August 11, 2011 at 15:02 PM EDT
Sappi Limited Announces Vesting of Conditional Share Awards Granted to Directors of Listed Company

JOHANNESBURG, Aug. 11, 2011 /PRNewswire/ --

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")

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 director of the Company.  The necessary authority in terms of paragraph 3.66 was obtained and these were off-market transactions:




Director's Name

:

R J Boettger




Nature of transaction

:

Vesting of grants of conditional share awards in terms of the Sappi Limited Performance Share Incentive Plan.




Date of transaction

:

11 August 2011 (date participant informed of vesting)




Number of conditional



Share awards originally



Granted

:

220,000

Date of Grants

:

02 July 2007 (100,000 for nil consideration) and 15 December 2008 (120,000, ie 6 additional grants for every 5 existing grants at R20,27 each -total R2,432,400- to take cognizance of Sappi Limited rights offer).  Applicable to 4 year performance period 01 October 2006 to 30 September 2010




Vesting period

:

4 years from date of original grant




Percentage of grants vested

:

50%




Number of grants vested

:

110,000

Total Value

:

R2,772,000.00




Number of grants lapsed

:

110,000

Total Value

:

R2,772,000.00




Payment for vested grants

:

Surrender of 48,262 grants

Total Value

:

R1,216,200.00




Number of shares to director

:

61,738

Total Value

:

R1,555,797.60




Class of security

:

Ordinary shares

Extent of interest

:

Direct beneficial





2. DEALING IN SECURITIES BY DIRECTORS OF LISTED COMPANIES




In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited, we hereby provide the following information regarding dealing in securities of Sappi by a director of the Company.  The dealing was an on-market transaction and clearance for the dealing was received in terms of Listings Requirement 3.66, as follows:




Director's Name

:

R J Boettger




Company

:

Sappi Limited




Date of transaction

:

11 August 2011




Nature of transaction

:

Sale of shares to defray taxation payable on 61,738 shares referred to in (1) above




Total Value

:

R624,440




Number of Shares sold

:

24,700




Selling price per share

:

R25,20

Class of security

:

Ordinary shares

Extent of interest

:

Direct beneficial



www.sappi.com

SOURCE Sappi Limited

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