SAPPI LIMITED – Sale of three European mills by Sappi to Aurelius will not proceed. Agreement on suspensive conditions not reached – SENS

                            
Sale of three European mills by Sappi to Aurelius will not proceed. Agreement on suspensive conditions not reached
Sappi Limited
(Incorporated in the Republic of South Africa)
Registration number: 1936/008963/06
JSE share code: SAP
ISIN: ZAE000006284
(‘Sappi’ or the ‘Company’)
Sale of three European mills by Sappi to Aurelius will not proceed. Agreement on
suspensive conditions not reached
Sappi informs stakeholders that the date for completion of the suspensive conditions contained
in the agreement to sell three European Graphic Paper mills to Aurelius has lapsed and
therefore the transaction will not proceed.
Shareholders are referred to the announcement released on the Stock Exchange News
Service on 29 September 2022 wherein it was advised that Sappi concluded an agreement
with Aurelius Investment Lux One S.à.r.l. (“Aurelius”), to divest its Maastricht Mill in the
Netherlands, its Stockstadt Mill in Germany and its Kirkniemi Mill in Finland (the “Transaction”).
The Transaction was classified as a category 2 transaction in terms of the JSE Listings
Requirements and there were no related parties involved.
The Transaction was subject to the fulfilment of various conditions precedent including the
conclusion of a separation and transitional services plan between Sappi and Aurelius to the
satisfaction of both parties to be fulfilled by the long stop date. Regretfully, and notwithstanding
extensive efforts by Sappi to structure a reasonable deal, the parties could not conclude the
suspensive conditions and therefore the Transaction has lapsed.
Sappi will continue to execute its strategy to reduce its exposure to graphic paper and will
review its strategic options regarding these mills.
14 April 2023
Sponsor:
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 14-04-2023 09:00:00
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