SAPPI LIMITED

SAPPI
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued)
for the year ended September 2010
16. TRADE AND OTHER RECEIVABLES (Continued)
The group has the following amounts due from single customers:
2010 2009
No. of US$ No. of US$
customers million Percentage customers million Percentage
Greater than US$10 million ............. 7 131 18% 6 82 12%
Between US$5 million and US$10 million . . . 13 81 11% 9 55 8%
Less than US$5 million ................ 2,176 528 71% 2,519 530 80%
2,196 740 100% 2,534 667 100%
None of the trade receivables, with balances of equal to or greater than US$5 million as at year end
have breached their contractual maturity terms. No impairment charges have been recognized in
respect of customers who owe the group more than US$5 million.
Refer note 29 for further details on credit risk.
17. ORDINARY SHARE CAPITAL AND SHARE PREMIUM
2010 2009
Number of US$ Number of US$
shares million shares million
Authorized share capital:
Ordinary shares of ZAR1 each ................. 725,000,000 725,000,000
‘‘A’’ ordinary shares of ZAR1 each*
Issued share capital:
............. 19,961,476 —
Ordinary shares of ZAR1 each ................. 541,446,223 77 537,117,864 73
‘‘A’’ ordinary shares of ZAR1 each* ............. 19,961,476 3 — —
Treasury shares** .......................... (41,896,595) (6) (21,384,559) (3)
Share premium ............................ 1,564 1,471
519,511,104 1,638 515,733,305 1,541
* The ‘‘A’’ Ordinary Shares are unlisted but will rank pari passu with the ordinary shares in all respects except for dividend
entitlements where the ‘‘A’’ ordinary shares will be entitled to 50% of the dividends payable on the ordinary shares. The ‘‘A’’
ordinary shares will have the same voting rights as ordinary shares but will not be listed on the JSE Limited. Sappi will have
the option to repurchase a number of ‘‘A’’ ordinary shares in August 2019. The number of any ‘‘A’’ ordinary shares that Sappi
elects to buy back on the repurchase date will depend on the price performance of the ordinary shares over the period of the
transaction with the remaining ‘‘A’’ ordinary shares being distributed to the beneficiaries and converted into ordinary shares.
The ‘‘A’’ ordinary shares’ rights, terms, conditions of conversion and privileges are contained in Article 38 of Sappi’s Articles,
details of which are available for inspection at the company’s registered offices.
** Includes 21,935,119 (September 2009: 21,384,559) ordinary shares as well as 19,961,476 (2009: nil) ‘‘A’’ ordinary shares
that are held by group entities, including The Sappi Limited Share Incentive Trust (the Scheme) and the trusts set up to house
the BEE Transaction. These may be utilised to meet the requirements of the trusts.
The authorized share capital was increased during the year with 19,961,476 ‘‘A’’ ordinary shares
with a par value of ZAR1.00 per share as part of Sappi’s 2010 BEE Transaction (see note 28 for further
details). The issued ordinary share capital increased during the year from ZAR537,117,864 to
ZAR541,446,223 with the issue of 4,328,359 ordinary shares as part of the unwinding of the 2006
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