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ADVTECH LIMITED - Results of the 2016 Annual General Meeting

Release Date: 24/05/2016 15:08
Code(s): ADH     PDF:  
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Results of the 2016 Annual General Meeting

ADvTECH Limited
(Incorporated in the Republic of South Africa)
(Registration number 1990/001119/06)
Share code: ADH       ISIN: ZAE000031035
("ADvTECH” or “the Company” or “the Group")

RESULTS OF THE 2016 ANNUAL GENERAL MEETING

ADvTECH shareholders are advised that at the annual general meeting (“AGM”) of shareholders held
on Tuesday, 24 May 2016, all the ordinary and special resolutions as set out in the notice of AGM,
were approved by the requisite majority of shareholders present or represented by proxy.

The meeting was well attended by 378 636 273 ADvTECH shares, representing 71.34% of the total
ordinary issued share capital of ADvTECH, voting in person or by proxy.

The resolutions proposed at the AGM, together with the percentage of shares abstained (as a
percentage of total issued share capital of the Company), as well as the percentage of votes carried for
and against each resolution (as a percentage of shares voted), are as follows:

 1.    Ordinary resolution number 1: Adoption of the annual financial statements

       FOR                             AGAINST                          ABSTAIN
       375 979 725                     Zero                             2 656 548
       100%                            0%                               0.50%

 2.    Ordinary resolution number 2: Confirmation of Mr. K.D.M. Warburton as a non-executive director

       FOR                             AGAINST                          ABSTAIN
       374 275 637                     1 657 449                        2 703 187
       99.56%                          0.44%                            0.51%

 3.    Ordinary resolution number 3: Confirmation of Mr. R.J. Douglas as an executive director

       FOR                             AGAINST                          ABSTAIN
       375 979 725                     Zero                             2 656 548
       100%                            0%                               0.50%

 4.    Ordinary resolution number 4: Re-election of Professor J.D. Jansen as a non-executive director

       FOR                             AGAINST                          ABSTAIN
       340 275 391                     35 704 334                       2 656 548
       90.50%                          9.50%                            0.50%

 5.    Ordinary resolution number 5: Re-election of Mr. S.C. Masie as a non-executive director

       FOR                             AGAINST                         ABSTAIN
       375 979 725                     Zero                            2 656 548
       100%                            0%                              0.50%

 6.    Ordinary resolution number 6: Re-election of Professor S.A. Zinn as a non-executive director

       FOR                             AGAINST                         ABSTAIN
       375 979 725                     Zero                            2 656 548
       100%                            0%                              0.50%

 7.    Ordinary resolution number 7: Re-election of Mr. C.H. Boulle as a member of the audit committee

       FOR                             AGAINST                         ABSTAIN
       374 478 106                     1 501 619                       2 656 548
       99.60%                          0.40%                           0.50%

 8.    Ordinary resolution number 8: Re-election of Professor B.M. Gourley as a member of the audit
       committee

       FOR                             AGAINST                         ABSTAIN
       341 089 404                     17 282 752                      20 264 117
       95.18%                          4.82%                           3,82%

 9.    Ordinary resolution number 9: Re-election of Mr. K.D.M. Warburton as a member and chairman of
       the audit committee

       FOR                             AGAINST                         ABSTAIN
       374 275 637                     1 657 449                       2 703 187
       99.56%                          0.44%                           0.51%

 10.   Ordinary resolution number 10: Appointment of external auditors

       FOR                             AGAINST                         ABSTAIN
       359 211 214                     16 768 511                      2 656 548
       95.54%                          4.46%                           0.50%

 11.   Ordinary resolution number 11: Issuing shares for cash
       FOR                             AGAINST                         ABSTAIN
       335 342 361                     39 448 596                      3 845 316
       89.47%                          10.53%                          0.72%

 12.   Ordinary resolution number 12: Non-binding advisory vote – Remuneration policy

       FOR                             AGAINST                         ABSTAIN
       337 339 605                     38 640 120                      2 656 548
       89.72%                          10.28%                          0.50%
 
 13.   Special resolution number 1: Approval of non-executive directors’ fees

       FOR                             AGAINST                         ABSTAIN
       366 095 196                     9 884 529                       2 656 548
       97.37%                          2.63%                           0.50%

 14.   Special resolution number 2: Authority to make loans or give financial assistance to subsidiaries
       and related or inter-related companies

       FOR                             AGAINST                         ABSTAIN
       358 808 775                     17 170 950                      2 656 548
       95.43%                          4,57%                           0.50%

 15.   Special resolution number 3: General authority to acquire the Company’s own shares

       FOR                             AGAINST                         ABSTAIN
       375 979 725                     Zero                            2 656 548
       100%                            0%                              0.50%

ADvTECH further provided a trading update and reported that the momentum seen at year-end
continued into Q1 FY16 as the Group executes its growth strategy. The Group remains focused on its
core education and resourcing businesses and continues to invest in growing its leading position in
the private education market.

As previously reported, the 2016 academic year has seen strong student enrolment numbers with a
recorded 13% year on year increase to 54 200, as at February 2016. This is largely driven by robust
tertiary enrolment following the division’s successful turnaround. Good enrolments for 2016 bode well
for the education businesses. The digitally enabled Rosebank College campus in Polokwane was
launched in late 2015 as a pilot project and is performing well. This model will be extended to other
regions.
In the Resourcing division, persistent tough economic conditions have had an impact on the first
quarter’s trading, though the second quarter is showing signs of improvement. Conditions for the
sector remain challenging.

Good progress has been made in investigating further opportunities elsewhere in Africa. The Group
will update the market as appropriate when these mature.

24 May 2016
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited

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