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HUDACO INDUSTRIES LIMITED - Results of annual general meeting - Comments by the CEO on first quarter trading

Release Date: 27/03/2014 12:06
Code(s): HDC     PDF:  
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Results of annual general meeting - Comments by the CEO on first quarter trading

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
Comments by the CEO on first quarter trading


Results of annual general meeting

Shareholders are advised that, at the annual general meeting
of Hudaco held at the corporate office of the company today,
the following resolutions were passed by the requisite
majority of shareholders present or represented by proxy:

  1.    Ordinary resolution numbers 1.1 to 1.2 : re-election
        of directors retiring by rotation;
  2.    Ordinary resolution number 2 : to elect the director
        appointed since the previous annual general meeting;
  3.    Ordinary resolution number 3 : reappointment of
        external auditors;
  4.    Ordinary resolution number 4.1 to 4.3 : appointment
        of the members of the audit and risk management
        committee;
  5.    Special resolution number 1 : approval of non-
        executive directors’ remuneration;
  6.    Non-binding resolution number 1 : endorsement of
        Hudaco’s remuneration policy;
  7.    Special resolution number 2 : authority to provide
        financial assistance to subsidiaries;
  8.    Special resolution number 3 : general authority to
        repurchase shares – up to 5% of the shares in issue;
  9.    Ordinary resolution number 5 : general authority to
        allot and issue authorized but unissued shares – up
        to 5% of shares in issue;
  10.   Ordinary resolution number 7 : signature of documents.

Ordinary resolution number 6 : general authority to issue
shares for cash, was withdrawn.

Comments by the CEO on 2014 first quarter trading

During the meeting, Stephen Connelly, chief executive of
Hudaco, made the following comments on trading for the
first quarter:
“In our 2013 financial year results presentation we
indicated that we were optimistic about our ability to grow
comparable earnings in 2014. This optimism was based on:
cost reductions effected in 2013 in Bearings International
and Deutz Dieselpower; the positive (for Hudaco) effect of
the depreciation of the Rand over the past year; growth in
mining activity in neighbouring countries; and the expected
contribution to earnings from acquisitions which are
settling in well. We remain optimistic that these factors
will be positive for earnings over the full 2014 financial
year.

“The first quarter of Hudaco’s financial year includes two
holiday months, December and January, and only one full
month of trading in February. Unfortunately, in February
the underground platinum mines in Rustenburg were not
operating due to the AMCU strike. We estimate that between
7% and 8% of group sales go directly and indirectly into
the platinum mines with the Rustenburg area accounting for
a large part thereof.

“Notwithstanding this setback we are pleased to report that
Hudaco’s first quarter trading results reflect comparable
earnings broadly in line with those of 2013.”

Johannesburg
27 March 2014

Sponsor
Nedbank Capital

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