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SAPPI GETS APPROVAL TO REPURCHASE SHARES

Release Date: 15/12/2000 10:30
Code(s): SAP
Wrap Text

THE GENERAL MEETING OF SAPPI LIMITED SHAREHOLDERS HELD IN JOHANNESBURG AT 09H30 ON FRIDAY 15 DECEMBER 2000 APPROVED A SPECIAL RESOLUTION AUTHORISING
SUBSIDIARIES OF SAPPI LIMITED TO PURCHASE UP TO 10% OF THE OUTSTANDING SHARES OF SAPPI. THE COMPANY ITSELF PREVIOUSLY OBTAINED SIMILAR AUTHORISATION TO REPURCHASE ITS OWN SHARES.
THE SAPPI BOARD HAS DECIDED THAT AT PREVAILING SHARE PRICES AND WITH THE SAPPI GROUP'S STRENGTHENING BALANCE SHEET, IT IS OPPORTUNE TO BUY BACK SHARES IN ACCORDANCE WITH THE LISTING REQUIREMENTS OF THE JSE SECURITIES EXCHANGE UNLESS THE GROUP HAS BETTER USE FOR ITS FUNDS. 15 DECEMBER 2000 FOR FURTHER INFORMATION: STEPHEN VAN DER LINDE INVESTOR RELATIONS MANAGER SAPPI LIMITED CORPORATE TEL: (011) 407 8391 CELL: 082 800 8595 STEPHENVDL@ZA.SAPPI.COM