JOHANNESBURG, Sept. 30, 2013 /PRNewswire/ -- Following its
9 September 2013 announcement of its
intention to delist its American Depositary shares ("ADSs"), which
are evidenced by American Depositary Receipts ("ADRs"), from the
New York Stock Exchange ("NYSE"), Sappi Limited ("Sappi" or the
"Company") (NYSE: SPP) confirms that the delisting of its ADSs from
the NYSE became effective today, as scheduled. This follows the
filing by Sappi of a Form 25 with the Securities and Exchange
Commission (the "SEC") on 19 September
2013.
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Sappi's ADRs will now be traded in the U.S. through a Level I
over-the-counter ADR program.
In addition, Sappi has filed a Form 15F with the SEC today to
terminate the Company's registration and reporting obligations
under the U.S. Securities Exchange Act of 1934, as amended (the
"Exchange Act"). Sappi's reporting obligations under the Exchange
Act were suspended by the filing of Form 15F with the SEC.
Sappi expects that the deregistration will become effective and
Sappi's reporting obligations will be terminated on 30 December 2013, 90 days after the filing of
Form 15F. The anticipated effective date may be delayed if the SEC
objects or requests an extended review or for other reasons.
Sappi's ordinary shares will continue trading on JSE Limited in
South Africa.
For more information about the Company, please visit
www.sappi.com.
Forward-looking statements
Certain statements in this release that are neither reported
financial results nor other historical information, are
forward-looking statements, including but not limited to statements
that are predictions of or indicate future earnings, savings,
synergies, events, trends, plans or objectives.
The words "believe", "anticipate", "expect", "intend",
"estimate", "plan", "assume", "positioned", "will", "may",
"should", "risk" and other similar expressions, which are
predictions of or indicate future events and future trends, which
do not relate to historical matters, identify forward-looking
statements. You should not rely on forward-looking statements
because they involve known and unknown risks, uncertainties and
other factors which are in some cases beyond our control and may
cause our actual results, performance or achievements to differ
materially from anticipated future results, performance or
achievements expressed or implied by such forward-looking
statements (and from past results, performance or achievements).
Certain factors that may cause such differences include but are not
limited to:
- the highly cyclical nature of the pulp and paper industry
(and the factors that contribute to such cyclicality, such as
levels of demand, production capacity, production, input costs
including raw material, energy and employee costs, and
pricing);
- the impact on our business of the global economic
downturn;
- unanticipated production disruptions (including as a result
of planned or unexpected power outages);
- changes in environmental, tax and other laws and
regulations;
- adverse changes in the markets for our products;
- the emergence of new technologies and changes in consumer
trends including increased preferences for digital media;
- consequences of our leverage, including as a result of
adverse changes in credit markets that affect our ability to raise
capital when needed;
- adverse changes in the political situation and economy in
the countries in which we operate or the effect of governmental
efforts to address present or future economic or social
problems;
- the impact of restructurings, investments, acquisitions,
dispositions and other strategic initiatives (including related
financing), any delays, unexpected costs or other problems
experienced in connection with dispositions or with integrating
acquisitions or implementing restructurings or strategic
initiatives (including dissolving wood pulp conversion projects),
and achieving expected savings and synergies; and
- currency fluctuations.
We undertake no obligation to publicly update or revise any
of these forward-looking statements, whether to reflect new
information or future events or circumstances or otherwise.
Issued by
Brunswick
on behalf of Sappi Limited
Tel + 27 (0) 11 502 7300
For further information
Andre F Oberholzer
Group Head Corporate Affairs
Sappi Limited
Tel +27 (0)11 407 8044
Mobile +27 (0)83 235 2973
Andre.oberholzer@sappi.com
Graeme Wild
Group Head Investor Relations and Sustainability
Sappi Limited
Tel +27 (0)11 407 8391
Mobile +27 (0)83 320 8624
Graeme.wild@sappi.com
PO Box 31560
Braamfontein
2017
South Africa
Tel +28 (0)11 407 8111
www.sappi.com
SOURCE Sappi Limited