Business News

Sappi Limited Announces Results of General Meeting

Tuesday 04. November 2008 - On September 29, 2008, Sappi (NYSE:SPP), the world's leading producer of coated fine paper, further to the circular to the shareholders of Sappi Limited ("Sappi" or the "Company") dated October 10, 2008 regarding the proposed acquisition by Sappi of M-real Corporation's ("M-real") coated graphic paper business (the "Proposed Acquisition") and the impending rights offer announced on SENS on Friday, October 31, 2008 (the "Proposed Rights Offer"), Sappi is pleased to announce that all the special and ordinary resolutions to approve the Proposed Acquisition and implement the Proposed Rights Offer proposed at the general meeting of shareholders held on Monday, November 3, 2008, (the "general meeting") were passed by the requisite majority of votes.

The special resolution passed at the general meeting will be lodged with the Registrar of Companies for registration. The final terms of the Proposed Rights Offer will be published on Friday, November 7, 2008. Further details on the Proposed Rights Offer will be contained in a rights offer circular that will be posted to Sappi shareholders in due course.

Financial adviser to Sappi
Morgan Stanley & Co. Ltd.

Transaction sponsor
Morgan Stanley South Africa (Proprietary) Limited

Investment bankers to Sappi
Citigroup Global Markets Limited
JP Morgan Securities Ltd

South African legal adviser to Sappi
Bowman Gilfillan

English legal adviser to Sappi
Linklaters LLP

US legal adviser to Sappi
Cravath, Swaine & Moore LLP

Reporting accountants and Due Diligence to Sappi
Deloitte & Touche

Financial adviser to M-real
Goldman Sachs International

South African legal adviser to M-real
Werksmans

English legal adviser to M-real
Slaughter and May

Sponsor to Sappi
UBS South Africa (Proprietary) Limited

Reporting accountants to M-real
PricewaterhouseCoopers



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