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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 5 April 2018 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 26 425 840 83.51 86.07 13.93 0.10
To re-elect directors retiring by
rotation: SJ Connelly
Ordinary Resolution Number 1.2 26 425 840 83.51 95.53 4.47 0.10
To re-elect directors retiring by
rotation: N Mandindi
Ordinary Resolution Number 2: 26 425 840 83.51 99.99 0.01 0.10
To elect MR Thompson appointed
since previous AGM
Ordinary Resolution Number 3: 25 303 790 79.96 86.77 13.23 3.65
To approve the re-appointment
of external auditors
Ordinary Resolution Number 4.1: 26 425 840 83.51 99.78 0.22 0.10
Appointment of the members of
the audit and risk management
committee: D Naidoo
Ordinary Resolution Number 4.2: 26 425 840 83.51 100.00 0.00 0.10
Appointment of the members of
the audit and risk management
Committee: N Mandindi
Ordinary Resolution Number 4.3: 26 425 840 83.51 99.99 0.01 0.10
Appointment of the members of
the audit and risk management
Committee: MR Thompson
Special Resolution Number 1: 26 423 560 83.50 99.57 0.43 0.11
Approval of non-executive
directors’ remuneration
Non-binding Resolution Number 26 425 840 83.51 72.57 27.43 0.10
1: Approval of Hudaco’s
remuneration policy
Non-binding Resolution Number 26 425 840 83.51 86.32 13.68 0.10
2: Approval of Hudaco’s
remuneration implementation
report
Special Resolution Number 2: 26 425 840 83.51 95.34 4.66 0.10
Authorising the provision of
financial assistance to
subsidiaries
Special Resolution Number 3: 26 423 233 83.50 99.57 0.43 0.11
General authority to repurchase
shares up to 1 582 285 (5%) of
the
shares in issue
Ordinary Resolution Number 5: 26 234 628 82.90 84.11 15.89 0.71
General authority to directors to
allot and issue authorised but
unissued ordinary shares – up to
1 582 285 (5%) shares in issue
Ordinary Resolution Number 6: 26 425 840 83.51 99.76 0.24 0.10
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 Non-binding Resolution Number 1 relating to the approval of
Hudaco’s remuneration policy being voted against by more than 25% of Hudaco shareholders present in
person or represented 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 2018 first quarter trading
During the meeting, Graham Dunford, chief executive of Hudaco, made the following comments on trading for
the first quarter:
“In our 2017 results announcement, we noted the increase in consumer and business confidence that followed
the election of Cyril Ramaphosa as president of the ANC and we pointed out that, if certain positive developments
followed, this was likely to translate into investment in those sectors of the economy that are traditional Hudaco
markets. This would enable those of our businesses that have been in austerity mode for the past few years to
thrive once again. Since then, Mr Ramaphosa has become president of South Africa, meaningful steps are being
taken to restore good governance and tackle corruption, the controversial Mining Charter is under review,
policies that better support economic growth have been intimated and more competent people are being put
into key positions. One the other hand, the possibility of the expropriation of land without compensation is
counter-acting these positive developments. Hudaco’s first quarter includes the very quiet months of December
and January so it is still too soon for a meaningful impact on trading.”
Retirement of Royden Vice as chairman of the board
Royden Vice, who has been an independent non-executive director since June 2007 and has served as
chairman of the board since March 2008, retired from the board today. He has been a great asset to the
group and his contribution will be missed both personally and professionally. The board wishes him well in
his retirement. Stephen Connelly will be replacing him as chairman with immediate effect.
Johannesburg
5 April 2018
Sponsor
Nedbank Corporate and Investment Banking
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