Vesting of Conditional Share Awards Granted to Directors of Listed Company, Sappi Limited

Dec 21, 2010, 09:56 ET from Sappi Limited

JOHANNESBURG, Dec. 21, 2010 /PRNewswire/ -- In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited, we hereby provide the following information regarding the vesting of conditional share awards granted by Sappi to the undermentioned directors of the Company and its major subsidiary companies:

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31 May 2007 and 15 December 2008 conditional share awards vesting

Nature of transaction

:

Vesting of grants of conditional share awards in terms of the Sappi Limited Performance Share Incentive Plan.

Date of transaction

:

20 December 2010 (date participants informed of vesting)

Number of conditional Share awards granted

:

Various, see table below

Date of share awards

:

31 May 2007 and 15 December 2008 (6 additional grants for every 5 existing grants at R20,27 to take cognisance of Sappi Limited rights offer).   Applicable to 4 year period 1 October 2006 to 30 September 2010

Vesting period

:

4 years from date of grant

Percentage of grants vested

:

50%, see table below

Class of security

:

Ordinary shares

Extent of interest

:

Direct beneficial



Director's Name

:

M Gardner

Company

:

Sappi Fine Paper North America of which he is a director




Conditional

share award


Rights issue on

share award

Share awards granted

13,000

shares


15,600

shares

Share awards vesting

6,500

shares


7,800

shares

Share awards lapsed

(6,500)

shares


(7,800)

shares

Payment for original conditional share award

nil



-


Payment in shares in settlement of rights issue shares at R20.27 per rights issue share.

-



(4,678)

shares at R33.80 per share

Number of shares to participant

6,500

shares


3,122

shares







Total number of shares to participant = 9,622 shares



Director's Name

:

S G Manchester

Company

:

Sappi Fine Paper North America of which she is a director




Conditional

share award


Rights issue on

share award

Share awards granted

15,000

shares


18,000

shares

Share awards vesting

7,500

shares


9,000

shares

Share awards lapsed

(7,500)

shares


(9,000)

shares

Payment for original conditional share award

nil



-


Payment in shares in settlement of rights issue shares at R20.27 per rights issue share.

-



(5,397)

shares at R33.80 per share

Number of shares to participant

7,500

shares


3,603

shares


Total number of shares to participant = 11,103 shares



Director's Name

:

J Miller

Company

:

Sappi Fine Paper North America of which she is a director




Conditional

share award


Rights issue on

share award

Share awards granted

8,000

shares


9,600

shares

Share awards vesting

4,000

shares


4,800

shares

Share awards lapsed

(4,000)

shares


(4,800)

shares

Payment for original conditional share award

nil



-


Payment in shares in settlement of rights issue shares at R20.27 per rights issue share.

-



(2,879)

shares at R33.80 per share

Number of shares to participant

4,000

shares


1,921

shares


Total number of shares to participant = 5,921 shares



10 September 2007 and 15 December 2008 conditional share awards

Nature of transaction

:

Vesting of grants of conditional share awards in terms of the Sappi Limited Performance Share Incentive Plan.

Date of transaction

:

20 December 2010 (date participants informed of vesting)

Number of conditional Share awards granted

:

See table below

Date of share awards

:

19 September 2007 and 15 December 2008 (6 additional grants for every 5 existing grants at R20,27 to take cognisance of Sappi Limited rights offer).   Applicable to 4 year period 1 October 2006 to 30 September 2010

Vesting period

:

4 years from date of grant

Percentage of grants vested

:

50%, see table below

Class of security

:

Ordinary shares

Extent of interest

:

Direct beneficial



Director's Name

:

M Gardner

Company

:

Sappi Fine Paper North America of which he is a director




Conditional

share award


Rights issue on

share award

Share awards granted

25,000

shares


30,000

shares

Share awards vesting

12,500

shares


15,000

shares

Share awards lapsed

(12,500)

shares


(15,000)

shares

Payment for original conditional share award

nil



-


Payment in shares in settlement of rights issue shares at R20.27 per rights issue share.

-



(8,996)

shares at R33.80 per share

Number of shares to participant

12,500

shares


6,004

shares


Total number of shares to participant = 18,504 shares



SOURCE Sappi Limited



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