HUDACO INDUSTRIES LIMITED - Results of annual general meeting

Results of annual general meeting

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

Hudaco shareholders are advised that the voting results for the annual general meeting (“the AGM”) held at
the registered offices of the Company on 19 March 2020 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.

  Resolution                            Number of     Percentage        For**      Against**    Abstained*
                                     shares voted     of votable           %             %              %
                                                       shares in
                                                          issue*
                                                              %
  Ordinary Resolution Number 1.1       25 292 914         79.93        97.87           2.13           0.11
  To re-elect directors retiring by
  rotation: Mr CV Amoils
  Ordinary Resolution Number 1.2       24 946 603         78.83        96.85           3.15           1.20
  To re-elect directors retiring by
  rotation: Ms N Mandindi
  Ordinary Resolution Number 1.3       25 292 632         79.92        96.07           3.93           0.11
  To re-elect directors retiring by
  rotation: Mr MR Thompson
  Ordinary Resolution Number 2:        25 292 914         79.93        84.14          15.86           0.11
  To approve the appointment of
  external auditors
  Ordinary Resolution Number 3.1:      25 292 595         79.92        95.20           4.80           0.11
  Appointment of the members of
  the audit and risk management
  committee: D Naidoo
  Ordinary Resolution Number 3.2:      25 292 632         79.92        96.62           3.38           0.11
  Appointment of the members of
  the audit and risk management
  Committee: N Mandindi
  Ordinary Resolution Number 3.3:      25 292 632         79.92          100              -           0.11
  Appointment of the members of
  the audit and risk management
  Committee: MR Thompson
  Special Resolution Number 1:         25 293 717         79.93        99.55           0.45           0.10
  Approval of non-executive
  directors’ remuneration
  Non-binding Resolution Number        25 293 567         79.93        83.73          16.27           0.10
  1: Approval of Hudaco’s
  remuneration policy
  Non-binding Resolution Number
  2: Approval of Hudaco’s
  remuneration implementation          25 293 067         79.93        61.56          38.44           0.11
  report
  Special Resolution Number 2:         25 292 309         79.92        95.65           4.35           0.11
  Authorising the provision of
  financial assistance to
  subsidiaries
  Special Resolution Number 3:         25 292 784         79.92        96.52           3.48           0.11
  General authority to repurchase
  shares up to 1 582 285 (5%) of
  the ordinary shares in issue
  Ordinary Resolution Number 4:        25 292 914         79.93        91.78           8.22           0.11
  General authority to directors to
  allot and issue authorised but
  unissued ordinary shares – up to
  1 582 285 (5%) shares
  Ordinary Resolution Number 5:        25 293 347         79.93          100              -           0.11
  Signature of documents

*        Based on 31 645 703 votable 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 shares voted at AGM.

Shareholders are further advised that due to the Non-binding Resolution Number 2 relating to the approval
of Hudaco’s remuneration implementation report being voted against by more than 25% of Hudaco’s
shareholders present in person or by proxy at the AGM, an invitation is hereby extended to such dissenting
shareholders to engage with the Company. Those wishing to do so should, in the first instance, contact the
group secretary at reana@hudaco.co.za.

Comments by the CEO on 2020 first quarter trading

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

“Hudaco’s first quarter includes the very quiet months of December and January so it is still too soon for a
meaningful statement on trading. Load shedding will have a negative effect on the economy and therefore on our
customers. We have not experienced any negative impact from COVID 19 as yet, but we are unlikely to escape
unscathed as the crisis plays out in South Africa and around the world. There are too many variables for us to
make a reasonable assessment at this stage of the likely effect on Hudaco. The management teams throughout
the group are dealing with developments as they evolve.”

Johannesburg
19 March 2020

Sponsor
Nedbank Corporate and Investment Banking

Date: 19-03-2020 03:25:00
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