Overview
Stuart Aberdein, a South African telecoms company director has recently netted $85m from the sale of a three share sales.
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The sold shares were approximately 4 million in total, representing a 1.3927% stake in the company.
The shares were sold on 5 and 8 April 2013, at an average price of R224.67 (US$24.67) per share, for total gross proceeds of approximately R775.03m (US$85.13m).
Aberdein is the executive director of Digicore Holdings, a provider of machine – to- machine (M2M) communication and telematics solutions in South Africa, which specialises in the research, development, manufacture, sales and support of technologically advanced GPS/GSM fleet management and vehicle tracking solutions.
The share sale is the latest in a series of liquidity events dating back to 27 and 28 February 2013 for total gross proceeds of $128.65m. The number of shares sold was 3.4 million and 4 million on the two days respectively.
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By GlobalDataA month and a half before the transaction, DigiCore Holdings Limited reported an increase in its interim revenue of 12% to R448.5m from R400, 5m in the comparative reporting period, and a gross profit improved by 7% to R299.2m for the half year ended 31 December 2012.
The company had a big jump of 59.2% in the annual revenue from 2010. Specifically, the revenue grew 18.5% to R844.3m ($78.76m) in 2012 from R712.2m in 2011 and R530.5m in 2010.
According to the latest interim, the company has recently restructured and changed management teams to invest for future growth strategies and international operations.
The group has expanded into new areas geographically through some smaller acquisitions in the past 18 months. This included Singapore in the Asian distributor network to focus on the growing trend of cross border logistics from China to Singapore. Currently, the company has over 1,200 people involved in 56 countries.
Stuart R. Aberdein has been an Executive Director of Digi core Holdings Limited and Managing Director of Digi Core Electronics, a subsidiary of the Company. He is a Member of risk committee, Member of BEE committee. He was involved in the development and manufacture of on-board computers since the early 1990s. Born in 1958, Aberdein currently lives at South Africa. He holds a Bachelor of Science degree from University of Cape Town, CA (SA), Dip Data (Unisa).
Stuart Aberdein
-Full Name:Mr. Stuart R. Aberdein
-Known As: Stuart Aberdein
-Gender: Male
-Age: 56
-Date of Birth / Year: 1957
-Citizenship: Nationality | South Africa; Domicile | South Africa
-Languages: English
Liquidity Events
– 8 April 2013: sale of 3, 4 million shares in DigiCore Holdings for $85.13m
-28 February sale of 3, 2 million shares in Digicore Holdings for $59.62m
– 27 February sale of 4 million shares in Digicore Holdings for $69.03m
Profile
Mr. Stuart R. Aberdein has been an Executive Director of Digi core Holdings Limited and Managing Director of Digi Core Electronics, a subsidiary of the Company. He is a Member of risk committee, Member of BEE committee. He was involved in the development and manufacture of on-board computers since the early 1990s. Born in 1958, Aberdein currently lives at South Africa. He holds a Bachelor of Science degree from University of Cape Town, CA (SA), Dip Data (Unisa).
Further detail
For a more detailed profile of Stuart Aberdein, see WealthInsight’s dossier: http://www.wealthinsight.com/Dossiers/Summary/105535
