Exhibit 99.1
 | Sappi Limited |
Announcement
Immediate release
15 December 2011
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”)
| 1. | 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 the Company and its major subsidiary companies. The necessary authority in terms of paragraph 3.66 was obtained and these were off-market transactions:
| Nature of transaction | : | Vesting of grants of conditional share awards in terms 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 | : | 12 December 2007 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 | : | 4 years from date of grant |
| Percentage of grants vested | : | 50%, see table below |
| Class of security | : | Ordinary shares |
| Extent of interest | : | Direct beneficial |
| Director’s Name | : | R J Boëttger |
| Company of which he is a director | : | Sappi Limited |
| Number of Grants Awarded | Number of Grants Vested | Number of Grants Lapsed | Payment for original Grants nil/ settlement of additional Grants at R20,27 per Grant | Number of Shares to Participant | Value (R) | ||||||||||||||
| 50,000 | 25,000 | 25,000 | Nil | 25,000 | 630,000.00 | ||||||||||||||
| 60,000 | 30,000 | 30,000 | 24,131 shares | 5,869 | 147,898.80 | ||||||||||||||
| 110,000 | 55,000 | 55,000 | 30,869 | 777,898.80 | |||||||||||||||
| Director’s Name | : | H Boner |
Company of which he is company secretary | : | Sappi Fine Paper Europe |
| Number of Grants Awarded | Number of Grants Vested | Number of Grants Lapsed | Payment for original Grants nil/ settlement of additional Grants at R20,27 per Grant | Number of Shares to Participant | Value (R) | ||||||||||||||
| 12,000 | 6,000 | 6,000 | Nil | 6,000 | 151,200.00 | ||||||||||||||
| 14,400 | 7,200 | 7,200 | 5,791 shares | 1,409 | 35,506.80 | ||||||||||||||
| 26,400 | 13,200 | 13,200 | 7,409 | 186,706.80 | |||||||||||||||
| Director’s Name | : | H A de Jongh |
Company of which he is a director | : | Sappi Southern Africa |
| Number of Grants Awarded | Number of Grants Vested | Number of Grants Lapsed | Payment for original Grants nil/ settlement of additional Grants at R20,27 per Grant | Number of Shares to Participant | Value (R) | ||||||||||||||
| 16,000 | 8,000 | 8,000 | Nil | 8,000 | 201,600.00 | ||||||||||||||
| 19,200 | 9,600 | 9,600 | 7,722 shares | 1,878 | 47,325.60 | ||||||||||||||
| 35,200 | 17,600 | 17,600 | 9,878 | 248,925.60 | |||||||||||||||
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| Director’s Name | : | R D Hope |
Company of which he is a director | : | Sappi Fine Paper North America, Sappi Southern Africa |
| Number of Grants Awarded | Number of Grants Vested | Number of Grants Lapsed | Payment for original Grants nil/ settlement of additional Grants at R20,27 per Grant | Number of Shares to Participant | Value (R) | ||||||||||||||
| 35,000 | 17,500 | 17,500 | Nil | 17,500 | 441,000.00 | ||||||||||||||
| 42,000 | 21,000 | 21,000 | 16,892 shares | 4,108 | 103,521.60 | ||||||||||||||
| 77,000 | 38,500 | 38,500 | 21,608 | 544,521.60 | |||||||||||||||
| Director’s Name | : | C M Mowatt |
| Company of which he is a director | : | Sappi Southern Africa |
| Number of Grants Awarded | Number of Grants Vested | Number of Grants Lapsed | Payment for original Grants nil/ settlement of additional Grants at R20,27 per Grant | Number of Shares to Participant | Value (R) | ||||||||||||||
| 15,000 | 7,500 | 7,500 | Nil | 7,500 | 189,000.00 | ||||||||||||||
| 18,000 | 9,000 | 9,000 | 7,239 shares | 1,761 | 44,337.20 | ||||||||||||||
| 33,000 | 16,500 | 16,500 | 9,261 | 233,337.20 | |||||||||||||||
| Director’s Name | : | A Rossi |
Company of which he is a director | : | Sappi Fine Paper North America, Sappi Southern Africa |
| Number of Grants Awarded | Number of Grants Vested | Number of Grants Lapsed | Payment for original Grants nil/ settlement of additional Grants at R20,27 per Grant | Number of Shares to Participant | Value (R) | ||||||||||||||
| 15,000 | 7,500 | 7,500 | Nil | 7,500 | 189,000.00 | ||||||||||||||
| 18,000 | 9,000 | 9,000 | 7,239 shares | 1,761 | 44,377.20 | ||||||||||||||
| 33,000 | 16,500 | 16,500 | 9,261 | 233 377.20 | |||||||||||||||
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| Director’s Name | : | L Swartz |
Company of which she is a director | : | Sappi Southern Africa, Sappi Fine Paper North America |
| Number of Grants Awarded | Number of Grants Vested | Number of Grants Lapsed | Payment for original Grants nil/ settlement of additional Grants at R20,27 per Grant | Number of Shares to Participant | Value (R) | ||||||||||||||
| 19,000 | 9,500 | 9,500 | Nil | 9,500 | 239,400.00 | ||||||||||||||
| 22,800 | 11,400 | 11,400 | 9,170 shares | 2,230 | 56,196.00 | ||||||||||||||
| 41,800 | 20,900 | 20,900 | 11,730 | 295,596.00 | |||||||||||||||
| Director’s Name | : | A Thiel |
Company of which he is a director | : | Sappi Southern Africa |
| Number of Grants Awarded | Number of Grants Vested | Number of Grants Lapsed | Payment for original Grants nil/ settlement of additional Grants at R20,27 per Grant | Number of Shares to Participant | Value (R) | ||||||||||||||
| 18,000 | 9,000 | 9,000 | Nil | 9,000 | 226,800.00 | ||||||||||||||
| 21,600 | 10,800 | 10,800 | 8,687 shares | 2,113 | 53,247.60 | ||||||||||||||
| 39,600 | 19,800 | 19,800 | 11,113 | 280,047.60 | |||||||||||||||
| Director’s Name | : | M R Thompson |
Company of which he is a director | : | Sappi Limited |
| Number of Grants Awarded | Number of Grants Vested | Number of Grants Lapsed | Payment for original Grants nil/ settlement of additional Grants at R20,27 per Grant | Number of Shares to Participant | Value (R) | ||||||||||||||
| 40,000 | 20,000 | 20,000 | Nil | 20,000 | 504,000.00 | ||||||||||||||
| 48,000 | 24,000 | 24,000 | 19,305 shares | 4,695 | 118,314.00 | ||||||||||||||
| 88,000 | 44,000 | 44,000 | 24,695 | 622,314.00 | |||||||||||||||
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| Director’s Name | : | G M Van Aarde |
Company of which he is a director | : | Sappi Southern Africa |
| Number of Grants Awarded | Number of Grants Vested | Number of Grants Lapsed | Payment for original Grants nil/ settlement of additional Grants at R20,27 per Grant | Number of Shares to Participant | Value (R) | ||||||||||||||
| 10,000 | 5,000 | 5,000 | Nil | 5,000 | 126,000.00 | ||||||||||||||
| 12,000 | 6,000 | 6,000 | 4,826 shares | 1,174 | 29,584.80 | ||||||||||||||
| 22,000 | 11,000 | 11,000 | 6,174 | 155,584.80 | |||||||||||||||
| Director’s Name | : | A J W van der Merwe |
Company of which he is a director | : | Sappi Southern Africa |
| Number of Grants Awarded | Number of Grants Vested | Number of Grants Lapsed | Payment for original Grants nil/ settlement of additional Grants at R20,27 per Grant | Number of Shares to Participant | Value (R) | ||||||||||||||
| 8,000 | 4,000 | 4,000 | Nil | 4,000 | 100,800.00 | ||||||||||||||
| 9,600 | 4,800 | 4,800 | 3,861 shares | 939 | 23,662.80 | ||||||||||||||
| 17,600 | 8,800 | 8,800 | 4,939 | 124,462.80 | |||||||||||||||
| Director’s Name | : | B Wiersum |
Company of which he is a director | : | Sappi Fine Paper Europe |
| Number of Grants Awarded | Number of Grants Vested | Number of Grants Lapsed | Payment for original Grants nil/ settlement of additional Grants at R20,27 per Grant | Number of Shares to Participant | Value (R) | ||||||||||||||
| 40,000 | 20,000 | 20,000 | Nil | 20,000 | 504,000.00 | ||||||||||||||
| 48,000 | 24,000 | 24,000 | 19,305 shares | 4,695 | 118,314.00 | ||||||||||||||
| 88,000 | 44,000 | 44,000 | 24,695 | 622,314.00 | |||||||||||||||
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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 directors of the Company and its major subsidiaries. The dealings were on-market transactions and clearances for the dealings were received in terms of Listings Requirement 3.66, as follows:
| Director’s Name | : | R J Boëttger | |
| Company | : | Sappi Limited | |
| Date of transaction | : | 14 December 2011 | |
| Nature of transaction | : | Sale of shares to defray taxation payable on 30 869 shares referred to under R J Boëttger in (1) above | |
Number of Shares sold | : | 12,600 | |
| Selling price per share | : | R25.18 (523 Shares) | |
| R25.00 (12,077 Shares) | |||
| Total Value | : | R315,094.14 | |
| Class of security | : | Ordinary shares | |
| Extent of interest | Direct beneficial | ||
| Director’s Name | : | R D Hope | |
| Company | : | Sappi Limited | |
| Date of transaction | : | 14 December 2011 | |
| Nature of transaction | : | Sale of shares to defray taxation payable on 21,608 shares referred to under R D Hope in (1) above | |
| Number of Shares sold | : | 8,700 | |
| Selling price per share | : | R25.00 | |
| Total Value | : | R217,500.00 | |
| Class of security | : | Ordinary shares | |
| Extent of interest | Direct beneficial | ||
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| Director’s Name | : | H A de Jongh | |
| Company | : | Sappi Limited | |
| Date of transaction | : | 14 December 2011 | |
| Nature of transaction | : | Sale of shares | |
| Number of Shares sold | : | 9,878 | |
| Selling price per share | : | R24.65 (1,844 Shares) | |
R24.59 (2,000 Shares) | |||
| R24.58 (1,011 Shares) | |||
| R24.29 (3,292 Shares) | |||
| R24.63 (671 Shares) | |||
| R24.31 (1,060 Shares) | |||
| Total Value | : | R241,743.31 | |
| Class of security | : | Ordinary shares | |
| Extent of interest | Direct beneficial | ||
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