Jens Montanana, the chief executive of South Africa-based IT services provider Datatec Ltd, has been buying shares ahead of them going ex-dividend today (5 July).
The capital distribution has been set by AIM-quoted and JSE-listed Datatec at 12 cents a share, which is equivalent to around 8p a share - although the final figure in pence will not be set until the closing exchange rate on 7 July.
Montanana bought 20,000 shares at 238.62p each on 1 July, following on from 30,000 shares acquired at 253.92p a share on 30 June. These two purchases, the most recent of which was announced today, cost nearly £124,000. Montanana will receive a dividend of around £4,000 on these shares.
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Montanana owns 12,945,935 shares, roughly 7% of Datatec, so the total dividend will come to around £1m.
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Datatec had net cash of $186m at the end of March 2010, which is equivalent to more than one-quarter of Datatec's market value at 240.75p a share.
Revenues dipped from $4.19bn to $3.74bn in the year to March 2010, while underlying earnings per share fell from 33.1 cents to 30.3 cents. This masks a strong recovery in the second half.
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The Conygar Investment Company (CIC) Director name: Mr Robert T E WareAmount purchased: 210,000 @ 105.00p Value: £220,500
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