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Datatec in share issue to fund European buys

March 14 2013 at 08:00am

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Datatec would issue 2.5 million ordinary shares to raise about e9.9 million (R117.8m) for its purchase of assets in Europe, the information and communications technology firm said yesterday. The funds would be used by Datatec subsidiary Logicalis to buy certain units owned by 2e2, a British information technology services group. The deal will expand Logicalis’s European footprint. Datatec said it had applied to the London Stock Exchange to admit the shares to its Alternative Investment Market and to the JSE. Listing of the shares on both exchanges would become effective on Friday. After the listing, Datatec will have an issued share capital of 195 001 392 ordinary shares, of which 14 274 are treasury shares held by the Datatec Share Incentive Trust 2005. Datatec shed 1.38 percent to close at R53 on the JSE yesterday. – Asha Speckman


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