Wrap Text
SAP - Sappi Limited - Vesting of conditional share awards granted to directors
of listed company
Sappi Limited
Reg No 1936/008963/06
(Incorporated in the Republic of South Africa)
JSE Code SAP
ISIN code ZAE 000006284
NYSE code SPP
("Sappi" or "the Company")
VESTING OF CONDITIONAL SHARE AWARDS GRANTED TO DIRECTORS OF LISTED COMPANY
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:
31 May 2007 and 15 December 2008 conditional share awards vesting
Nature of : Vesting of grants of conditional share awards in
transaction terms of the Sappi Limited Performance Share
Incentive Plan.
Date of : 20 December 2010 (date participants informed of
transaction vesting)
Number of : Various, see table below
conditional Share
awards granted
Date of share : 31 May 2007 and 15 December 2008 (6 additional grants
awards 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 : 50%, see table below
grants vested
Class of security : Ordinary shares
Extent of : Direct beneficial
interest
Director`s Name : M Gardner
Company : Sappi Fine Paper North America
of which he is a director
Conditional Rights issue on
share award 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 nil -
conditional share
award
Payment in shares in - (4,678) shares at R33.80 per
settlement of rights share
issue shares at
R20.27 per rights
issue share.
Number of shares to 6,500 shares 3,122 shares
participant
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 Rights issue on
share award 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 nil -
conditional share
award
Payment in shares in - (5,397) shares at R33.80 per
settlement of rights share
issue shares at
R20.27 per rights
issue share.
Number of shares to 7,500 shares 3,603 shares
participant
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 Rights issue on
share award 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 nil -
conditional share
award
Payment in shares in - (2,879) shares at R33.80 per
settlement of rights share
issue shares at R20.27
per rights issue
share.
Number of shares to 4,000 shares 1,921 shares
participant
Total number of shares to participant = 5,921 shares
10 September 2007 and 15 December 2008 conditional share awards
Nature of : Vesting of grants of conditional share awards in
transaction terms of the Sappi Limited Performance Share
Incentive Plan.
Date of : 20 December 2010 (date participants informed of
transaction vesting)
Number of : See table below
conditional Share
awards granted
Date of share : 19 September 2007 and 15 December 2008 (6
awards 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 : 50%, see table below
grants vested
Class of security : Ordinary shares
Extent of : Direct beneficial
interest
Director`s Name : M Gardner
Company : Sappi Fine Paper North America
of which he is a director
Conditional Rights issue on
share award 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 nil -
conditional share
award
Payment in shares in - (8,996) shares at R33.80 per
settlement of rights share
issue shares at
R20.27 per rights
issue share.
Number of shares to 12,500 shares 6,004 shares
participant
Total number of shares to participant = 18,504 shares
21 December 2010
Sponsor: UBS South Africa Pty Ltd
Date: 21/12/2010 09:30:01 Supplied by www.sharenet.co.za
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