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SAPPI SEEKS APPROVAL FOR SHARE BUY-BACK BY SUBSIDIARIES

Release Date: 23/11/2000 15:59
Code(s): SAP
Wrap Text
PRESS RELEASE
23RD NOVEMBER 2000

THE BOARD OF DIRECTORS OF SAPPI LIMITED HAS TODAY ISSUED A CIRCULAR TO SHAREHOLDERS, SEEKING APPROVAL FOR A SPECIAL RESOLUTION GRANTING GENERAL AUTHORITY FOR SUBSIDIARIES OF SAPPI TO PURCHASE SAPPI SHARES. THIS FOLLOWS THE YEAR-END RESULTS ON 9TH NOVEMBER 2000 WHEN THE BOARD INDICATED THAT GIVEN THE GROUP'S STRENGTHENING BALANCE SHEET AND PREVAILING SHARE PRICE, THE GROUP MAY PROCEED TO BUY BACK SHARES FROM TIME TO TIME.
THE SPECIAL RESOLUTION WILL BE PUT TO SHAREHOLDERS AT A MEETING TO BE HELD ON 15TH DECEMBER 2000. ENDS CONTACT:
ROB PINKER BRUNSWICK SOUTH AFRICA
NICOLA ATHERSTONE BRUNSWICK SOUTH AFRICA TEL: 00 27 11 442 8803