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 Thursday, 18 March 2021 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 voteable         %              %             %
                                                        shares in
                                                          issue*
                                                               %
  Ordinary Resolution Number 1.1       24 011 459          78.41      81.31         18.69           0.25
  To re-elect directors retiring by
  rotation: Mr SJ Connelly
  Ordinary Resolution Number 1.2       24 011 459          78.41      98.30          1.70           0.25
  To re-elect directors retiring by
  rotation: Ms D Naidoo
  Ordinary Resolution Number 1.3       24 011 459          78.41      97.59          2.41           0.25
  To re-elect directors retiring by
  rotation: Mr LFJ Meiring
  Ordinary Resolution Number 2:        24 011 959          78.41      74.97         25.03           0.25
  To approve the appointment of
  external auditors
  Ordinary Resolution Number 3.1:      24 011 459          78.41      95.71          4.29           0.25
  Appointment of the members of
  the audit and risk management
  committee: D Naidoo
  Ordinary Resolution Number 3.2:      24 011 459          78.41      97.93          2.07           0.25
  Appointment of the members of
  the audit and risk management
  Committee: N Mandindi
  Ordinary Resolution Number 3.3:      24 011 459          78.41     100.00          0.00           0.25
  Appointment of the members of
  the audit and risk management
  Committee: MR Thompson
  Special Resolution Number 1:         23 806 095          77.74      99.52          0.48           0.92
  Approval of non-executive
  directors’ remuneration
  Non-binding Resolution Number        23 805 595          77.74      83.43         16.57           0.92
  1: Approval of Hudaco’s
  remuneration policy
  Non-binding Resolution Number        23 805 095          77.74      83.03         16.97           0.93
  2: Approval of Hudaco’s
     Resolution                            Number of    Percentage        For**     Against**     Abstained*
                                         shares voted   of voteable          %              %               %
                                                           shares in
                                                             issue*
                                                                  %
     remuneration implementation
     report
     Special Resolution Number 2:         24 011 459          78.41       99.15           0.85          0.25
     Authorising the provision of
     financial assistance to
     subsidiaries
     Special Resolution Number 3:         24 006 782          78.40       99.53           0.47          0.27
     General authority to repurchase
     shares up to 1 656 446 of the
     ordinary shares (5% of the shares
     in issue)
     Ordinary Resolution Number 4:        23 853 812          77.90       72.13         27.87           0.77
     General authority to directors to
     allot and issue up to 1 656 446
     authorised but unissued ordinary
     shares (5% of shares in issue)
     Ordinary Resolution Number 5:        24 011 459          78.41      100.00           0.00          0.25
     Signature of documents

*        Based on 30 621 103 voteable shares (33 128 931 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.


     Comments by the CEO on 2021 first quarter trading

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

     “In the prospects section of our results announcement released at the end of January 2021, we indicated
     that, in the context of the operational and financial performance in the second half of 2020, having
     compared favourably against the comparable period in 2019, we considered prospects for Hudaco to be
     positive for 2021, despite what was happening in the economy. We stated that, while we appreciated
     there was much uncertainty ahead, our businesses were well placed and ready for 2021, subject to no
     further lockdown restrictions on businesses in the markets we serve. Furthermore, we should also see the
     benefit of the rightsizing and rationalisation within certain businesses coming through in 2021.
     It is only six weeks since we released our prospects statement and all indications to date have been
     consistent with the expectations described above.”


Johannesburg
18 March 2021

Sponsor
Nedbank Corporate and Investment Banking

Date: 18-03-2021 04:21:00
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