sappi.com

SOURCE Sappi

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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