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:
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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.
SOURCE Sappi
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