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SAP - Sappi Limited - Cancellation of credit sale and combined
option/deferred sale transactions
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")
CANCELLATION OF CREDIT SALE AND COMBINED OPTION/DEFERRED SALE TRANSACTIONS
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 of credit sale and combined option/deferred sales allocations under
the Sappi Limited Share Incentive Scheme to the undermentioned directors of
the Company and its major subsidiary companies:
Date of transaction : 12 December 2011
Nature of transaction : Cancellation of credit sale and combined
option/deferred sale allocations under
the Sappi Limited Share Incentive Scheme
Date of allocation : 30 December 2003 and 14 January 2004
(*see below)
Allocation price : R79.25 and R20.27 (*see below)
Vesting period: Over 5 years, maximum 8 years, expiring 30
December 2011 and 14 January 2012 respectively.
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 and these were off-
market transactions.
DIRECTOR`S COMPANY ALLOCATION NUMBER ALLOCA- VALUE
NAME DATE OF TION
SHARES PRICE
H de Jongh Sappi Southern 14/01/2004 1 900 R79.25 R150 575.00
Africa
H de Jongh Sappi Southern 2 280 *R 20.27 R46 215.60
Africa
T S Hawkes Sappi Southern 14/1/2004 1 000 R79 25 R79 250.00
Africa
T S Hawkes Sappi Southern 1 200 *R 20.27 R24 324.00
Africa
R D Hope Sappi Fine 30/12/2003 18 000 R79.25 R1 426
Paper North 500.00
America/Sappi
5 December 2011
Sponsor
Nedbank Capital
Date: 05/12/2011 14:00:26 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
The Fibre Cement market is showing some signs of recovery, with the level
of order activity slowly improving, aided by increasing export activity
on the back of the weakening Rand. ABT volumes have been hampered during
the first half year due to the fact that government`s housing projects
have been slow to be released.
A decision to close our loss-making Structural Steel business was made as
poor market opportunities and pricing, coupled with weak internal
efficiencies, hampered the viability of the operation.
Construction Materials
Construction Materials continues to experience tough trading conditions.
In response the Group has
* further reduced overheads;
* centralised functions;
* amended crushing runs at its quarries; and
* mothballed another four readymix batch plants.
Management is evaluating near term options for this business.
Construction
The Group`s Construction units are performing well, although in much
tighter markets where margins remain under pressure. The Group`s target
opportunity pipeline remains stable at circa R130 billion which provides
the basis for expectations of improved trading conditions in the medium
term, particularly in key infrastructure sectors in which the Group has
capabilities
The Group`s balance sheet remains healthy and it retains a net debt
ungeared position.
Shareholders, however, are advised that, in the short term, expectations
are that H1 F2012 and F2012 will be weaker than previously expected and
prospects for a recovery remain anticipated in F2013. The Group is not in
a position to provide further guidance at this time but anticipates being
able to release a trading update on H1 F2012 and the outlook for F2012 in
January 2012.
Despite these market conditions, the Group maintains its secured
construction works order book at R9 billion (previously reported August
2011: R8,8 billion)
Johannesburg
29 November 2011
Sponsor
Nedbank Capital
Date: 29/11/2011 13:00:01 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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