SAPPI LTD (SAP) 6-K

* The number of shares in issue at balance sheet date has been adjusted by 73 million shares representing the estimated number of shares to be issued as
consideration for the Acquired Business of EUR50 million (US$79 million) and the proposed rights offering of EUR450 million (US$711 million). The
number of Settlement Shares will be determined by reference to the volume weighted average share price of Sappi on the JSE during the 30 trading days prior
to the date of the announcement of this acquisition adjusted for issuances of shares by Sappi at a discount to market value and other specified actions taken by
Sappi in respect of its capital prior to the Completion Date. The number of rights offering shares was calculated using the Sappi closing share price on 26
September 2008 of ZAR81.50. The actual number of shares will be based on the relevant variable components of the financing and of the relevant agreements
and, accordingly, the number of shares will change.
(A)
(B)
The Sappi financial information has been extracted without adjustment from Sappi's published consolidated audited results for the year ended
September 2007.
The Acquired Business financial information has been extracted from the Acquired Business audited carve-out financials for the year ended December
2007. The Acquired Business income statement was converted from Euros into US Dollars using the average exchange rate for the year ended
December 2007 of EUR1 : US$1.3755. Refer to note 1 in the notes to the income statement for the year ended September 2007 for a reconciliation of
the Acquired Business income statement information as presented in the carve-out accounts for the year ended December 2007 to the Acquired
Business carve-out information presented above.
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