2006 20-F - Sappi

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SAPPI NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2006 39. DIRECTORS’ PARTICIPATION IN THE SAPPI LIMITED SHARE INCENTIVE TRUST AND PERFORMANCE SHARE INCENTIVE PLAN (Continued) Executive Directors JL Job (6) MR Thompson (3) JCA Leslie (4) W Pfarl DG Wilson (5) E van As (1) Total 2006 Total 2005 Allocated No of Allocated No of Allocated No of Allocated No of Allocated No of Allocated No of No of No of price shares price shares price shares price shares price shares price shares shares shares Outstanding at September 2006 Number of shares held........... Resigned in Resigned in Resigned in September 2006 164,000 March 2006 219,000 July 2006 250,000 633,000 1,321,000 Issue 23a.................... — — — — Issue 24..................... R 53.85 15,000 R 53.85 50,000 R 53.85 100,000 Issue 25..................... R 49.00 3,000 R 49.00 25,000 R 49.00 50,000 Issue 26..................... R 147.20 15,000 — — R 147.20 50,000 Issue 27..................... R 112.83 15,000 R 112.83 30,000 R 112.83 50,000 Issue 27a.................... — — — — — Issue 28..................... — R 79.25 30,000 — — Issue 28a.................... R 79.25 18,000 — — — — Issue 29..................... R 78.00 18,000 R 78.00 30,000 — — Performance shares 29 (2) ......... — 6,000 — 12,000 — — Performance shares 30 (2) ......... 24,000 42,000 Performance shares 30a (2) ......... 50,000 Expiry dates Issue 23a.................... — — Issue 24..................... 21-Dec-07 21-Dec-07 30-Nov- 07 Issue 25..................... 15-Jan-09 15-Jan-09 30-Nov-08 Issue 25a.................... — — — Issue 26..................... 28-Mar-10 — 30-Nov-08 Issue 27..................... 13-Feb-11 13-Feb-11 30-Nov-08 Issue 27a.................... — — — Issue 28..................... 14-Jan-12 — Issue 28a.................... 30-Dec-11 Issue 29..................... 13-Dec-12 13-Dec-12 — Performance shares 29 (2) .......... 13-Dec-08 13-Dec-08 Performance shares 30 (2) .......... 13-Dec-09 13-Dec-09 Performance shares 30a (2) ......... 8-Aug-10 F-122 Changes in executive directors’ share options, allocation shares and performance shares after year-end Subsequent to year end in November 2006, W Pfarl sold 75,000 options resulting in a gain of US$606,428 (1) Relinquished his executive duties in June 2003. From that date until November 2003, Mr van As participated in ensuring a smooth transition to Mr Leslie, the new Chief Executive Officer. (2) Performance shares are issued when all conditions per Note 30 are met. (3) He was appointed as Financial Director on the 8th August 2006. The number of shares held at date of appointment have been brought in as one figure. (4) Resigned as a director in March 2006. He will still be entitled to certain shares in terms of his agreement (5) Resigned as a director in July 2006. (6) Relinquished his executive duties in December 2005 and was appointed as a Non-executive director in January 2006. He resigned from that in September 2006
SAPPI NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2006 39. DIRECTORS’ PARTICIPATION IN THE SAPPI LIMITED SHARE INCENTIVE TRUST AND PERFORMANCE SHARE INCENTIVE PLAN (Continued) Executive directors Director F-123 Date paid for Dealings in Sappi Limited Share Incentive Trust and Performance Share Incentive Plan shares for the year ended September 2006 Number of shares paid for Allocation price Market value at date of payment Gains on shares paid for US$ (1) JL Job....................................... Deferred Sale 08 August 2006 44,000 39.00 89.33 324,995 Deferred Sale 08 August 2006 30,000 53.85 89.33 156,208 Deferred Sale 08 August 2006 25,000 49.00 89.33 147,967 DG Wilson (2) .................................. Options 13 December 2005 8,000 21.30 74.01 66,670 Deferred Sale 13 December 2005 8,000 21.30 74.01 66,670 Options 24 August 2006 16,000 21.30 90.11 153,658 Deferred Sale 24 August 2006 16,000 21.30 90.11 153,658 Deferred Sale 01 September 2006 25,000 49.00 93.32 153,825 Options 12 September 2006 25,000 53.85 94.00 136,286 Deferred Sale 12 September 2006 25,000 53.85 94.00 136,286 Options 14 September 2006 12,000 79.25 95.00 25,820 Options 14 September 2006 4,772 78.00 95.00 11,083 MIS Bonus (4) 14 September 2006 2,992 — 95.00 38,831 Options 18 September 2006 2,728 78.00 94.50 6,094 Non-executive directors E van As (3) .................................... Trust shares Option Option Option Option TOTAL...................................... 244,492 1,578,051 Executive directors Director Date sold Dealings in Sappi Limited Share Incentive Trust and Performance Share Incentive Plan shares for the year ended September 2005 Number of shares sold Allocation price Market value at date of sale Gains on shares sold US$ (1) JL Job...................................... Deferred Sale — — — — — Deferred Sale — — — — — Deferred Sale DG Wilson (2) ................................. Options — — — — — Deferred Sale — — — — — Options Deferred Sale Deferred Sale Options Deferred Sale Options Options MIS Bonus — — — — — Options — — — — — Non-executive directors E van As (3) ................................... Trust shares 26 November 2004 24,813 R 56.75 R 77.50 87,383 Option 26 November 2004 40,000 R 34.90 R 77.50 289,201 Option 26 November 2004 30,000 R 19.90 R 77.50 293,274 Option 26 November 2004 60,000 R 22.10 R 77.50 564,145 Option 26 November 2004 100,000 R 27.90 R 77.50 841,805 TOTAL..................................... 254,813 2,075,808 (1) Converted from South African Rands to US Dollars at the exchange rates on the date of sale (2) Resigned as executive director in July 2006 (3) Retired as executive director in November 2003. These shares arose from his participation in the Sappi Limited Share Incentive Trust while an executive director. (4) Management Incentive Scheme (“MIS’’).
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As filed with the Securities and Ex
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OUR USE OF TERMS AND CONVENTIONS IN
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FORWARD-LOOKING STATEMENTS In order
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2 Year Ended September 2006 2005 (U
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Risk Factors In addition to other i
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New technologies or changes in cons
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Several customers account for a sig
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Maintain a global presence. One of
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Major Product Categories Descriptio
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market share was negatively affecte
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The chart below represents the oper
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The following table sets forth appr
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Paper North America’s on-line fin
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of 860,000 metric tonnes of triple-
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a capacity of 60,000 metric tonnes
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customers use our products in the p
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(1) The following table sets forth
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The mill markets paper and excess p
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Pulp Sappi Fine Paper North America
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equired for its operations. Sappi F
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• The National Environmental Mana
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PROPERTY, PLANT AND EQUIPMENT For a
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ITEM 5. OPERATING AND FINANCIAL REV
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) Movement in market prices for our
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The recent price history for benchm
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Demand from all of the market segme
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Raw Material and Other Input Costs
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The exchange rate impact on raw mat
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Our South African businesses have f
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• Any debtors or creditors not in
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Year Ended September 2006 Compared
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US$28 million. Decreased selling pr
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enefit of the reversal of the Usutu
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accounting mismatch, as a result of
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South African residents, who are na
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The increase of US$11 million in fi
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June 2010. The OeKB A tranche and t
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impact on liquidity varies accordin
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Contractual Obligations We have var
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mill is located in Nanchang, the ca
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product pricing, raw material costs
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flows of the related underlying exp
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increases, health care cost trends,
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alance sheet date. Risks, uncertain
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If the Group had applied IFRS 3 ret
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IFRS. The Group did not apply the e
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Where BEE equity credentials are ob
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Environmental Matters We operate in
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Klaas de Kluis (70) (independent).
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Mark Richard Thompson (54) BCom, BA
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Audit Committee An Audit Committee
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estructuring initiatives that occur
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Levies Act, was paid via Internal R
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Pursuant to the Companies Amendment
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on Restitution of Land Rights and a
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(“the Depositary”) with respect
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• any proposal concerning the ado
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Voting Rights Subject to any rights
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equest not less than one-twentieth
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Financial Assistance The Bill enhan
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At the Annual General Meeting of Sh
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African shareholders will be paid t
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purpose of Capital Gains Tax in Sou
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Distributions. The gross amount of
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US Federal Income Tax Consequences
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PART II ITEM 13. DEFAULTS, DIVIDEND
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the controls may become inadequate
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ITEM 16E. PURCHASES OF EQUITY SECUR
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4.10 Credit Facility, dated May 7,
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SAPPI Group Annual Financial Statem
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SAPPI GROUP INCOME STATEMENT for th
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SAPPI GROUP CASH FLOW STATEMENT for
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1. BUSINESS SAPPI NOTES TO THE GROU
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SAPPI NOTES TO THE GROUP ANNUAL FIN
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4.2 Employee cost SAPPI NOTES TO TH
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Page 267 and 268: 5. OTHER INCOME 2006 2005 ZAR milli
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2006 20-F - Sappi

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