Data#3 Releases the Key Outcomes of its 2011 Annual General Meeting

Key highlights:

  • All resolutions passed by shareholders
  • First half outlook indicated profit not materially different from the exceptionally high first half FY11 profit with forecast solid revenue growth offset by some short term margin compression and higher levels of business reinvestment
  • 10 for 1 share split to take effect from 16 November 2011.

BRISBANE, Tuesday 8 November 2011
: Australian Information and Communications Technology leader Data#3 Limited (ASX: DTL) today announced the outcome of its 2011 Annual General Meeting.

Summary of AGM outcomes

All resolutions were passed by shareholders. These were:

•    The approval of the remuneration report for the year ended 30 June 2011

•    The re-election of Mr. I J Johnston as a director

•    The approval of the share split (further details below)

•    The increase in the maximum remuneration payable to non-executive directors.


Update on performance and first half outlook

Managing Director John Grant confirmed in his 2011 Annual General Meeting address that based on preliminary October numbers and forecasts to December, Data#3 was expecting relatively strong growth in revenues indicative of the company’s continuing ability to win market share.  Having said that, he noted that market uncertainty created by global financial and local political issues was causing some customers to defer capital expenditure for hardware product and others to delay strategic transformational decisions and their associated IT projects.

“Market uncertainty is impacting on performance of our Product and Integrated Solutions businesses. Offsetting this, sentiment toward and hence growth of our Software Licensing, Managed Services and People Solutions businesses remains positive,” comment Grant.

“At current course and speed, it is probable that with the foreshadowed higher levels of investment, profit for the first half of FY12 will not vary materially from the exceptionally strong FY11 first half result.  On balance, we see this as a very good outcome and ahead of the long run trend of recent years,” he said.

Share split

Data#3’s proposal to split all of its issued ordinary shares on a 10 for 1 basis (the ‘share split’) was approved by shareholders at the Annual General Meeting.  Consequently the share split with take effect from 7:00pm (AEDT time) on 16 November 2011.

The share split timetable is as follows:

Date of AGMShare split approved by shareholders 8 November 2011
Last day of trading shares on a pre-share split basis 9 November 2011
Trading commences in the post-share split shares on a deferred settlement basis 10 November 2011
Last day for the company to register transfers on a pre-share split basis.Share split effective at 7:00pm (AEDT time) 16 November 2011
First day for the company to register securities on a post-share split basis 17 November 2011
Despatch dateLast day for company to send notices and issue holding statements to shareholdersLast day for company to register post-share split securitiesDeferred settlement trading ends 23 November 2011
Normal trading (T+3) commences on a post-share split basis 24 November 2011


Click here to view a PDF version of the above release.