Datatec founder and CEO Jens Montanana has restruck a massive collar hedge over 2.4 million of his shares as part of an extension to an equity-funding arrangement – essentially refinancing a loan secured against his stake in the company.
According to a JSE investor statement, the transaction involves an off-market collar hedge and a simultaneous equity-lending transaction. The new arrangement, which expires in August 2027, sets a protective “floor” (put strike price) of R91.57 and a “ceiling” (call strike price) of R121.78, valuing the transaction at R219.8-million.
While the collar is primarily a mechanism to secure the borrowing by protecting the value of the collateral, the drastically higher strike prices reflect a nearly R100-million gain in the underlying value of the pledged shares. The previous arrangement, initiated in January 2025 on the same block of shares, had a floor of just R49.99 and a ceiling of R73.50.
The upward revision of the debt collateral follows a standout year for Datatec powered by AI and cybersecurity, as well as the recently announced R7.1-billion special dividend windfall for shareholders tied to the Westcon recapitalisation deal with General Atlantic. By extending the funding arrangement rather than selling the shares, Montanana retains his exposure to the group’s current valuation, albeit with his upside capped at R121.78 for this specific block.
The 2.4 million shares involved in this transaction represent roughly 5.3% of Montanana’s total stake in the company.
Datatec’s newly published 2026 annual report notes that a meaningful slice of the CEO’s overall holding is encumbered, with 4.7 million shares currently pledged as security for certain equity-funding transactions.
Bonus shares
Montanana has continued to build his stake, remaining the group’s second-largest shareholder after the Public Investment Corporation. His total beneficial interest climbed to 44.9 million shares (1.58 million direct and 43.36 million indirect) at 28 February 2026, up from 38.9 million a year earlier, giving him 19.01% of issued shares against the PIC’s 20.53%.
His holdings are set to increase further following the annual grants under Datatec’s “deferred bonus warrants” plan, announced on Wednesday. Under the plan, Montanana deferred a portion of his FY2026 bonus into 200 000 bonus shares, which are purchased in the market and held in escrow for him until June 2029.
Read: Another windfall for Datatec shareholders
The company matched this deferral by granting him 600 000 share appreciation rights (SARs). While the investor announcement reflects an actuarial grant-date value of R14.89-million for the SARs, the real value to the CEO remains nil unless the options vest and are exercised after a three-year employment condition. Both the bonus shares and the SARs are also subject to a subsequent two-year holding period, locking the executive into the company’s long-term performance.
Beyond the newly restruck R220-million agreement, TechCentral found that Montanana maintains at least one other active collar hedge. Initiated in December 2024, that agreement covers 333 334 shares (valued at R14.9-million with a ceiling of R59.75) and expires in December 2026.
Datatec’s share price closed at R94.86 in Johannesburg on Wednesday. They have added 47% in the past year and by 245% in the past five years. – © 2026 NewsCentral Media