SAPPI LTD (SAP) 6-K

8. SUBSIDIARY COMPANIES OF SAPPI
Details of the major subsidiary companies of Sappi are set out in Annexure 6 of the Circular to which these revised listing particulars are attached.
9. DIVIDENDS
The Sappi group aims to declare annual dividends which, over time, incorporate real growth for shareholders. The dividend policy is determined by its board
of directors from time to time, based on Sappi’s results and anticipated funding requirements associated with its growth strategy and dividends may be settled
in whole or in part in such manner as the directors may at the time of determining the dividend direct. To this end, dividend cover in each year varies in line
with changes in the business cycle, but the current intention is to maintain a long-term average earnings/dividend ratio of three to one. A dividend of 32 US
cents per share was declared by the Company in respect of the financial year ended 30 September 2007. A general meeting or the directors may declare
dividends to any one or more classes of members from time to time. The dividends will be registered as such at a date which shall be not less than fourteen
days after the date of publication of the announcement of the declaration of the dividend on the basis that the register of members may not be closed between
the date of the publication of such announcement and the record date for the payment of the dividend; and any dividend declared may be paid either wholly or
in part by the distribution of such specific assets in such manner as the directors may determine; provided that no greater dividend shall be declared by a
general meeting than is recommended by the directors.
Any dividends which are retained and unclaimed for twelve years, after the payment date of the dividend in question, shall be forfeited and revert to Sappi and
may be dealt with by the directors as they deem fit.
The capital structure of the proposed acquisition was considered carefully as to its effect on the cash flow position of the South African operations of Sappi.
Sappi expects to be able to continue to pay dividends.
10. TRANSACTION-RELATED FEES, COMMISSIONS, INTERESTS AND COSTS
No amounts are payable or have been paid, nor have any other benefit accrued, to any promoter during the three years preceding the date of these revised
listing particulars.
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