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Trading update, results of annual general meeting and change in directorate
Bid Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number: 1995/008615/06
Share code: BID ISIN ZAE 000216537
(“Bidcorp” or “the Company” or “group”)
TRADING UPDATE, RESULTS OF ANNUAL GENERAL MEETING (AGM) AND CHANGE
IN DIRECTORATE
Shareholders are advised in response to questions raised at the AGM today, Friday
November 11 2016, executive management of Bidcorp provided an update on current
trading conditions and performance.
TRADING UPDATE
“Overall conditions within the global foodservice industry remain positive and continued
growth opportunities remain in all our trading geographies. Many of Bidcorp’s international
foodservice peers have reported improved results benefitting from positive underlying market
conditions.
Overall trading within Bidcorp for the first 4 months of the financial year 2017 has been good
and the positive momentum achieved in the financial year 2016 has continued. Currency
volatility continues to positively impact Bidcorp’s rand reported results with the depreciation
of the rand against the euro and Australian dollar more than offsetting the appreciation of the
rand against sterling following Brexit.
Following Brexit, one of the potential impacts of sterling’s devaluation will be inflation and the
impact of inflation on our United Kingdom businesses is positive. Overall the economy in the
United Kingdom is growing and the sterling devaluation should further propel activity levels
forward, benefitting from more tourists and local consumer spending.”
The financial information on which the aforementioned comments are based has not been
reviewed by the Company’s auditors.
Shareholders are reminded that management will be holding a divisional day on Thursday
November 24 2016 at 09h30 SA time whereat a full operational update will be discussed.
RESULTS OF AGM
Bidcorp shareholders are advised that at the AGM of members held on Friday, November 11
2016, all the ordinary and special resolutions as proposed in the Notice of the AGM were
approved by the requisite majority of members.
Total number of shares that can be exercised at the AGM 100% 331 891 410
Total number of shares present / represented at the AGM
(including proxies at the AGM) 61% 201 093 433
Total number of members present in person at the AGM 21
In this regard, Bidcorp confirms the voting statistics from the AGM as follows:
*Note: Abstain votes - JSE requirements are that abstentions are reflected as a percentage
of issued and voteable shares
1 Ordinary resolution number 1: To re-appoint the external auditors
For Against Abstain* Shares voted
200 489 274 69 547 534 612 200 558 821
99.96532% 0.03468% 0.16108% 100.00000%
2 Ordinary resolution number 2.1: Directors appointed during the year – B L Berson
For Against Abstain* Shares voted
200 368 765 183 046 541 622 200 551 811
99.90873% 0.09127% 0.16319% 100.00000%
3 Ordinary resolution number 2.2: Directors appointed during the year – PC Baloyi
For Against Abstain* Shares voted
199 590 257 1 004 1 502 172 199 591 261
99.99950% 0.00050% 0.45261% 100.00000%
4 Ordinary resolution number 2.3: Directors appointed during the year – DDB Band
For Against Abstain* Shares voted
197 590 906 2 000 430 1 502 097 199 591 336
98.99774% 1.00226% 0.45259% 100.00000%
5 Ordinary resolution number 2.4: Directors appointed during the year – NG Payne
For Against Abstain* Shares voted
189 394 675 9 883 237 1 815 521 199 277 912
95.04048% 4.95952% 0.54702% 100.00000%
6 Ordinary resolution number 2.5: Directors appointed during the year – H Wiseman
For Against Abstain* Shares voted
199 589 278 624 1 503 531 199 589 902
99.99969% 0.00031% 0.45302% 100.00000%
7 Ordinary resolution number 2.6: Directors appointed during the year – DD Mokgatle
For Against Abstain* Shares voted
199 589 929 1 332 1 502 172 199 591 261
99.99933% 0.00067% 0.45261% 100.00000%
8 Ordinary resolution number 2.7: Directors retiring by rotation and available for re-
election – DE Cleasby
For Against Abstain* Shares voted
200 106 281 452 043 535 109 200 558 324
99.77461% 0.22539% 0.16123% 100.00000%
9 Ordinary resolution number 2.8: Directors retiring by rotation and available for re-
election – B Joffe
For Against Abstain* Shares voted
195 940 967 4 242 722 909 744 200 183 689
97.88059% 2.11941% 0.27411% 100.00000%
10 Ordinary resolution number 3.1: Election of audit and risk committee members – PC
Baloyi
For Against Abstain* Shares voted
199 590 061 1 200 1 502 172 199 591 261
99.99940% 0.00060% 0.45261% 100.00000%
11 Ordinary resolution number 3.2: Election of audit and risk committee members – NG
Payne
For Against Abstain* Shares voted
188 627 765 10 963 571 1 502 097 199 591 336
94.50699% 5.49301% 0.45259% 100.00000%
12 Ordinary resolution number 3.3: Election of audit and risk committee members – H
Wiseman
For Against Abstain* Shares voted
199 590 272 1 205 1 501 956 199 591 477
99.99940% 0.00060% 0.45254% 100.00000%
13 Ordinary resolution number 4.1: Endorsement of Remuneration Policy: “Part 1 –
Policy on base package and benefits”
For Against Abstain* Shares voted
196 993 747 2 256 297 1 843 389 199 250 044
98.86761% 1.13239% 0.55542% 100.00000%
14 Ordinary resolution number 4.2: Endorsement of Remuneration Policy: “Part 1 –
Policy on short-term incentives”
For Against Abstain* Shares voted
191 838 285 7 740 565 1 514 583 199 578 850
96.12155% 3.87845% 0.45635% 100.00000%
15 Ordinary resolution number 4.3: Endorsement of Remuneration Policy: “Part 1 –
Policy on long-term incentives”
For Against Abstain* Shares voted
142 690 805 56 600 077 1 802 551 199 290 882
71.59926% 28.40074% 0.54311% 100.00000%
16 Ordinary resolution number 5: General authority to directors to allot and issue
authorised but unissued ordinary shares
For Against Abstain* Shares voted
188 250 407 11 360 625 1 482 401 199 611 032
94.30862% 5.69138% 0.44665% 100.00000%
17 Ordinary resolution number 6: General authority to issue shares for cash
For Against Abstain* Shares voted
188 322 649 11 291 550 1 479 234 199 614 199
94.34331% 5.65669% 0.44570% 100.00000%
18 Ordinary resolution number 7: Pro rata reduction of stated capital in lieu of dividend
For Against Abstain* Shares voted
200 510 245 48 123 535 065 200 558 368
99.97601% 0.02399% 0.16122% 100.00000%
19 Ordinary resolution number 8: Creation and Issue of convertible debentures
For Against Abstain* Shares voted
196 269 003 4 219 730 604 700 200 488 733
97.89528% 2.10472% 0.18220% 100.00000%
20 Ordinary resolution number 9: Directors’ authority to implement special and ordinary
resolutions
For Against Abstain* Shares voted
200 556 760 2 018 534 655 200 558 778
99.99899% 0.00101% 0.16109% 100.00000%
21 Special resolution number 1: General authority to acquire (repurchase) shares
For Against Abstain* Shares voted
200 418 632 70 218 604 583 200 488 850
99.96498% 0.03502% 0.18216% 100.00000%
22 Special resolution number 2: Approval of non-executive directors’ remuneration -
2016/2017
For Against Abstain* Shares voted
199 411 883 111 808 1 569 742 199 523 691
99.94396% 0.05604% 0.47297% 100.00000%
CHANGE IN DIRECTORATE
Bidcorp shareholders are advised that Mrs CWL Phalatse did not offer herself for re-election
at the AGM and as a result has resigned from the board of directors of Bidcorp with
immediate effect.
Johannesburg
November 11 2016
Sponsor
The Standard Bank of South Africa Limited
Date: 11/11/2016 02:54:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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