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Cash fraction applicable to the scrip distribution
Datatec Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1994/005004/06)
ISIN: ZAE000017745
Share Code: DTC
("Datatec" or "the Company")
CASH FRACTION APPLICABLE TO THE SCRIP DISTRIBUTION
Shareholders are referred to the Company’s audited financial
results for the year ended 29 February 2016, released on the Stock
Exchange News Service (“SENS”) on 11 May 2016, in which they were
advised that Datatec’s board of directors had resolved to declare
a final Scrip Distribution of ordinary Datatec shares, with the
alternative to elect to receive a Cash Dividend of 136 cents per
ordinary Datatec share.
The ratio applicable to the Scrip Distribution entitlement was
announced on SENS on 12 July 2016, being 3.08390 Scrip
Distribution shares for every 100 ordinary Datatec shares held on
the Record Date, being Friday, 22 July 2016.
If the application of this ratio gives rise to a fraction of an
ordinary Datatec share, such fraction of a new ordinary Datatec
share will be rounded down to the nearest whole number, resulting
in allocations of whole ordinary Datatec shares and a cash payment
for the fraction (“Rounding Provision”).
In accordance with the requirements of the JSE Limited, the cash
payment has been determined with reference to the volume weighted
average price of an ordinary Datatec share traded on the JSE on
Wednesday, 20 July 2016 (being the day on which an ordinary
Datatec share began trading ‘ex’ the entitlement to receive the
Scrip Distribution or Cash Dividend alternative), discounted by
10%.
Shareholders are accordingly advised that the basis applicable in
determining the cash payment for the fractional entitlement is
3932.1 cents.
Example of fractional entitlement:
This example assumes that a Shareholder holds 100 ordinary shares
at the close of business on the Record Date and does not elect to
receive the Cash Dividend in respect of all or part of their
shareholding.
New ordinary share entitlement = 100 x 3.08390%
= 3.0839 new ordinary shares. The Rounding Provision described
above is then applied and the shareholder will receive:
3 Scrip Distribution shares in respect of the 100 ordinary shares
held; and a cash payment for the fractional entitlement based on
the 3932.1 cents noted above of 0.0839 x 3932.1 = 330 cents.
This fractional entitlement payment will be subject to 15%
dividend withholding tax, resulting in a net cash payment based on
3342.285 cents: 0.0839 x 3342.285 = 280 cents.
Sandton
Thursday, 21 July 2016
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 21/07/2016 02:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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