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: ZAE000006284
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 its major
subsidiary companies:
Nature of : Vesting of grants of conditional share awards in terms
transaction of the Sappi Limited Performance Share Incentive Plan.
Date of transaction: 14 December 2011 (date participants informed of
vesting)
Number of conditional
Share awards granted : Various, see table below
Date of Grants: 19 March 2008 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 2007 to 30 September 2011.
Vesting period : Approx 3 years 9 months from date of grant for US
participants.
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
Number of Number of Number of Payment for Number of Value
Grants Grants Grants original Shares to (R)
Awarded Vested Lapsed Grants nil/ Participant
settlement
of
additional
Grants at
R20,27 per
Grant
40,000 20,000 20,000 Nil 20,000 504,000.00
48,000 24,000 24,000 19,305 4,695 118,314.00
88,000 44,000 44,000 shares 24,695 622,314.00
Director`s Name : S G Manchester
Company : Sappi Fine Paper North America
of which she is a director
Number of Number of Number of Payment for Number of Value
Grants Grants Grants original Shares to (R)
Awarded Vested Lapsed Grants nil/ Participant
settlement of
additional
Grants at
R20,27 per
Grant
18,000 9,000 9,000 Nil 9.000 226,800.00
21,600 10,800 10,800 8,687shares 2,113
39,600 19,800 19,800 11,113 53,247.60
280,047.60
Director`s Name : J Miller
Company : Sappi Fine Paper North America
of which she is a director
Number of Number of Number of Payment for Number of Value
Grants Grants Grants original Grants Shares to (R)
Awarded Vested Lapsed nil/ settlement Participant
of additional
Grants at R20,27
per Grant
20,000 10,000 10,000 Nil 10,000 252,000.00
24,000 12,000 12,000 9,652 shares 2,348
44,000 22,000 22,000 12,348 59,169.60
311,169.60
15 December 2011
Sponsor: UBS South Africa (Pty) Ltd
Date: 15/12/2011 15:55:49 Supplied by www.sharenet.co.za
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