Sappi confirms delisting from NYSE, files to terminate its registration and reporting obligations in US under SEC rules; company will continue trading on JSE Limited in South Africa
October 1, 2013
– 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.
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.