SAPPI LIMITED - Dealing in securities by a director

Release Date: 29/06/2018 14:45
Code(s): SAP
 
Wrap Text
Dealing in securities by a director

Sappi Limited
(Incorporated in the Republic of South Africa)
Registration number: 1936/008963/06
JSE share code: SAP
ISIN code: ZAE000006284
(“Sappi” or “the Company”)



DEALING IN SECURITIES BY A DIRECTOR



Vesting and sale of conditional share awards granted to a director of a listed company

In terms of paragraph 3.63 of the Listings Requirements ("Requirements") of the JSE
Limited, we hereby provide the following information regarding the vesting of conditional
share awards granted by Sappi to the undermentioned director of the Company and the
sales of shares to settle the tax liability. The necessary authority in terms of paragraph 3.66
of the Requirements was obtained.

Director’s name           :   Mr SR Binnie

Company of which he is :      Sappi Limited
a director

Nature of transaction     :   Vesting of grants of conditional share awards in terms of the
                              Sappi Limited Performance Share Incentive Trust (off market)

Date of transaction       :   27 June 2018

Number of conditional     :   200 000 (as per SENS announcement dated 27 June 2014)
Share awards granted

Date of grant             :   27 June 2014

Implied price             :   R 87.17 per share (closing price on 26 June 2018)

Vesting period            :   4 years from date of grant

Percentage of grants      :   100%
vested

Class of security         :   Ordinary shares

Extent of interest        :   Direct beneficial
                                                                                 Page 2 of 2




Date of transaction           :   27 June 2018

Nature of transaction         :   Sale of shares (on market) to settle tax liability arising
                                  from vesting of conditional share awards

Number of shares sold         :   122 000 shares

Volume weighted average       :   R88,7434 (high R91.00; low R87.17)
selling price per share

Total value                   :   R10 826 694,80

Class of security             :   Ordinary shares

Extent of interest            :   Direct beneficial


Johannesburg
29 June 2018


 Sponsor : UBS South Africa (Pty) Ltd

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