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Results of annual general meeting
Mr Price Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004418/06)
ISIN: ZAE000200457
Share Code: MRP
("Mr Price Group" or "the Group")
RESULTS OF ANNUAL GENERAL MEETING
Shareholders are advised that at the 85th Mr Price Group Annual General Meeting (“AGM”) held yesterday, Wednesday, 29 August 2018, all the ordinary and special
resolutions as set out in the notice of AGM dated 11 June 2018 were passed by the requisite majority of votes of shareholders present in person or represented by proxy.
The total number of shares present or represented, including by proxy, at the AGM was 83.47% of the Group’s issued share capital* as at Friday 24 August 2018, being
the voting record date. The voting results were as follows:
Votes cast as a
combined % of Shares voted Shares
the total number as a % of abstained as a
of shares voted issued share % of issued
(Ordinary shares capital* share capital*
and B ordinary Votes cast as a % of the number Ordinary Ordinary
shares) at the of shares voted at the meeting shares (“Ord”) shares (“Ord”)
meeting Ordinary shares (“Ord”) B ordinary B ordinary
B ordinary shares (“B Ord”) Number of shares (“B shares (“B
Resolutions For Against For Against shares voted Ord”) Ord”)
Ordinary resolution 1 - Adoption of the annual 99.86 Ord 1.14 Ord 195 874 020 Ord 76.28 Ord 0.57 Ord
financial statements 99.91 0.09 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolutions 2.1 and 2.2 - Re-election of
directors retiring by rotation
97.94 Ord 2.06 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
2.1 Daisy Naidoo 98.62 1.38 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
98.71 Ord 1.29 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
2.2 Maud Motanyane-Welch 99.14 0.86 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 3 – Confirmation of appointment 99.84 Ord 0.16 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
of Brenda Niehaus as non-executive director 99.89 0.11 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 4 - Re-election of independent 77.10 Ord 22.90 Ord 196 338 102 Ord 76.46 Ord 0.39 Ord
auditor 84.71 15.29 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolutions 5.1 to 5.3 - Election of members
of the audit and compliance committee
65.45 Ord 34.55 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
5.1 Bobby Johnston 77.04 22.96 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
99.05 Ord 0.95 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
5.2 Daisy Naidoo 99.23 0.77 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
99.51 Ord 0.49 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
5.3 Mark Bowman 99.68 0.32 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 6 - Non-binding advisory vote on 79.05 Ord 20.95 Ord 197 297 822 Ord 76.83 Ord 0.02 Ord
the remuneration policy** (see commentary below) 85.99 14.01 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 7 Non-binding advisory vote on 20.96 Ord
the remuneration implementation report** 79.04 Ord 0.00 B Ord 197 297 822 Ord 76.83 Ord 0.02 Ord
(see commentary below) 85.98 14.02 100.00 B Ord 8 145 034B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution number 8 - Adoption of the SETS 100.00 Ord 0.00 Ord 195 902 264 Ord 76.29 Ord 0.56 Ord
committee report 100.00 0.00 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution number 9 - Signature of 98.87 Ord 1.13 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
documents 99.24 0.76 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution number 10 - Control of authorised 96.77 Ord 3.23 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
but unissued shares 97.84 2.16 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 11 - Amendments to share option 99.95 Ord 0.05 Ord 190 923 209 Ord 74.35 Ord 0.02 Ord
schemes’ exercise periods 99.97 0.03 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 12 - Amendments to share option 82.09 Ord 17.91 Ord 190 923 209 Ord 74.35 Ord 0.02 Ord
schemes’ performance conditions 88.15 11.85 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
Special resolutions 1.1 to 1.12 - Non-executive
director remuneration:
1.1 Independent non-executive chair of the board - 99.85 Ord 0.15 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
R1 491 600 99.90 0.10 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
98.42 Ord 1.58 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
1.2 Honorary chair of the board - R745 800 98.95 1.05 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
1.3 Lead independent director of the board - R441 99.70 Ord 0.30 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
600 99.80 0.20 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
99.79 Ord 0.21 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
1.4 Non-executive directors - R369 950 99.86 0.14 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
1.5 Audit and compliance committee chair - R230 99.85 Ord 0.15 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
350 99.90 0.10 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
1.6 Audit and compliance committee members - 99.87 Ord 0.13 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
R136 650 99.91 0.09 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
1.7 Remuneration and nominations committee chair - 99.85 Ord 0.15 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
R188 575 99.90 0.10 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
1.8 Remuneration and nominations committee 99.87 Ord 0.13 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
members - R98 475 99.91 0.09 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
99.85 Ord 0.15 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
1.9 SETS committee chair - R150 300 99.90 0.10 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
99.87 Ord 0.13 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
1.10 SETS committee members - R95 450 99.91 0.09 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
99.87 Ord 0.13 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
1.11 Risk and IT committee members - R 119 300 99.91 0.09 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
1.12 Risk and IT committee member - IT specialist - 99.86 Ord 0.14 Ord 197 299 011 Ord 76.83 Ord 0.02 Ord
R 269 300 99.91 0.09 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
Special resolution 2 – General authority to 98.47 Ord 1.53 Ord 190 906 036 Ord 74.34 Ord 0.03 Ord
repurchase shares 98.99 1.01 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
Special resolution 3 - Financial assistance to related 96.48 Ord 3.52 Ord 196 188 395 Ord 76.40 Ord 0.45 Ord
or inter-related companies 97.65 2.35 100.00 B Ord 0.00 B Ord 8 145 034 B Ord 100.00 B Ord 0.00 B Ord
* The total issued share capital as at the voting record date was 256,795,727 ordinary shares and 8,145,234 B-ordinary shares
** Ahead of the AGM the Group sent communication to its 20 largest shareholders representing approximately 52.1% of its ordinary shares for purposes of engaging
generally on the resolutions proposed at the AGM and particularly on the Group’s remuneration policy and remuneration implementation report. Through this process,
senior management, the outgoing chair of the Remuneration and Nominations Committee and the Group Head of Investor Relations actively engaged with 17 of these 20
shareholders. Mr Price Group is encouraged by the increase in positive votes on ordinary resolutions 6 (2017 AGM: 65.26%) and 7 and shareholder acknowledgement of
positive adjustments made to the remuneration policy following engagement last year, as well as the recommendation by well-known proxy houses to vote in favour of
these resolutions. The Group will continue its efforts to engage with shareholders to understand more fully the remaining concerns around the remuneration policy. The
Group stands by its remuneration philosophy of “partnership” and the intention is, and will always be, to apply this philosophy and policy consistently and appropriately.
Durban
30 August 2018
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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