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 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 reviewed results for the period ended
June 2008.
The Acquired Business financial information has been extracted from the Acquired Business reviewed condensed carve-out financials for the three
month period ended December 2007. The Acquired Business income statement was converted from Euros into US Dollars using the average exchange
rate for the three months ended December 2007 of EUR1 : US$1.4556. Refer to note 1 in the notes to the income statement for the three month period
ended December 2007 for a reconciliation of the Acquired Business income statement information as presented in the carve-out accounts for the three
month period ended December 2007 to the Acquired Business carve-out information presented above.
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