Datatec Limited Share incentive schemes and dealing in securities (0383J)

TIDMDTC

RNS Number : 0383J

Datatec Limited

23 June 2017

23 June 2017

Datatec Limited

Share incentive schemes and dealing in securities by a director

Datatec Limited ("Datatec" or the "Company", JSE and LSE: DTC), announces the following in relation to the Share Appreciation Rights Scheme 2005 ("SAR Scheme"), the Long Term Incentive Plan ("LTIP") and the Deferred Bonus Plan ("DBP"). These share incentive schemes are subject to the rules originally approved by shareholders at the Company's annual general meeting held on 16 August 2005 and subsequently amended and approved by shareholders at the annual general meeting held on 14 September 2011.

1) SAR Scheme and LTIP - May 2014 grants - outcome

The Share Appreciation Rights ("SARs") and LTIP awards granted in May 2014 have not vested following an evaluation of the Company's performance against prescribed conditions in accordance with the rules of the SAR Scheme and LTIP. Accordingly, the SARs and LTIP awards granted in May 2014 have lapsed.

2) DBP - May 2014 grants - settlement of matching shares

In relation to the May 2014 grants under the DBP, 56,753 Datatec shares have been transferred to participants in accordance with the rules of the DBP.

Under the terms of the DBP, participants may purchase Datatec shares ("pledged shares") and hold them for three years ( "performance period") after which time the Company will transfer shares ("matching shares") to the participants, subject to performance conditions being fulfilled.

Three participants purchased pledged shares in May 2014 and are entitled to receive matching shares in accordance with the terms of their grant letters amounting to 50% of the number of pledged shares purchased plus additional shares in lieu of the dividends notionally accruing to the matching shares during the three year performance period. Full details of the transfer of matching shares to the participant who is currently a Director of Datatec are disclosed below, in compliance with the JSE Limited ("JSE") Listings Requirements, and the AIM Rules:

 
 Director                 :    J P Montanana 
 Company                  :    Datatec Limited 
 Class of security        :    Ordinary shares 
 Nature of transaction    :    Off market transfer of shares from Treasury 
 Date of transaction      :    22 June 2017 
 Number of securities     :    27,903 
 Deemed transfer price    :    ZAR 57.50* 
 Transaction value        :    ZAR 1,604,422.50 
 Nature of interest       :    Indirect beneficial 
 Clearance obtained       :    Yes 
 

Following this transaction Mr Montanana will hold 15,197,844 Datatec shares, representing 7.17% of the Company's issued share capital.

3) Treasury share transaction

In order to settle the DBP settlements in (2) above, the Datatec Share Incentive Trust 2005 (the "Trust") transferred 56,753 Datatec shares to participants:

 
 Nature of transaction    :    Off market transfer of shares 
 Class of security        :    Datatec ordinary shares 
 
 Date of transaction      :    22 June 2017 
 Number of Datatec 
  shares                  :    56,753 
 Deemed transfer          :    ZAR 57.50* 
  price 
 Transaction value        :    ZAR 3,263,297.50 
 
 Clearance obtained       :    Yes 
 

After this transfer from Treasury, Datatec has 211,967,622 shares in issue, of which 43,247 are Treasury shares.

* the 30 day volume weighted average share price on 22 May 2017, the day of the FY17 Results Announcement.

Enquiries:

 
 Datatec Limited (www.datatec.com) 
 Jens Montanana - Chief Executive 
  Officer                              [phone] 
 Ivan Dittrich - Chief Financial 
  Officer                              [phone] 
 Wilna de Villiers - Group Investor 
  Relations Manager                    [phone] 
 Jefferies International Limited - Nominated Advisor and 
  Broker 
 Nick Adams/Simon Hardy                [phone] 
 finnCap - Broker 
 Andrew Stewart                        [phone] 
 Instinctif Partners 
 Adrian Duffield/Chantal Woolcock 
  (UK)                                 + 44 (0) 20 7457 2020 
 Frederic Cornet/Pietman Roos (SA)     [phone] 
 

22 June 2017

Sponsor

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

This information is provided by RNS

The company news service from the London Stock Exchange

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June 23, 2017 09:00 ET (13:00 GMT)