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HUDACO INDUSTRIES LIMITED - Results of annual general meeting

Release Date: 30/03/2017 08:53
Code(s): HDC     PDF:  
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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 29 March 2017 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 of            For**      Against**     Abstained*
                                         shares voted   votable shares                %              %              %
                                                             in issue*
                                                                     %
 Ordinary Resolution Number 1.1
 To re-elect directors retiring by         24 240 140     76,598519552     97,360902206    2,639097793    0,171214398
 rotation: D Naidoo
 
 Ordinary Resolution Number 1.2
 To re-elect directors retiring by         24 240 140     76,598519552     95,559472841    4,440527158    0,171214398
 rotation: RT Vice
 
 Ordinary Resolution Number 1.3
 To re-elect directors retiring by         24 240 177     76,598636472      99,99984736    0,000152639    0,171097478
 rotation: CV Amoils
 
 Ordinary Resolution Number 2:
 To approve the re-appointment of          24 240 177     76,598636472     86,222666608   13,777333391    0,171097478
 external auditors
 
 Ordinary Resolution Number 3.1:
 Appointment of the members of the
 audit and risk management                 24 240 177     76,598636472     98,974986857    1,025013142    0,171097478
 committee: D Naidoo
 
 Ordinary Resolution Number 3.2:
 Appointment of the members of the
 audit and risk management                 24 240 177     76,598636472     99,501241265    0,498758734    0,171097478
 Committee: N Mandindi
 
 Ordinary Resolution Number 3.3:
 Appointment of the members of the
 audit and risk management                 24 240 140     76,598519552     99,473744788    0,526255211    0,171214398
 Committee: SG Morris
 
 Special Resolution Number 1:
 Approval of non-executive directors’      24 240 140     76,598519552     99,481145735    0,518854264    0,171214398
 remuneration
 
 Non-binding Resolution Number 1:
 Endorsement of Hudaco’s                   24 240 177     76,598636472     71,166246022   28,833753977    0,171097478
 remuneration policy 
    
 Special Resolution Number 2:
 Authorising the provision of financial    24 240 140     76,598519552      95,42971699    4,570283009    0,171214398
 assistance to subsidiaries 
 
 Special Resolution Number 3:
 General authority to repurchase
                                           24 240 770     76,600510344     99,499067067    0,500932932    0,169223606
 shares – up to 1 582 285 (5%) of its
 shares
 
 Special Resolution Number 4:
                                           24 240 177     76,598636472           100,00           0,00    0,171097478
 Amendment of the company’s MOI
 
 Ordinary Resolution Number 4:
 General authority to directors to allot
 and issue authorised but unissued         24 240 177     76,598636472     81,019301137   18,980698862    0,171097478
 ordinary shares – up to 1 582 285
 (5%) shares in issue
 
 Ordinary Resolution Number 5:
                                           24 240 277      76,59895247           100,00           0,00     0,17078148
 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.

Comments by the CEO on 2017 first quarter trading

During the meeting, Graham Dunford, chief executive of Hudaco, made the following comments on trading for
the first quarter:

      “In our 2016 financial results presentation we indicated that all things being equal, we were optimistic
      about earnings in 2017. Although trading in the first quarter continued to be very tough, reflecting the
      general conditions in the economy, we are happy to report that our businesses, specifically in our
      Engineering Consumable Segment, have maintained some momentum from the last few months of 2016
      and that acquisitions are performing well and have added to earnings as expected.”


Johannesburg
30 March 2017

Sponsor
Nedbank Corporate and Investment Banking

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