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ALLIED ELECTRONICS CORPORATION LIMITED - Results of The Annual General Meeting of Altron held on 1 August 2018 and change in function of a director

Release Date: 01/08/2018 12:30
Code(s): AEL
 
Wrap Text
Results of The Annual General Meeting of Altron held on 1 August 2018 and change in function of a director

Allied Electronics Corporation Limited
 (Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share code: AEL ISIN: ZAE000191342
(“Altron” or “the company”)


RESULTS OF THE ANNUAL GENERAL MEETING OF ALTRON HELD ON 1 AUGUST 2018
AND CHANGE IN FUNCTION OF A DIRECTOR

Shareholders are advised that the results of the business conducted at the Altron annual
general meeting held on Wednesday, 1 August 2018 at 09:00 in the Altron Boardroom, 5
Winchester Road, Parktown, Johannesburg are as follows:

 Total issued number of          Number of ordinary shares       Percentage of ordinary
 ordinary shares                 represented at the meeting      shares represented at the
                                                                 meeting

 399 166 580                     309 599 861                     77.56%

Annual financial statements

The annual financial statements of the company, incorporating the external auditor, audit
committee and directors’ reports for the year ended 28 February 2018, were presented.

Details of the results of voting at the annual general meeting are as follows:
 Resolution proposed           For                Against             Abstain*
 Ordinary resolution
 number 1: Election of         309 501 605        25 843              72 413
 director: Ms BJ Francis       99.99%             0.01%               0.02%

 Ordinary resolution
 number 2.1: Re-election       281 646 756        2 222 025           25 731 080
 of director: Mr MJ Leeming    99.22%             0.78%               6.45%

 Ordinary resolution
 number 2.2: Re-election       309 468 100        119 348             12 413
 of director: Mr GG Gelink     99.96%             0.04%               0.00%

 Ordinary resolution
 number 2.3: Re-election       279 422 208        30 105 240          72 413
 of director: Dr PM Maduna     90.27%             9.73%               0.02%

 Ordinary resolution
 number 2.4: Re-election       234 616 713        74 910 735          72 413
 of director: Ms DNM           75.80%             24.20%              0.02%
 Mokhobo

 Ordinary resolution
 number 2.5: Re-election       272 734 030        33 156 875          3 708 956
 of director: Mr RE Venter     89.16%             10.84%              0.93%

 Ordinary resolution
 number 3: Appointment of      308 131 319        1 456 129           12 413
 external auditor and noting   99.53%             0.47%               0.00%
 of appointment of
 designated auditor

 Ordinary resolution
 number 4.1: Election of       309 367 869        75 028              156 964
 audit committee member:       99.98%             0.02%               0.04%
 Mr GG Gelink

 Ordinary resolution
 number 4.2: Election of       308 530 026        852 871             216 964
 audit committee member:       99.72%             0.28%               0.05%
 Mr SW van Graan

 Ordinary resolution
 number 4.3: Election of       309 377 195        5 702               216 964
 audit committee member:       100%               0.00%               0.05%
 Ms BJ Francis

 Ordinary resolution
 number 5: Endorsement         278 827 967        5 245 365           25 526 529
 of Altron Group               98.15%             1.85%               6.40%
 Remuneration Policy

 Ordinary resolution
 number 6: Endorsement         257 318 893        52 268 555          12 413
 of implementation of Altron   83.12%             16.88%              0.00%
 Group Remuneration
 Policy

 Ordinary resolution
 number 7: General              234 783 347        74 804 101          12 413
 authority to directors to      75.84%             24.16%              0.00%
 allot and issue authorised
 but unissued A ordinary
 shares

 Special resolution
 number 1: Remuneration        309 507 756         19 692              72 413
 of independent non-           99.99%              0.01%               0.02%
 executive chairman

 Special resolution
 number 2: Remuneration        309 507 756         19 692              72 413
 of non-executive directors    99.99%              0.01%               0.02%

 Special resolution
 number 3: Remuneration        308 724 587         862 861             12 413
 payable to non-executive      99.72%              0.28%               0.00%
 directors participating in
 statutory and board
 committees

 Special resolution
 number 4: Remuneration        308 660 587         866 861             72 413
 payable to non-executive      99.72%              0.28%               0.02%
 directors for participating
 in special / unscheduled
 board meetings and ad-
 hoc strategic planning
 sessions

 Special resolution
 number 5: Financial           282 651 617         26 875 831          72 413
 assistance to employee        91.32%              8.68%               0.02%
 share scheme
 beneficiaries and related
 or inter-related companies
 and corporations

*Abstentions are represented as a percentage of total issued ordinary shares.

The proposed ordinary resolution number 2.6 as set out in the notice of annual general
meeting, relating to the re-election of Dr WP Venter, was withdrawn prior to the
commencement of the annual general meeting. This is in line with Dr Venter’s retirement as
non-executive director on the Altron Board, with effect from 31 July 2018.

Accordingly, all the resolutions as set out in the notice of annual general meeting, save for the
above withdrawal, were passed by the requisite majority of votes.
The special resolutions will, to the extent necessary, be filed and registered with the
Companies and Intellectual Property Commission.

CHANGE IN FUNCTION OF A DIRECTOR

Subsequent to the passing of ordinary resolutions number 4.1 to 4.3 above, Mr MJ Leeming
stepped down as a member of the Altron audit committee with effect from the end of the annual
general meeting. The Altron audit committee members with effect from 1 August 2018 are
Messrs GG Gelink (chairman) and SW van Graan and Ms BJ Francis.

Johannesburg
1 August 2018

Sponsor: Investec Bank Limited

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