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<strong>SAPPI</strong><br />
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued)<br />
for the year ended September 2010<br />
28. SHARE-BASED PAYMENTS (Continued)<br />
Scheme shares, Share options, Restricted shares, Performance shares and Allocation shares<br />
activities were as follows during the financial years ended September 2010 and 2009:<br />
Weighted Weighted<br />
average average<br />
exercise exercise<br />
Scheme Restricted Share Performance price Allocation price Total<br />
Shares*** Shares** options (1) shares (2) ** (ZAR)* Shares (1) (ZAR)* Shares<br />
Outstanding at<br />
September 2008 . . .<br />
— Offered and<br />
1,351,862 10,000 3,232,700 3,951,100 46.00 1,105,450 98.20 9,651,112<br />
accepted ....... 1,577,834 12,000 5,951,970 6,540,240 19.96 1,307,700 20.27 15,389,744<br />
— Paid for/released<br />
— Returned, lapsed<br />
. . (75,060) (22,000) (206,140) (165,491) 20.95 (214,660) 30.68 (683,351)<br />
and forfeited .....<br />
Outstanding at<br />
5,736 — (734,150) (360,289) 41.69 (352,540) 54.12 (1,441,243)<br />
September 2009 . . .<br />
— Offered and<br />
2,860,372 — 8,244,380 9,965,560 29.33 1,845,950 65.24 22,916,262<br />
accepted ....... — — 2,889,010 2,565,300 17.93 — — 5,454,310<br />
— Paid for/released<br />
— Returned, lapsed<br />
. . — — — (11,000) 11.06 — — (11,000)<br />
and forfeited .....<br />
Outstanding at<br />
— — (974,630) (3,207,020) 14.48 (806,800) 77.61 (4,988,450)<br />
September 2010 ...<br />
Exercisable at<br />
2,860,372 — 10,158,760 9,312,840 27.91 1,039,150 56.15 23,371,122<br />
September 2008 . . .<br />
Exercisable at<br />
491,300 — 1,906,330 5,000 96.97 1,032,300 110.22 3,434,930<br />
September 2009 . . .<br />
Exercisable at<br />
752,600 — 4,835,090 — 55.60 1,845,950 65.24 7,433,640<br />
September 2010 . . . 202,040 — 5,184,568 — 49.33 1,039,150 56.15 6,425,758<br />
* The share options are issued in South African Rands.<br />
** Restricted shares (awarded on an ad-hoc basis to certain individuals on various terms and conditions) and Performance<br />
shares are issued for no cash consideration. The value is determined on the day the shares are taken up.<br />
*** The number of Scheme shares, which are not subject to credit sales amounts to 2,658,332 (2009: 2,107,772), includes<br />
1,026,794 rights offer Scheme shares taken up at ZAR20.27 per share, included in offered and accepted in the 2009 year.<br />
(1) Issued in terms of the Scheme.<br />
(2) Issued in terms of the Plan.<br />
The fair value of Scheme shares held at September 2010 was US$13.5 million (September 2009:<br />
US$8.1 million).<br />
F-79
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