To view the PDF file, sign up for a MySharenet subscription.

BID CORPORATION LIMITED - Trading update, results of annual general meeting and change in directorate

Release Date: 11/11/2016 14:54
Code(s): BID     PDF:  
Wrap Text
Trading update, results of annual general meeting and change in directorate

Bid Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number: 1995/008615/06
Share code: BID ISIN ZAE 000216537
(“Bidcorp” or “the Company” or “group”)

TRADING UPDATE, RESULTS OF ANNUAL GENERAL MEETING (AGM) AND CHANGE
IN DIRECTORATE

Shareholders are advised in response to questions raised at the AGM today, Friday
November 11 2016, executive management of Bidcorp provided an update on current
trading conditions and performance.

TRADING UPDATE

“Overall conditions within the global foodservice industry remain positive and continued
growth opportunities remain in all our trading geographies. Many of Bidcorp’s international
foodservice peers have reported improved results benefitting from positive underlying market
conditions.

Overall trading within Bidcorp for the first 4 months of the financial year 2017 has been good
and the positive momentum achieved in the financial year 2016 has continued. Currency
volatility continues to positively impact Bidcorp’s rand reported results with the depreciation
of the rand against the euro and Australian dollar more than offsetting the appreciation of the
rand against sterling following Brexit.

Following Brexit, one of the potential impacts of sterling’s devaluation will be inflation and the
impact of inflation on our United Kingdom businesses is positive. Overall the economy in the
United Kingdom is growing and the sterling devaluation should further propel activity levels
forward, benefitting from more tourists and local consumer spending.”

The financial information on which the aforementioned comments are based has not been
reviewed by the Company’s auditors.

Shareholders are reminded that management will be holding a divisional day on Thursday
November 24 2016 at 09h30 SA time whereat a full operational update will be discussed.

RESULTS OF AGM

Bidcorp shareholders are advised that at the AGM of members held on Friday, November 11
2016, all the ordinary and special resolutions as proposed in the Notice of the AGM were
approved by the requisite majority of members.

Total number of shares that can be exercised at the AGM         100%           331 891 410
Total number of shares present / represented at the AGM
          (including proxies at the AGM)                         61%           201 093 433
Total number of members present in person at the AGM                                    21

In this regard, Bidcorp confirms the voting statistics from the AGM as follows:

*Note: Abstain votes - JSE requirements are that abstentions are reflected as a percentage
of issued and voteable shares
1      Ordinary resolution number 1: To re-appoint the external auditors
             For                 Against                Abstain*               Shares voted
         200 489 274                  69 547                534 612             200 558 821
          99.96532%               0.03468%               0.16108%               100.00000%

2      Ordinary resolution number 2.1: Directors appointed during the year – B L Berson
             For                 Against                Abstain*             Shares voted
         200 368 765                183 046                 541 622            200 551 811
          99.90873%               0.09127%               0.16319%               100.00000%

3      Ordinary resolution number 2.2: Directors appointed during the year – PC Baloyi
             For                 Against                Abstain*             Shares voted
         199 590 257                   1 004              1 502 172            199 591 261
          99.99950%               0.00050%               0.45261%               100.00000%

4      Ordinary resolution number 2.3: Directors appointed during the year – DDB Band
             For                 Against                Abstain*             Shares voted
         197 590 906              2 000 430               1 502 097            199 591 336
          98.99774%               1.00226%               0.45259%               100.00000%

5      Ordinary resolution number 2.4: Directors appointed during the year – NG Payne
             For                 Against                Abstain*             Shares voted
         189 394 675              9 883 237               1 815 521           199 277 912
          95.04048%               4.95952%               0.54702%               100.00000%

6      Ordinary resolution number 2.5: Directors appointed during the year – H Wiseman
             For                 Against                Abstain*             Shares voted
         199 589 278                      624             1 503 531            199 589 902
          99.99969%               0.00031%               0.45302%               100.00000%

7      Ordinary resolution number 2.6: Directors appointed during the year – DD Mokgatle
             For                 Against                Abstain*             Shares voted
         199 589 929                   1 332              1 502 172            199 591 261
          99.99933%               0.00067%               0.45261%               100.00000%

8       Ordinary resolution number 2.7: Directors retiring by rotation and available for re-
election – DE Cleasby
              For                 Against                  Abstain*              Shares voted
           200 106 281               452 043                   535 109             200 558 324
          99.77461%               0.22539%               0.16123%               100.00000%

9       Ordinary resolution number 2.8: Directors retiring by rotation and available for re-
election – B Joffe
              For                 Against                  Abstain*              Shares voted
           195 940 967             4 242 722                   909 744             200 183 689
         97.88059%               2.11941%               0.27411%               100.00000%

10     Ordinary resolution number 3.1: Election of audit and risk committee members – PC
Baloyi
             For                 Against                  Abstain*           Shares voted
         199 590 061                   1 200               1 502 172          199 591 261
         99.99940%               0.00060%               0.45261%               100.00000%

11    Ordinary resolution number 3.2: Election of audit and risk committee members – NG
Payne
            For                 Against                  Abstain*           Shares voted
        188 627 765             10 963 571                1 502 097          199 591 336
         94.50699%               5.49301%               0.45259%               100.00000%

12   Ordinary resolution number 3.3: Election of audit and risk committee members – H
Wiseman
           For                 Against                  Abstain*           Shares voted
        199 590 272                  1 205               1 501 956          199 591 477
         99.99940%               0.00060%               0.45254%               100.00000%

13     Ordinary resolution number 4.1: Endorsement of Remuneration Policy: “Part 1 –
       Policy on base package and benefits”
              For                Against               Abstain*            Shares voted
         196 993 747              2 256 297             1 843 389            199 250 044
         98.86761%               1.13239%               0.55542%               100.00000%

14     Ordinary resolution number 4.2: Endorsement of Remuneration Policy: “Part 1 –
       Policy on short-term incentives”
              For                  Against             Abstain*            Shares voted
         191 838 285                7 740 565           1 514 583            199 578 850
         96.12155%               3.87845%               0.45635%               100.00000%

15     Ordinary resolution number 4.3: Endorsement of Remuneration Policy: “Part 1 –
       Policy on long-term incentives”
              For                  Against             Abstain*            Shares voted
         142 690 805               56 600 077           1 802 551            199 290 882
         71.59926%              28.40074%               0.54311%               100.00000%

16     Ordinary resolution number 5: General authority to directors to allot and issue
       authorised but unissued ordinary shares
             For                  Against                Abstain*               Shares voted
          188 250 407             11 360 625               1 482 401              199 611 032
         94.30862%               5.69138%               0.44665%               100.00000%

17     Ordinary resolution number 6: General authority to issue shares for cash
             For                 Against                 Abstain*             Shares voted
          188 322 649             11 291 550               1 479 234             199 614 199
         94.34331%               5.65669%                0.44570%              100.00000%

18     Ordinary resolution number 7: Pro rata reduction of stated capital in lieu of dividend
             For                 Against                 Abstain*               Shares voted
         200 510 245                  48 123                 535 065               200 558 368
         99.97601%               0.02399%                0.16122%              100.00000%

19     Ordinary resolution number 8: Creation and Issue of convertible debentures
             For                 Against                Abstain*            Shares voted
         196 269 003              4 219 730                 604 700            200 488 733
         97.89528%               2.10472%                0.18220%              100.00000%

20     Ordinary resolution number 9: Directors’ authority to implement special and ordinary
       resolutions
              For                Against                  Abstain*            Shares voted
          200 556 760                  2 018                  534 655           200 558 778
         99.99899%               0.00101%                0.16109%              100.00000%

21     Special resolution number 1: General authority to acquire (repurchase) shares
             For                 Against                 Abstain*            Shares voted
         200 418 632                  70 218                604 583            200 488 850
         99.96498%               0.03502%                0.18216%              100.00000%

22     Special resolution number 2: Approval of non-executive directors’ remuneration -
       2016/2017
             For                 Against               Abstain*              Shares voted
         199 411 883                 111 808             1 569 742            199 523 691
         99.94396%               0.05604%                0.47297%              100.00000%




CHANGE IN DIRECTORATE

Bidcorp shareholders are advised that Mrs CWL Phalatse did not offer herself for re-election
at the AGM and as a result has resigned from the board of directors of Bidcorp with
immediate effect.

Johannesburg
November 11 2016

Sponsor
The Standard Bank of South Africa Limited

Date: 11/11/2016 02:54:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story