Sappi
Limited ("Sappi" or the "Company") (SPP) announces its
intention to voluntarily delist its American Depositary Shares
("ADSs"), which are evidenced by American Depositary Receipts
("ADRs"), from the New York Stock Exchange ("NYSE"). Sappi
will convert its current ADR programme into a Level I ADR programme to give
current ADR holders the option to continue to hold ADRs. Level I ADRs are
traded in the United States over-the-counter market as opposed to on a U S
national securities exchange.
The
Company's decision to delist from the NYSE is based on the low trading volume
of its ADSs on the NYSE as well as the high costs and administrative complexity
associated with maintaining its listing and registration in the U S. As of
today, less than 1% of Sappi's shares are held through its ADR programme, and
for the twelve months ended 28 August 2013, less than 1% of Sappi's average
daily trading volume occurred on the NYSE, where the Company has been listed
since 1998.
