HUDACO INDUSTRIES LIMITED - Results of annual general meeting and comments by the CEO on 2015 1st quarter trading

Results of annual general meeting and comments by the CEO on 2015 1st quarter trading

HUDACO INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
Registration Number 1985/004617/06
Share Code: HDC ISIN: ZAE000003273
("Hudaco" or "the company")

Results of annual general meeting and comments by the CEO on 2015 first quarter trading

Hudaco shareholders are advised that the voting results for the annual general meeting (“the AGM”) held at
the registered offices of the Company today are set out below. Based on the voting results, all resolutions
were passed by the requisite majority of Hudaco shareholders present in person or represented by proxy at
the AGM.

Shareholders should note that Ordinary Resolution Number 3.2 relating to the election of Mr PC Baloyi as
member of the Audit and Risk Management Committee was withdrawn prior to the commencement of the
AGM due to Mr Baloyi’s resignation as a director of Hudaco.


 Resolution                               Number of    Percentage of        For**   Against**   Abstained***
                                        shares voted   votable shares           %          %              %
                                                            in issue*
                                                                   %
 Ordinary Resolution Number 1.1
 Re-election of Mr CV Amoils as
                                          25 850 654            81.7        100.0          0            0.3
 director
 Ordinary Resolution Number 1.2
 Re-election of Miss D Naidoo as
                                          25 850 654            81.7        100.0          0            0.3
 director
 Ordinary Resolution Number 2
                                          25 850 654            81.7         96.3        3.7            0.3
 Re-appointment of external auditors
 Ordinary Resolution Number 3.1
 Election of Mr SG Morris as member
 of the Audit and Risk Management         25 850 654            81.7         99.6        0.4            0.3
 Committee
 Ordinary Resolution Number 3.3
 Election of Miss D Naidoo as member
                                                                                                        0.3
 of the Audit and Risk Management         25 850 654            81.7        100.0          0
 Committee
 Special Resolution Number 1
 Approval of non-executive directors’
                                          25 850 654            81.7        100.0          0            0.3
 remuneration
 Non-binding Resolution Number 1
 Endorsement of Hudaco’s
                                          25 850 654            81.7         73.2       26.8            0.3
 remuneration policy
 Special Resolution Number 2
 Authorisation the provision of
                                          25 850 654            81.7         93.5        6.5            0.3
 financial assistance to subsidiaries
                                                                      
 Special Resolution Number 3
 General authority to repurchase up
 to 1 582 285 (5%) of the shares in        25 850 654           81.7         96.3        3.7            0.3
 issue
 Ordinary Resolution Number 4
 General authority to directors to allot
 and issue authorised but unissued
                                           25 850 654           81.7         78.7       21.3            0.3
 shares up to 1 582 285 (5%) of the
 shares in issue
 Ordinary Resolution Number 5
                                           25 850 654           81.7        100.0          0            0.3
 Signature of documents


*         Based on 31 645 703 shares (34 153 531 shares in issue as at the date of the AGM, minus 2 507 828 treasury
          shares held by a subsidiary of Hudaco.)
**        As a percentage of number of shares voted.
***       As a percentage of 31 645 703 votable shares in issue as at the date of the AGM.

Comments by the CEO on 2015 first quarter trading

During the meeting, Graham Dunford, chief executive of Hudaco, made the following comments on trading for
the first quarter:

      “In our 2014 financial year results presentation we indicated that we were optimistic about growing
      earnings in 2015. This optimism was based on: contribution to earnings from acquisitions, continued
      export growth and a benefit from the turnaround in our Bearings International business. We also
      highlighted that Global Communications had not secured a major contract in the last financial year that it
      had hoped to secure.

      We are happy to report that, although trading in the first quarter continued to be tough, reflecting the
      general conditions in the economy, the Global Communication contract was secured in the first quarter
      and will be delivered in the second quarter of the year. Partquip, which was acquired with effect from 1
      December 2014, is trading in line with expectations. The benefits in our Bearings International turnaround
      are coming through and the group’s February sales were encouraging.”



Johannesburg
27 March 2015

Sponsor
Nedbank Capital

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