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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 FY24 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 2027. 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 660,937 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 R36.99 being the 30-day
volume weighted average share price on 27 May 2024, the date of the Group's FY24
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
500,000 18,496,000
beneficial
I P Dittrich Director Direct
66,604 2,463,682
beneficial
S P Morris Company Direct
19,855 734,436
Secretary beneficial
The shares to satisfy participants' bonus deferral, including the Directors and
Company Secretary as set out above have been acquired in the market with prior
clearance at a volume-weighted-average price of R 37.7480 per share and a total
transaction value of R 24,949,050 as set out below. Mr Dittrich's and Mr Morris'
shares were acquired on 4 June 2024 and Mr Montanana's shares were acquired on
all the dates shown below.
Date of Number of Average Highest Lowest Transaction value
transaction securities purchase price price
price traded traded
R R R R
4 June 24 321,408 37.64736 37.80 37.50 12,100,163
5 June 24 268,077 37.7009 37.80 37.63 10,106,744
6 June 24 41,496 38.2023 38.50 37.65 1,585,243
7 June 24 29,956 38.6193 38.78 38.28 1,156,880
SARs in respect of Datatec ordinary shares were granted in terms of the DBW Plan
on 7 June 2024 with a grant price of R36.99 being the 30-day volume weighted
average share price on 27 May 2024, the date of the Group's FY24 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 1 500 000 18,496,000 direct
beneficial
I P Dittrich Director 199,812 2,463,682 direct
beneficial
S P Morris Company 59,565 734,436 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 7 June 2024.
10 June 2024
Sponsor
Pallidus Exchange Services Proprietary Limited
Date: 10-06-2024 05:00:00
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