MR PRICE GROUP LIMITED - Results of annual general meeting

Release Date: 30/08/2018 07:06
Code(s): MRP
 
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Results of annual general meeting

Mr Price Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004418/06)
ISIN: ZAE000200457
Share Code: MRP
("Mr Price Group" or "the Group")

RESULTS OF ANNUAL GENERAL MEETING

Shareholders are advised that at the 85th Mr Price Group Annual General Meeting (“AGM”) held yesterday, Wednesday, 29 August 2018, all the ordinary and special
resolutions as set out in the notice of AGM dated 11 June 2018 were passed by the requisite majority of votes of shareholders present in person or represented by proxy.

The total number of shares present or represented, including by proxy, at the AGM was 83.47% of the Group’s issued share capital* as at Friday 24 August 2018, being
the voting record date. The voting results were as follows:

                                                          Votes cast as a
                                                            combined % of                                                                  Shares voted            Shares
                                                         the total number                                                                     as a % of    abstained as a
                                                          of shares voted                                                                 issued share        % of issued
                                                         (Ordinary shares                                                                       capital*    share capital*
                                                           and B ordinary      Votes cast as a % of the number                                 Ordinary          Ordinary
                                                           shares) at the       of shares voted at the meeting                           shares (“Ord”)    shares (“Ord”)
                                                                  meeting              Ordinary shares (“Ord”)                               B ordinary        B ordinary
                                                                                   B ordinary shares (“B Ord”)           Number of           shares (“B        shares (“B
Resolutions                                                For    Against                   For        Against        shares voted                Ord”)              Ord”)
Ordinary resolution 1 - Adoption of the annual                                       99.86 Ord        1.14 Ord     195 874 020 Ord           76.28 Ord           0.57 Ord
financial statements                                     99.91        0.09        100.00 B Ord      0.00 B Ord     8 145 034 B Ord        100.00 B Ord         0.00 B Ord
Ordinary resolutions 2.1 and 2.2 - Re-election of
directors retiring by rotation
                                                                                      97.94 Ord        2.06 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
2.1 Daisy Naidoo                                         98.62        1.38         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
                                                                                      98.71 Ord        1.29 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
2.2 Maud Motanyane-Welch                                 99.14        0.86         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
Ordinary resolution 3 – Confirmation of appointment                                   99.84 Ord        0.16 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
of Brenda Niehaus as non-executive director              99.89        0.11         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
Ordinary resolution 4 - Re-election of independent                                    77.10 Ord       22.90 Ord    196 338 102 Ord           76.46 Ord           0.39 Ord
auditor                                                   84.71      15.29         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
Ordinary resolutions 5.1 to 5.3 - Election of members
of the audit and compliance committee
                                                                                      65.45 Ord       34.55 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
5.1 Bobby Johnston                                        77.04      22.96         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
                                                                                      99.05 Ord        0.95 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
5.2 Daisy Naidoo                                          99.23       0.77         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
                                                                                      99.51 Ord        0.49 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
5.3 Mark Bowman                                           99.68       0.32         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
Ordinary resolution 6 - Non-binding advisory vote on                                  79.05 Ord       20.95 Ord    197 297 822 Ord           76.83 Ord           0.02 Ord
the remuneration policy** (see commentary below)          85.99      14.01         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
Ordinary resolution 7 Non-binding advisory vote on                                    20.96 Ord
the remuneration implementation report**                                              79.04 Ord      0.00 B Ord    197 297 822 Ord           76.83 Ord           0.02 Ord
(see commentary below)                                    85.98      14.02         100.00 B Ord                     8 145 034B Ord        100.00 B Ord         0.00 B Ord
Ordinary resolution number 8 - Adoption of the SETS                                  100.00 Ord        0.00 Ord    195 902 264 Ord           76.29 Ord           0.56 Ord
committee report                                         100.00       0.00         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
Ordinary resolution number 9 - Signature of                                           98.87 Ord        1.13 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
documents                                                 99.24       0.76         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
Ordinary resolution number 10 - Control of authorised                                 96.77 Ord        3.23 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
but unissued shares                                       97.84       2.16         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
Ordinary resolution 11 - Amendments to share option                                   99.95 Ord        0.05 Ord    190 923 209 Ord           74.35 Ord           0.02 Ord
schemes’ exercise periods                                 99.97       0.03         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
Ordinary resolution 12 - Amendments to share option                                   82.09 Ord       17.91 Ord    190 923 209 Ord           74.35 Ord           0.02 Ord
schemes’ performance conditions                           88.15      11.85         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
Special resolutions 1.1 to 1.12 - Non-executive
director remuneration:
1.1 Independent non-executive chair of the board -                                    99.85 Ord        0.15 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
R1 491 600                                                99.90       0.10         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
                                                                                      98.42 Ord        1.58 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
1.2 Honorary chair of the board - R745 800                98.95       1.05         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
1.3 Lead independent director of the board - R441                                     99.70 Ord        0.30 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
600                                                       99.80       0.20         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
                                                                                      99.79 Ord        0.21 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
1.4 Non-executive directors - R369 950                    99.86       0.14         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
1.5 Audit and compliance committee chair - R230                                       99.85 Ord        0.15 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
350                                                       99.90       0.10         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
1.6 Audit and compliance committee members -                                          99.87 Ord        0.13 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
R136 650                                                  99.91       0.09         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
1.7 Remuneration and nominations committee chair -                                    99.85 Ord        0.15 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
R188 575                                                  99.90       0.10         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
1.8 Remuneration and nominations committee                                            99.87 Ord        0.13 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
members - R98 475                                         99.91       0.09         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
                                                                                      99.85 Ord        0.15 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
1.9 SETS committee chair - R150 300                       99.90       0.10         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
                                                                                      99.87 Ord        0.13 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
1.10 SETS committee members - R95 450                     99.91       0.09         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
                                                                                      99.87 Ord        0.13 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
1.11 Risk and IT committee members - R 119 300            99.91       0.09         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
1.12 Risk and IT committee member - IT specialist -                                   99.86 Ord        0.14 Ord    197 299 011 Ord           76.83 Ord           0.02 Ord
R 269 300                                                 99.91       0.09         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
Special resolution 2 – General authority to                                           98.47 Ord        1.53 Ord    190 906 036 Ord           74.34 Ord           0.03 Ord
repurchase shares                                         98.99       1.01         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord
Special resolution 3 - Financial assistance to related                                96.48 Ord        3.52 Ord    196 188 395 Ord           76.40 Ord           0.45 Ord
or inter-related companies                                97.65       2.35         100.00 B Ord      0.00 B Ord    8 145 034 B Ord        100.00 B Ord         0.00 B Ord

* The total issued share capital as at the voting record date was 256,795,727 ordinary shares and 8,145,234 B-ordinary shares

** Ahead of the AGM the Group sent communication to its 20 largest shareholders representing approximately 52.1% of its ordinary shares for purposes of engaging
generally on the resolutions proposed at the AGM and particularly on the Group’s remuneration policy and remuneration implementation report. Through this process,
senior management, the outgoing chair of the Remuneration and Nominations Committee and the Group Head of Investor Relations actively engaged with 17 of these 20
shareholders. Mr Price Group is encouraged by the increase in positive votes on ordinary resolutions 6 (2017 AGM: 65.26%) and 7 and shareholder acknowledgement of
positive adjustments made to the remuneration policy following engagement last year, as well as the recommendation by well-known proxy houses to vote in favour of
these resolutions. The Group will continue its efforts to engage with shareholders to understand more fully the remaining concerns around the remuneration policy. The
Group stands by its remuneration philosophy of “partnership” and the intention is, and will always be, to apply this philosophy and policy consistently and appropriately.

Durban
30 August 2018

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
 

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