DTC - Datatec Limited - Settlement of awards under share schemes using treasury
20 May 2011 15:00
DTC
DTC                                                                             
DTC - Datatec Limited - Settlement of awards under share schemes using treasury 
shares, dealing in securities by a director and further issue of shares         
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")                                     
SETTLEMENT OF AWARDS UNDER SHARE SCHEMES USING TREASURY SHARES, DEALING IN      
SECURITIES BY A DIRECTOR AND FURTHER ISSUE OF SHARES                            
1) SETTLEMENT OF AWARDS UNDER LONG TERM INCENTIVE PLAN                          
Datatec announces that 300 795 Long Term Incentive Plan ("LTIP") awards granted 
in May 2008 have vested following evaluation of the Company`s performance       
against prescribed conditions in accordance with the rules of the LTIP. All     
rights and rewards are subject to the rules of the LTIP as approved by          
shareholders at the annual general meeting held on 16 August 2005 and amendments
to the LTIP were approved by shareholders at the annual general meeting held on 
11 August 2010.                                                                 
The participants include the following directors:                               
J P Montanana       :    203 182 conditional awards                             
Deemed price        :    R 36,6067                                              
Transaction value   :    7 437 822,52                                           
Nature of interest  :    indirect beneficial                                    
I P Dittrich        :    36 229 conditional awards                              
Deemed price        :    R 36,6067                                              
Transaction value   :    R 1 326 224,13                                         
Nature of interest  :    direct beneficial                                      
and the company secretary:                                                      
S P Morris          :    31 192 conditional awards                              
Deemed price        :    R 36,6067                                              
Transaction value   :    R 1 141 836,19                                         
Nature of interest :     direct beneficial                                      
300 795 Datatec ordinary shares were transferred to participants in the scheme, 
including the above directors and the company secretary, on 19 May 2011 from the
Datatec Limited Share Incentive Trust 2005 (the "Trust") which had been holding 
the shares as treasury shares.  The deemed price of the settlement was the 30   
day volume weighted share price at close on 11 May 2011 (the day prior to       
vesting).                                                                       
Approval for the individual off market settlements and clearance to transact has
been given.                                                                     
2) SETTLEMENT OF AWARDS UNDER DEFERRED BONUS PLAN                               
Datatec announces that 52 500 Datatec shares have been transferred to           
participants in the Deferred Bonus Plan ("DBP").                                
Under the terms of the DBP, as approved by shareholders at the annual general   
meeting held on 16 August 2005 and amended by shareholders at the annual general
meeting held on 11 August 2010, participants may purchase Datatec shares        
("pledged shares") and hold them for three years after which time the Company   
will issue or transfer the same number of shares ("matching" shares") to the    
participants.                                                                   
The participants who purchased pledged shares in May 2008 and have consequently 
received matching shares include the following directors:                       
J P Montanana       :    50 000 matching shares                                 
Deemed price        :    R 36,6067                                              
Transaction value   :    R 1 830 335,00                                         
Nature of interest  :    indirect beneficial                                    
I P Dittrich        :    2 500 matching shares                                  
Deemed price        :    R 36,6067                                              
Transaction value   :    R 91 516,75                                            
Nature of interest :     direct beneficial                                      
52 500 Datatec ordinary shares have been transferred to participants in the     
scheme, being the above directors, on 19 May 2011 from the Trust which had been 
holding the shares as treasury shares.    The deemed price of the settlement was
the 30 day volume weighted share price at close on 11 May 2011 (the day prior to
vesting).                                                                       
Approval for the individual off-market settlements and clearance to transact has
been given.                                                                     
3) TRANSFER OF SHARES FROM TREASURY FOR SHARE SCHEME SETTLEMENTS                
Following the transfers of 300 795 shares to settle the LTIP awards and 52 500  
shares to settle the DBP matching shares from the Trust as set out above, the   
total number of shares held as treasury shares by the Trust is 255 477 and the  
number of shares in issue excluding such treasury shares is 185 412 751.        
4) DEALING IN SECURITIES BY A DIRECTOR                                          
Mr Dittrich has sold part of the shares he received under the share scheme      
settlements in (1) and (2) above in order to settle the income tax liability    
which crystallises on receipt of such Datatec shares. Full details of the sale  
are disclosed below in compliance with the JSE Limited ("JSE") Listings         
Requirements, and the AIM Rules:                                                
Director                      :    I P Dittrich                                 
Company                       :    Datatec                                      
Class of security             :    Ordinary shares                              
Date of transaction           :    19 May 2011                                  
Nature of transaction         :    On market sale of shares                     
Number of securities          :    15 491                                       
Transaction price             :    R 38,187 per ordinary share                  
Total value of securities     :    R 591 554,82                                 
Nature of interest            :    Direct beneficial                            
Clearance obtained            :    Yes                                          
The above transaction price is the averages of several trades on 19 May 2011. On
19 May 2011 the share price high on the JSE was ZAR 38,38 and the share price   
low was ZAR 37,84.                                                              
5) FURTHER ISSUE OF SHARES                                                      
Separately, Datatec announces the allotment of 28 600 ordinary ZAR0.01 shares   
following the exercise of share options.  Application has been made to the      
London Stock Exchange for the admission of these shares to the Alternative      
Investment Market, and to the JSE for the listing of these shares.  Listing on  
both exchanges is expected to become effective on 24 May 2011.                  
Sandton                                                                         
20 May 2011                                                                     
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 20/05/2011 15:00:02 Produced by the JSE SENS Department.                  
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