AFROCENTRIC INVESTMENT CORPORATION LIMITED - Results of AGM and changes to the board

Results of AGM and changes to the board

AfroCentric Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1988/000570/06)
JSE Code: ACT ISIN: ZAE000078416
(“AfroCentric” or “the Company” or “the Group”)


    RESULTS OF ANNUAL GENERAL MEETING (“AGM”) AND CHANGES TO THE BOARD


Results of the AGM

Shareholders are advised that at the annual general meeting held on Wednesday, 8 November 2018 (“AGM”), all
resolutions as set out in the notice of the AGM which was incorporated in the 2018 Integrated Annual Report and
distributed to shareholders on 9 October 2018, were duly approved by the requisite majority of shareholders present
and voting, either in person or represented by proxy.

Shareholders are advised that:

-         the total number of shares in issue as at the date of the AGM was 554 377 328;
-         the total number of shares that were present in person/represented by proxy at the AGM was 435 681 915
          shares being 79% of the total number of shares in issue; and
-         Abstentions are represented below as a percentage of total number of shares in issue.

Details of the results of the voting are as follows:


    RESOLUTION                                             Shares voted       Shares voted          Shares
                                                               for              against            abstained

    Ordinary Resolutions


    Ordinary resolution number 1:
    Re-election of directors


    1.1 Ms DLL Dhlamini                                    435 465 941            13 700             202 274
                                                              100%                0.00%               0.04%


    1.2 Mr SE Mmakau                                        435 520941            13 700             147 274
                                                              100%                0.00%               0.03%



    1.3 Ms HG Motau                                        435 465 941            13 700             202 274
                                                              100%                0.00%               0.04%


    Ordinary resolution number 2:
    Appointment of Chairman and Members to the Audit
    Committee
                                                     435 465 941       13 700       202 274
2.1 Ms DLL Dhlamini                                     100%           0.00%         0.04%


                                                     435 520941        13 700       147 274
                                                       100%            0.00%         0.03%
2.2 Mr SE Mmakau



                                                     435 465 941       13 700       202 274
2.3 Ms HG Motau                                         100%           0.00%         0.04%


Ordinary resolution number 3:                        426 774 072     8 760 569      147 274
Re-appointment of independent external auditor         97.99%          2.01%         0.03%


Ordinary resolution number 4:                        426 546 109     8 988 532      147 274
General authority to issue shares for cash             97.94%          2.06%         0.03%


Ordinary resolution number 5:                        424 921 226     10 613 415     147 274
Approval of the remuneration policy                    97.56%          2.44%         0.03%


Ordinary resolution number 6:                        423 939 787     11 594 854     147 274
Approval of the remuneration implementation report      97.34          2.66%         0.03%


Ordinary resolution number 7:                        435 496 795       37 846       147 274
Authorise directors and/or company secretary           99.99%          0.01%         0.03%


Special Resolutions                                  Shares voted   Shares voted    Shares
                                                         for          against      abstained


Special resolution number 1:                         432 857 100     2 677 541      147 274
Approval of non-executive directors’ remuneration      99.39%          0.61%         0.03%


Special resolution number 2:                         435 084 974      449 667       147 274
General authority to repurchase shares                 99.90%          0.10%         0.03%


Special resolution number 3:                         434 158 933     1 375 708      147 274
Financial assistance to related or Inter-related       99.68%          0.32%         0.03%
company or companies


Special resolution number 4:                         434 158 933     1 375 708      147 274
                                                       99.68%          0.32%         0.03%
 Financial assistance for subscription of securities to
 related or Inter-related companies



Changes to the board

In compliance with paragraph 3.59 of the JSE Limited Listings Requirements, the AfroCentric board of directors
(“the Board”) hereby notifies shareholders that the Founding Directors, Meyer Kahn and Motty Sacks, have
decided to retire from the Board, with effect from 8 November 2018.

The Board would like to thank them both for their invaluable contribution to the Group. Their experience,
guidance and wisdom will certainly be missed at Board and Committee meetings and generally within the Group.
The Board and the Group wish them well on their retirement.

Johannesburg
8 November 2018


Sponsor
Sasfin Capital   (a member of the Sasfin group)

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