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DATATEC LIMITED - Dealings in securities by share incentive scheme, by a director and by the company secretary

Release Date: 25/05/2018 11:00
Code(s): DTC     PDF:  
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Dealings in securities by share incentive scheme, by a director and by 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 SHARE INCENTIVE SCHEME, BY A DIRECTOR AND BY THE
COMPANY SECRETARY

Datatec 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 – May 2015 grants - outcome

The Share Appreciation Rights (“SARs”) and LTIP awards granted in May 2015
have vested following an evaluation of the Company’s performance against
prescribed conditions in accordance with the rules of the SAR Scheme.

Accordingly, the SARs granted in May 2015 have vested in participants. The
exercise price of the SARs, as modified for the special distribution in
January 2018, is R35.79. Participants may hold their vested SARs for four
years until May 2022 whereupon unexercised SARs will lapse.

2) LTIP – May 2015 grants - outcome

The LTIP awards granted in May 2015 have not vested following an evaluation
of the Company’s performance against prescribed conditions in accordance
with the rules of the LTIP. Accordingly, the LTIP awards granted in May
2015 have lapsed.

3) DBP – May 2015 grants – settlement of matching shares

In relation to the May 2015 grants under the DBP, 384,479 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 2015 and two who
remained employed throughout the three-year holding period are entitled to
receive matching shares in accordance with the terms of their grant letters
amounting to 150% 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.

Details of the transfer of matching shares to the participants who are,
respectively, a director and the Company Secretary of Datatec are disclosed
below, in compliance with the JSE Listings Requirements:

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                      :     25 May 2018
Number of securities                     :     351,987
Deemed transfer price                    :     R20.78*
Transaction value                        :     R7,314,290
Nature of interest                       :     Indirect beneficial
Clearance obtained                       :     Yes

Company Secretary                        :     S P Morris
Company                                  :     Datatec Limited
Class of security                        :     Ordinary shares
Nature of transaction                    :     Off market transfer of
                                               shares from Treasury
Date of transaction                      :     25 May 2018
Number of securities                     :     32,492
Deemed transfer price                    :     R20.78*
Transaction value                        :     R675,184
Nature of interest                       :     Indirect beneficial
Clearance obtained                       :     Yes

4) Treasury share transaction

In order to settle the DBP settlements in (3) above, the Datatec Share
Incentive Trust 2005 (the “Trust”) transferred 384,479 Datatec shares to
participants:

Nature of transaction                    :    Off market transfer of shares
Class of security                        :    Datatec ordinary shares
Date of transaction                      :    25 May 2018
Number of Datatec shares                 :    384,479
Deemed transfer price                    :    R20.78*
Transaction value                        :    R 7,989,474
Nature of interest                       :    Direct non-beneficial
Clearance obtained                       :    Yes

After this transfer from Treasury, Datatec has 242,960,000 shares in issue,
of which 82,871 are Treasury shares.

* the 30 day volume weighted average share price on 17 May 2018, the day of
the FY18 Results Announcement.


5) Dealing in Securities by a Director

Jens Montanana has sold the shares he received in (3) above:

Director                                  :   J P Montanana
Company                                   :   Datatec Limited
Class of security                         :   Ordinary shares
Nature of transaction                     :   Market sale of shares
Date of transaction                       :   24 May 2018
Number of securities                      :   351,987
Average sale price                        :   R 23.05
Highest price traded                      :   R 23.60
Lowest price traded                       :   R 22.99
Transaction value                         :   R 8,113,300
Nature of interest                        :   Indirect beneficial
Clearance obtained                        :   Yes

25 May 2018

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)




 

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