R&V Technology Holdings Limited has cashed in chips worth 12.3 per cent of Dimension Data.
It had bonds worth $100m that on conversion, according to one report, gave R&V the largest holding of all DiData shareholders at 18.2 per cent.
DiData was unavailable for comment. In a statement to the City, DiData merely gave the 12.2 per cent value of the converted shares and said:
"In terms of the agreements governing the convertible bonds, Dimension Data had the right to redeem the bonds under certain share price conditions. Given Dimension Data's share price performance, these conditions had been met, and R&V has elected to convert the bonds rather than accept redemption."
A loss-making 2004 is all but forgotten, with nearly $18m net profit in 2005. Revenues are growing in double figures and top $750m. ®