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Dealings in securities by the DBW Plan, directors and the company secretary
Datatec Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1994/005004/06)
ISIN: ZAE000017745
Share Code: DTC
("Datatec" or "the Company" or "the Group")
Dealings in securities by the DBW Plan, directors and the company secretary
Datatec announces annual grants under the terms of its Deferred Bonus Warrants
(“DBW”) Plan.
Participants in the DBW Plan have deferred a portion of their FY23 bonus which is
used to purchase Datatec shares “Bonus Shares” which will be held in escrow until
vesting. The Company has made a co-investment equal to the amount of bonus deferred
in the form of a grant of share appreciation rights (“SARs”). The number of SARs
awarded was determined by the Remuneration Committee based on an estimate of the
fair value of the SARs at the date of grant in relation to the market value of a
Datatec share.
Bonus Shares purchased and the SARs granted in terms of the DBW Plan are subject
to an employment condition and only vest with the participant if they remain in
employment with the Company for approximately three years to the vesting date on
1 June 2026. In addition, there is a two-year, post vesting holding period which
applies to the Bonus Shares and any shares arising from exercise of the SARs
within two years of vesting.
The DBW Plan is required to purchase a total of 358,394 Datatec ordinary shares
in the open market in respect of the Bonus Shares due to the participants who have
deferred part of their bonuses. The number of shares to be purchased was calculated
based on the Rand value of bonus deferred divided by R36.36 being the 30-day
volume weighted average share price on 23 May 2023, the date of the Group’s FY23
Results Announcement. Bonus Shares of participants who are Directors and the
Company Secretary are as follows:
DBW Participants Role Number of Nature of Rand Value
securities interest
J P Montanana Director Direct
250,000 beneficial 9,090,000
I P Dittrich Director Direct
45,053 beneficial 1,638,127
S P Morris Company Direct
Secretary 11,407 beneficial 414,759
The shares to satisfy participants’ bonus deferral, including the Directors and
Company Secretary as set out above are in the process of being acquired in the
market with prior clearance.
To date the following market purchase have been effected at a volume-weighted-
average price of R 37.4114 per share. The total transaction value to date amounts
to R 3,918,205. The details of the transactions effected by the DBW Plan to date
are set out below and a further announcement will be released on SENS when the
remaining purchases for the DBW Plan are effected.
Date of Number of Average Highest Lowest Transaction value
transaction securities purchase price price
price traded traded
R R R R
29-May-23 30,183 36.9289 37.10 36.80 1,114,625
30-May-23 32,635 37.5457 37.65 37.40 1,225,304
31-May-23 41,915 37.6542 37.85 37.30 1,578,276
SARs in respect of Datatec ordinary shares were granted in terms of the DBW Plan
on 2 June 2023 with a grant price of R36.36 being the 30-day volume weighted
average share price on 23 May 2023, the date of the Group’s FY23 Results
Announcement. The value of the grant is shown in the table below based on the
actuarial value of the SARs awards which is the same as the share value noted
above. The value to a participant is however nil until and if the SARs vest and
are exercised. On vesting and exercise of the SARs, a further announcement of the
value received by the participants will be released.
The SARs granted to the Directors and Company Secretary were as follows:
Name Role Number of Rand value Nature of
SARs interest
J P Montanana Director 1 000 000 9,090,000 direct
beneficial
I P Dittrich Director 180,212 1,638,127 direct
beneficial
S P Morris Company 45,628 414,759 direct
Secretary beneficial
Approval for the individual DBW Bonus Shares and SARs granted to the directors
and the company secretary and clearance to deal has been given and the DBW SARs
have been accepted, off market, on 2 June 2023.
2 June 2023
Sponsor
Pallidus Exchange Services Proprietary Limited
Date: 02-06-2023 11:02:00
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