Datatec Limited CASH FRACTION APPLICABLE TO THE SCRIP DISTRIBUTION (8854E)
July 21 2016 - 8:15AM
UK Regulatory
TIDMDTC
RNS Number : 8854E
Datatec Limited
21 July 2016
21 July 2016
Datatec Limited
("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
Regulatory News Service ("RNS") 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 ZAR cents
per ordinary Datatec share.
The ratio applicable to the Scrip Distribution entitlement was
announced on RNS 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 ZAR 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 ZAR cents noted above of 0.0839 x 3932.1 = 330
ZAR cents.
This fractional entitlement payment will be subject to 15%
dividend withholding tax, resulting in a net cash payment based on
3342.285 ZAR cents: 0.0839 x 3342.285 = 280 ZAR cents.
Enquiries:
Datatec Limited (www.datatec.com)
Jens Montanana - Chief Executive +44 (0) 1753
Officer 797 118
Ivan Dittrich - Chief Financial +27 (0) 11 233
Officer 3301
Wilna de Villiers - Group +27 (0) 11 233
Investor Relations Manager 1013
Jefferies International Limited - Nominated
Advisor and Broker
+44 (0) 20 7029
Nick Adams/Alex Collins 8000
finnCap - Broker
+44 (0) 20 7220
Stuart Andrews 0500
Instinctif Partners
Adrian Duffield/Chantal Woolcock +44 (0) 20 7457
(UK) 2020
Frederic Cornet/Pietman Roos +27 (0) 11 447
(SA) 3030
This information is provided by RNS
The company news service from the London Stock Exchange
END
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