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Data#3 investors approve share split

Data#3 investors approve share split

Shareholders in IT solutions company Data#3 (ASX:DTL) have voted to approve a 10-for-1 share split, scheduled to take place next week.

A motion to approve the share split was passed at the company's AGM, with 87.2% of the votes cast in favor.

The company first proposed the split in September, touting its potential to improve share liquidity.

At the meeting, Data#3 managing director John Grant also provided a forecast for 1H12, predicting a result largely in line with its “exceptionally strong” earnings in 1H11.

The company had reported a 1H11 profit of $11.6 million, up 70% from the same period a year earlier.

“Market uncertainty is impacting on performance of our product and integrated solutions businesses,” he said, but added that this was being offset by “growth of our software licensing, managed services and people solutions businesses.”

But higher levels of investment and margin pressures will likely mean that profit will “not vary materially” from the 1H11 result, he said.

“On balance, we see this as a very good outcome and ahead of the long run trend of recent years.”

Data#3 meanwhile announced it has added Glen Boreham, former managing director of IBM Australia and NZ, to its board as a non-executive director.

Boreham had a career at IBM Australia spanning 25 years, and held the managing director post for the final five, before stepping down in January.

DTL shares grew 1.36% on Tuesday to $12.650.

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Tags share splitData#3IBMGlen BorehamliquidityASX:DTLJohn Grant

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