Datatec Limited CASH FRACTION APPLICABLE TO THE SCRIP DISTRIBUTION (0566Q)
November 24 2016 - 4:15AM
UK Regulatory
TIDMDTC
RNS Number : 0566Q
Datatec Limited
24 November 2016
24 November 2016
Datatec Limited
("Datatec" or "the Company")
CASH FRACTION APPLICABLE TO THE SCRIP DISTRIBUTION
Shareholders are referred to the Company's unaudited interim
financial results for the six months ended 31 August 2016, released
on the Regulatory News Service ("RNS") on 19 October 2016, in which
they were advised that Datatec's board of directors had resolved to
declare an interim Scrip Distribution of ordinary Datatec shares,
with the alternative to elect to receive a Cash Dividend of 60 ZAR
cents per ordinary Datatec share.
The ratio applicable to the Scrip Distribution entitlement was
announced on RNS on 11 November 2016, being 1.27687 Scrip
Distribution shares for every 100 ordinary Datatec shares held on
the Record Date, being Friday, 25 November 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, 23 November 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
4222 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 1.27687 %
= 1.27687 new ordinary shares. The Rounding Provision described
above is then applied and the shareholder will receive:
1 Scrip Distribution share in respect of the 100 ordinary shares
held and a cash payment for the fractional entitlement based on the
4222 ZAR cents noted above of 0.27687 x 4222 = 1169 ZAR cents.
This fractional entitlement payment will be subject to 15%
dividend withholding tax, resulting in a net cash payment of 993.65
ZAR cents.
Enquiries:
Datatec Limited (www.datatec.com)
Jens Montanana - Chief Executive +44 (0) 1753 797
Officer 118
Ivan Dittrich - Chief Financial +27 (0) 11 233
Officer 3301
Wilna de Villiers - Investor +27 (0) 11 233
Relations Manager 1013
Jefferies International Limited - Nominated
Adviser and Broker
+44 (0) 20 7029
Nick Adams/Alex Collins 8000
finnCap - Broker
+44 (0) 20 7220
Stuart Andrews 0500
Instinctif Partners
Frederic Cornet/Pietman Roos +27 (0) 11 447
(SA) 3030
Adrian Duffield/Chantal Woolcock +44 (0) 20 7457
(UK) 2020
This information is provided by RNS
The company news service from the London Stock Exchange
END
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