PPC LIMITED - Results of Annual General Meeting

Release Date: 30/08/2018 17:45
 
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Results of Annual General Meeting

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number: 1892/000667/06)
ISIN: ZAE000170049
JSE share code: PPC
ZSE share code: PPC
JSE code: PPC002    JSE ISIN: ZAG000111212
JSE code: PPC003    JSE ISIN: ZAG000117524
JSE code: PPC005    JSE ISIN: ZAG000117532
("PPC" or the "Company")

Results of Annual General Meeting (AGM)

PPC advises its shareholders that all the proposed ordinary and special resolutions
contained in the Notice of the AGM (“Notice”) dated 24 July 2018 and tabled at the
Company’s AGM held on Thursday, 30 August 2018 were passed by the requisite
majority of votes cast by shareholders.

Resolutions proposed                     Number of    Shares   Percentage   Percentage   Percentage
                                      shares voted    voted*        For**    Against**   Abstained*
Ordinary Resolution 1: Election of    1 162 403 053   72,96        98,54         1,46        13,95
a director – Election of Mr Johan
Claassen

Ordinary Resolution 2: Election of    1 383 191 036   86,82        95,56         4,44         0,09
a director – Election of Mr Jabu
Moleketi
Ordinary Resolution 3: Election of    1 383 191 036   86,82        98,95         1,05         0,09
a director – Election of Ms
Noluvuyo Mkhondo
Ordinary Resolution 4: Election of    1 383 191 036   86,82        99,40         0,60         0,09
a director – Election of Mr Antony
Ball
Ordinary Resolution 5: Election of    1 383 191 036   86,82        98,69         1,31         0,09
a director – Election of Mr
Ignatius Sehoole
Ordinary Resolution 6: Election of    1 383 191 036   86,82        99,57         0,43         0,09
a director – Election of Advocate
Mojankunyane Gumbi
Ordinary Resolution 7: Election of    1 164 380 757   73,09        96,54         3,46        13,95
a director – Re-election of Mr Todd
Moyo
Ordinary Resolution 8: Election of    1 383 191 036
a director – Appointment of                           86,82        70,52        29,48         0,09
Deloitte & Touche as external
auditor of the company
Ordinary Resolution 9: Election of    1 382 085 785
a director – Authorise directors to                   86,75        99,00         1,00         0,09
fix remuneration of external
auditors
Ordinary Resolution 10: Election of   1 383 191 036   86,82        99,57         0,43         0,09
a director – Appointment to audit
committee – Ms Nonkululeko Gobodo
Ordinary Resolution 11: Election of
a director – Appointment to the       1 383 191 036   86,82        98,68         1,32         0,09
audit committee – Mr Ignatius
Sehoole
Ordinary Resolution 12: Election of   1 383 191 036   86,82        99,95         1.05         0,09
a director – Appointment to audit
committee – Ms Noluvuyo Mkhondo
Ordinary Resolution 13: Election of   1 383 191 036   86,82   83,97   16,03   0,09
a director – Appointment to audit
committee – Mr Charles Naude
Ordinary Resolution 14: Advisory      1 382 641 760   86,79   97,95   2,05    0,09
vote on company’s remuneration
policy
Ordinary Resolution 15: Advisory      1 382 641 760   86,79   69,71   30,29   0,09
vote on company’s remuneration
implementation report
Ordinary Resolution 16: To place      1 382 085 785   86,75   80,33   19,67   0,09
unissued shares under the control
of directors
                                      1 382 635 060   86,79   78,41   21,59   0,09
Ordinary Resolution 17: General
authority to issue shares for cash
Special Resolution 1:   To            1 383 191 036   86,82   98,41   1,59    0,09
authorise the provision of
financial assistance
                                      1 383 191 036   86,82   98,22   1,78    0,09
Special Resolution 2.1: Board –
chairman
                                      1 383 191 036   86,82   98,88   1,12    0,09
Special Resolution 2.2: Board –
each non-executive director
                                      1 383 191 036   86,82   99,04   0,96    0,09
Special Resolution 2.3: Audit
committee – chairman
Special Resolution 2.4: Audit         1 383 191 036   86,82   99,04   0,96    0,09
committee – each non-executive
director
                                      1 383 191 036   86,82   99,05   0,95    0,09
Special Resolution 2.5:
Remuneration committee – chairman
Special Resolution 2.6:               1 383 191 036   86,82   99,04   0,96    0,09
Remuneration committee – each non-
executive director
                                      1 383 190 097   86,82   98,23   1,77    0,09
Special Resolution 2.7: Risk and
compliance committee – chairman
Special Resolution 2.8: Risk and      1 383 190 097   86,82   98,16   1,84    0,09
compliance committee – each non-
executive director
                                      1 383 191 036   86,82   99,11   0,89    0,09
Special Resolution 2.9: Social and
ethics committee – chairman
Special Resolution 2.10: Social and   1 383 191 036   86,82   99,04   0,96    0,09
ethics committee – each non-
executive director
                                      1 383 191 036   86,82   99,11   0,89    0,09
Special Resolution 2.11: Nomination
committee – chairman
Special Resolution 2.12: Nomination   1 383 191 036   86,82   99,04   0,96    0,09
committee – each non-executive
director
                                      1 383 191 036   86,82   99,11   0,89    0,09
Special Resolution 2.13: Investment
committee – chairman
Special Resolution 2.14: Investment   1 383 191 036   86,82   99,04   0,96    0,09
committee – each non-executive
director
                                       1 383 191 036        86,82       98,22   1,78       0,09
Special Resolution 2.15: Special
meetings – chairman
                                       1 383 191 036        86,82       98,23   1,77       0,09
Special Resolution 2.16: Special
meetings – member
                                       1 383 191 036        86,82       98,93   1,07       0,09
Special Resolution 2.17: Lead
independent non-executive director
Special Resolution 3: Repurchase of    1 383 191 036        86,82       99,93   0,07       0,09
own shares or acquisition of the
company’s shares by a subsidiary
* As a percentage to the total number of PPC ordinary shares in issue
** As a percentage to the total number of shares voted

In view of the 69,71% vote by PPC shareholders received in respect of Ordinary
resolution number 15 which breached the 75% vote threshold therefore triggering the
requirement to consult, PPC invites those shareholders who voted against the
remuneration implementation report (“Dissenting Shareholders”) to engage with the
Company as follows:

    1. All    Dissenting   Shareholders    are    requested    to   submit    written
       questions/comments and confirm their participation with the company secretary
       via e-mail at: Jaco.Snyman@ppc.co.za by no later than close of business on
       Thursday, 6 September 2018. Dial-in details for the telephone conference will
       then be provided.
    2. Telephone conference call will be arranged for Monday, 10 September 2018;


CHANGE TO THE BOARD OF DIRECTORS OF PPC (“BOARD”)

In terms of article 25.6.1 of the company’s memorandum of incorporation (MOI), one-
third of the non-executive directors are required to retire at every AGM.
Accordingly the company would like to confirm the retirement of Mr Leaf-Wright, Ms
Dakile-Hlongwane and Ms Goldin at this AGM.

The Board would like to thank abovementioned directors for their                       valuable
contribution to PPC and wishes them well on their future endeavours.

In addition and following the abovementioned retirements, the board also confirm
the following appointments to board committees:

•      The board has decided to combine the Audit and Risk & Compliance committees
       and confirms that, following the adopted AGM resolutions in this regard, the
       following directors will serve on this committee: Mr Sehoole (Chairman); Ms
       Gobodo, Mr Naude and Ms Mkhondo;
•      Advocate Gumbi as member of the Social Ethics and Transformation as well as
       the Remuneration committees; and
•      Ms Mkhondo as member of the Investment committee.


Jaco Snyman
Company Secretary

30 August 2018

Sponsor:
Merrill Lynch South Africa (Pty) Limited

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