Exhibit 99.2
 | 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”)
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 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 | : | 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 of which he is a director | : | 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) | ||||||||||||||
| 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 | |||||||||||||||
| Director’s Name | : | S G Manchester |
Company of which she is a director | : | Sappi Fine Paper North America of which she is a director |
| 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 | : | J Miller |
Company of which she is a director | : | Sappi Fine Paper North America of which she is a director |
| 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) | ||||||||||||||
| 20,000 | 10,000 | 10,000 | Nil | 10,000 | 252,000.00 | ||||||||||||||
| 24,000 | 12,000 | 12,000 | 9,652 shares | 2,348 | 59,169.60 | ||||||||||||||
| 44,000 | 22,000 | 22,000 | 12,348 | 311,169.60 | |||||||||||||||
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