2007 Annual Report - Sappi

Notes to the group annual financial statements continued
for the year ended September 2007
30. Share-based payment continued
Share options, allocation shares, restricted shares and performance shares to executive directors, which are included in the
above figures, are as follows:
2007 2006
Number of Number of
options/shares options/shares
At beginning of year 633,000 1,343,667
Share Options, Restricted Shares and Performance Shares granted – 184,000
Share Options and Allocation Shares exercised/declined (90,000) (247,500)
Share Options and Allocation Shares forfeited – (341,167)
Shares removed on resignation or retirement of directors (394,000) (470,000)
Shares brought in on appointment of director 100,000 164,000
At end of year 249,000 633,000
Share options and allocation shares exercised by executive directors during the year had an average exercise price per share
of US$7.64 (2006: US$6.39) and an average market price per share of US$16.29 (2006:US$12.85).
The following table sets forth certain information with respect to the 249,000 share options and performance shares granted
by Sappi to executive directors:
Number of
Exercise price
Issue date options/shares Expiry date (ZAR)
15 January 2001 3,000 15 January 2009 49.00
28 March 2002 15,000 28 March 2010 147.20
13 February 2003 15,000 13 February 2011 112.83
30 December 2003 18,000 30 December 2011 79.25
13 December 2004 18,000 13 December 2012 78.00
13 December 2004* 6,000 13 December 2008 –
13 December 2005* 24,000 13 December 2009 –
08 August 2006* 50,000 08 August 2010 –
02 July 2007* 100,000 02 July 2011 –
249,000
* These are performance shares.
Refer to note 39 for further information on Directors participation in the Sappi Limited Share Incentive Trust and the Sappi
Limited Performance Share Incentive Plan.
No new loans have been granted to the executive directors since 28 March 2002.
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sappi limited | 07 | annual report