HUDACO INDUSTRIES LIMITED - Results of annual general meeting

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 19 March 2019 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        For**     Against**    Abstained*
                                      shares voted    of votable          %              %             %
                                                       shares in
                                                          issue*
                                                              %
  Ordinary Resolution Number 1.1       24 746 623         78.20        98.69          1.31           0.07
  To re-elect directors retiring by
  rotation: GR Dunford
  Ordinary Resolution Number 1.2       24 625 712         77.82        98.43          1.57           0.46
  To re-elect directors retiring by
  rotation: D Naidoo
  Ordinary Resolution Number 2:        24 625 712         77.82        98.19          1.81           0.46
  To elect LFJ Meiring appointed
  since previous AGM
  Ordinary Resolution Number 3:        24 746 623         78.20        84.86         15.14           0.07
  To approve the re-appointment
  of external auditors
  Ordinary Resolution Number 4.1:      24 625 712         77.82        99.67          0.33           0.46
  Appointment of the members of
  the audit and risk management
  committee: D Naidoo
  Ordinary Resolution Number 4.2:      24 625 712         77.82        98.62          1.38           0.46
  Appointment of the members of
  the audit and risk management
  Committee: N Mandindi
  Ordinary Resolution Number 4.3:      24 625 712         77.82        99.42          0.58           0.46
  Appointment of the members of
  the audit and risk management
  Committee: MR Thompson
  Special Resolution Number 1:         24 738 872         78.17        99.57          0.43           0.10
  Approval of non-executive
  directors’ remuneration
  Ordinary Resolution Number 5:        24 746 623         78.20          100             0           0.07
  Approval of amendments to The
  Hudaco Industries Limited Share
  Appreciation Plan
  Non-binding Resolution Number        24 685 066         78.00        85.41         14.59           0.27
  1: Approval of Hudaco’s
  remuneration policy
  Non-binding Resolution Number        24 685 066         78.00        85.61         14.39           0.27
  2: Approval of Hudaco’s
  remuneration implementation
  report
  Special Resolution Number 2:         24 746 623         78.20        96.08          3.92           0.07
  Authorising the provision of
  financial assistance to
  subsidiaries
  Special Resolution Number 3:         24 746 623         78.20        99.23          0.77           0.07
  General authority to repurchase
  shares up to 1 582 285 (5%) of
  the shares in issue
  Ordinary Resolution Number 6:        24 746 623         78.20        89.32         10.68           0.07
  General authority to directors to
  allot and issue authorised but
  unissued ordinary shares – up to
  1 582 285 (5%) shares in issue
  Ordinary Resolution Number 7:        24 746 623         78.20          100             0           0.07
  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 2019 first quarter trading

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

“Hudaco’s first quarter includes the very quiet months of December and January so it is still too soon for a
meaningful statement on trading. What we have seen thus far is that turnover overall has shown some growth
despite the effect of load-shedding and the looming elections. The pressure on margins experienced in the last
quarter of 2018, caused primarily by the volatility in the exchange rate, is still working its way out of the system.”


Johannesburg
19 March 2019

Sponsor
Nedbank Corporate and Investment Banking

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