Our performance in 2009 - Sappi

138
Notes to the group annual financial statements continued
US$ million 2009 2008
17. Ordinary share capital and share premium
Authorised share capital:
725,000,000 (September 2008: 325,000,000) shares of ZAR1 each
Issued share capital:
537,117,864 (September 2008: 239,071,892) shares of ZAR1 each
Share premium
70
1,471
28
679
1,541 707
The authorised ordinary share capital was increased during the year from 325,000,000 to 1,325,000,000 ordinary shares
with a par value of ZAR1.00 per share prior to the rights offer in December 2008. The authorised ordinary share capital
was then subsequently reduced from 1,325,000,000 to 725,000,000 ordinary shares with a par value ZAR1.00 per share.
The issued ordinary share capital increased during the year from ZAR239,071,892 to ZAR537,117,864 with the issue of
286,886,270 rights offer shares and 11,159,702 shares in settlement of part of the consideration for the acquisition of the
M-real graphic paper business.
Included in the issued ordinary shares above are 21,384,559 (September 2008: 9,906,661) shares held as treasury shares
by group entities, including The Sappi Limited Share Incentive Trust (the Scheme). These may be utilised to meet the
requirements of the Scheme.
Number of shares
The movement in the number of treasury shares is set out in the table below:
Treasury shares at beginning of year (including Scheme shares) 9,906,661 10,600,811
Rights issue shares subscribed 11,860,873 –
Treasury shares issued to participants of the Scheme (382,975) (694,150)
– Share options (per note 29) (206,140) (452,200)
– Share plan options (per note 29) (165,491) –
– Allocation shares (per note 29) (214,660) (273,750)
– Restricted shares (per note 29) (22,000) –
– Scheme shares forfeited, released and other 225,316 31,800
Treasury shares at end of year 21,384,559 9,906,661
Included in the 187,882,136 unissued shares and in the 537,117,864 issued shares are a total of 42,700,870 shares (adjusted
for the rights issue) which may be used to meet the requirements of the Scheme and/or The Sappi Limited Performance Share
Incentive Trust (the Plan). In terms of the rules of the Scheme and the Plan the maximum number of shares which may be
acquired in aggregate by the Scheme and/or the Plan and allocated to participants of the Scheme and/or the Plan from time to
time is 42,700,870 shares, subject to adjustment in case of any increase or reduction of Sappi’s issued share capital on any
conversion, redemption, consolidation, sub-division and/or any rights or capitalisation issue of shares. Sappi is obliged to
reserve and keep available at all times out of its authorised but unissued share capital such number of shares (together with any
treasury shares held by Sappi subsidiaries which may be used for the purposes of the Scheme and/or the Plan) as shall then
be required in terms of the Scheme and/or the Plan. Authority to use treasury shares for the purposes of the Scheme and/or
the Plan was granted by shareholders at the annual general meeting held on 07 March 2005.