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, 30 March 2023 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         21 996 358          77.48        90.42          9.58          0.48
 To re-elect directors retiring by
 rotation: SJ Connelly
 Ordinary Resolution Number 1.2         20 952 823          73.81        91.52          8.48          4.16
 To re-elect directors retiring by
 rotation: D Naidoo
 Ordinary Resolution Number 1.3         21 995 158          77.48        94.49          5.51          0.48
 To re-elect directors retiring by
 rotation: CV Amoils
 Ordinary Resolution Number 2           21 990 762          77.46        99.95          0.05          0.50
 To elect EJ Smith as an alternate
 director appointed since the
 previous AGM
 Ordinary Resolution Number 3:          21 996 828          77.49        98.75          1.25          0.48
 To approve the re-appointment of
 external auditors
 Ordinary Resolution Number 4.1:        21 996 358          77.48        90.40          9.60          0.48
 Appointment of the members of
 the audit and risk management
 committee: D Naidoo
 Ordinary Resolution Number 4.2:        21 995 158          77.48        98.56          1.44          0.48
 Appointment of the members of
 the audit and risk management
 Committee: N Mandindi
 Ordinary Resolution Number 4.3:        21 996 358          77.48        99.67          0.33          0.48
 Appointment of the members of
 the audit and risk management
 Committee: MR Thompson
 Special Resolution Number 1:           21 974 411          77.41        99.94          0.06          0.56
 Approval of non-executive
 directors’ remuneration
 Non-binding Resolution Number 1:       21 994 858          77.48        79.77         20.23          0.49
 Approval of Hudaco’s
 remuneration policy
 Non-binding Resolution Number 2:       21 974 411          77.41        79.75         20.25          0.56
 Approval of Hudaco’s
 remuneration implementation
 report
 Special Resolution Number 2:           21 975 611          77.41       100.00          0.00          0.55
 Authorising the provision of
 financial assistance to subsidiaries
 Special Resolution Number 3:           21 974 419          77.41       100.00          0.00          0.56
 General authority to repurchase
 shares up to 1 544 799 of the
 ordinary shares (5% of the shares
 in issue)
 Ordinary Resolution Number 5:          21 996 358          77.48        73.33         26.67          0.48
 General authority to directors to
 allot and issue up to 1 544 799
 authorised but unissued ordinary
 shares (5% of shares in issue)
 Ordinary Resolution Number 6:          21 996 358          77.48       100.00          0.00          0.48
 Signature of documents

*     Based on 28 388 152 voteable shares (being 30 895 980 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 2023 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 comprises the holiday months of December and January, as well as the short month of
February, so is never a reliable indicator of Hudaco’s full year performance. This year, not only has there been
no marked improvement in the governance or the services in the country, we now have the added burdens of
more intense load-shedding and higher interest rates, both of which have negatively affected the economy and
business confidence. Undoubtedly, the general trading conditions have been tougher than in the first quarter
of 2022. While it is premature for a meaningful assessment on the rest of the year, we are pleased that Hudaco’s
attributable earnings for the first quarter have matched those of the equivalent period last year.”

Johannesburg
30 March 2023

Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 30-03-2023 05:07:00
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