Datatec Limited Share incentive schemes and dealing in securities (7989M)

TIDMDTC

RNS Number : 7989M

Datatec Limited

01 August 2017

1 August 2017

Datatec Limited

("Datatec" or "the Company" or "the Group")

Grant and acceptance of rights to participate in share incentive schemes and dealing in securities by directors

Datatec announces the following in relation to the Share Appreciation Rights Scheme 2005 ("SAR Scheme") and the Long Term Incentive Plan ("LTIP"). 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.

Executive directors and the Company secretary have accepted rights granted on 31 July 2017 to participate in the Group's share based incentive schemes as follows:

SARs in respect of ordinary shares, which are subject to performance conditions and which vest after three years, at a grant price of R59.29* per SAR:

 
 Name            Number of SARs   Nature of 
                                   interest 
 J P Montanana                    indirect 
                     441 341       beneficial 
 I P Dittrich        135 556      direct beneficial 
 S P Morris            82 270     direct beneficial 
 

LTIP awards, which are subject to performance conditions and which vest after three years:

 
 Name            Number of conditional   Nature of 
                         awards           interest 
 J P Montanana                           indirect 
                         441 341          beneficial 
 I P Dittrich            101 667         direct beneficial 
 S P Morris               61 702         direct beneficial 
 

The face value of these awards is R59.29* per award but the value to the participant is nil until (and if) the awards vest. On exercise of the SARs and on vesting of the LTIP awards a further announcement of the value received by the participants will be released.

All rights and awards are subject to the rules of the respective share incentive plans, as amended and approved by shareholders at the annual general meeting of the Company held on 14 September 2011.

Approval for the individual allocations and clearance to transact has been given.

All these individual allocations as indicated above have been accepted, off market, by the directors and the Company secretary respectively on 31 July 2017.

* the 30 day volume weighted average share price on 28 July 2017, the business day preceding the grant.

Enquiries:

 
 Datatec Limited (www.datatec.co.za) 
 Jens Montanana, Chief Executive 
  Officer 
  Ivan Dittrich, Chief Financial                         [phone] 
  Officer                                                [phone] 
 Wilna de Villiers, Group 
  Investor Relations                                     [phone] 
 
 Jefferies International Limited - Nominated Adviser 
  and Broker 
 Nick Adams/Simon Hardy                                 [phone] 
 
 Instinctif Partners 
 Frederic Cornet/Keagile Makgoba 
  (SA)                                                   [phone] 
 Adrian Duffield/Chantal Woolcock 
  (UK)                                                  [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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August 01, 2017 11:30 ET (15:30 GMT)