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Results of the 90th Annual General Meeting and Resignation of Independent Non-Executive Director
Mr Price Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004418/06)
ISIN: ZAE000200457
LEI number: 378900D3417C35C5D733
JSE and A2X Share Code: MRP
("Mr Price Group" or "the Group")
RESULTS OF THE 90th ANNUAL GENERAL MEETING AND RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND AUDIT AND COMPLIANCE
COMMITTEE MEMBER
RESULTS OF THE 90th ANNUAL GENERAL MEETING
Shareholders are advised that, at the Mr Price Group Annual General Meeting (“AGM”) held yesterday, Wednesday, 30 August 2023, ordinary resolutions 1 – 13 and
special resolutions 1 - 3 as set out in the notice of AGM dated 30 June 2023 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 66.90% of the Group’s issued share capital* as at Friday 25 August 2023, being
the AGM voting record date. The voting results were as follows:
Votes cast as a Votes cast as a % of the Shares voted as a Shares abstained
combined % of number of shares voted at Number of % of issued share as a % of issued
the total number the meeting shares voted capital* share capital*
of shares voted Ordinary shares (“Ord”) Ordinary shares Ordinary shares
(Ordinary shares B ordinary shares (“B Ord”) (“Ord”) (“Ord”)
Resolutions and B ordinary B ordinary shares B ordinary shares
shares) at the (“B Ord”) (“B Ord”)
meeting
For Against For Against
Ordinary resolution 1 - Adoption of the annual 99.38 0.62 99.08 Ord 0.92 Ord 168,762,075 Ord 65.72 Ord 0.31 Ord
financial statements 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolutions 2.1 and 2.2 - Re-election of
directors retiring by rotation
2.1 Nigel Payne 86.49 13.51 79.97 Ord 20.03 Ord 168,871,197 Ord 65.76 Ord 0.26 Ord
100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
2.2 Jane Canny 99.96 0.04 99.94 Ord 0.06 Ord 168,872,597 Ord 65.76 Ord 0.26 Ord
100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 3 – confirmation of 99.97 0.03 99.95 Ord 0.05 Ord 168,871,177 Ord 65.76 Ord 0.26 Ord
appointment of non-executive director: Richard 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
Inskip
Ordinary resolution 4 – confirmation of 99.96 0.04 99.95 Ord 0.05 Ord 168,872,577 Ord 65.76 Ord 0.26 Ord
appointment of non-executive director: Harish 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
Ramsumer
Ordinary resolution 5 – confirmation of 99.39 0.61 99.09 Ord 0.91 Ord 168,871,177 Ord 65.76 Ord 0.26 Ord
appointment of non-executive director Neill 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
Abrams
Ordinary resolution 6 - Election of independent 98.87 1.13 98.32 Ord 1.68 Ord 168,873,022 Ord 65.76 Ord 0.26 Ord
auditor 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolutions 7.1 to 7.4 - Election of
members of the audit and compliance committee
7.1 Daisy Naidoo 95.13 4.87 92.77 Ord 7.23 Ord 168,872,597 Ord 65.76 Ord 0.26 Ord
100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
7.2 Mark Bowman 99.30 0.70 98.86 Ord 1.04 Ord 168,871,197 Ord 65.76 Ord 0.26 Ord
100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
7.3 Mmaboshadi Chauke 98.77 1.23 98.18 Ord 1.82 Ord 168,874,047 Ord 65.76 Ord 0.26 Ord
100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
7.4 Harish Ramsumer 100.00 0.00 99.99 Ord 0.01 Ord 168,872,597 Ord 65.76 Ord 0.26 Ord
100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 8 - Non-binding advisory vote 79.29 20.71 69.29 Ord 30.71 Ord 168,858,306 Ord 65.76 Ord 0.27 Ord
on the remuneration policy** (see commentary 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
below)
Ordinary resolution 9 - Non-binding advisory vote 73.64 26.36 60.92 Ord 39.08 Ord 168,872,982 Ord 65.76 Ord 0.26 Ord
on the remuneration implementation report** 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
(see commentary below)
Ordinary resolution 10 - Adoption of the SETS 100.00 0.00 99.99 Ord 0.01 Ord 168,759,649 Ord 65.72 Ord 0.31 Ord
committee report 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 11 - Signature of documents 100.00 0.00 99.99 Ord 0.01 Ord 168,871,622 Ord 65.76 Ord 0.26 Ord
100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 12 – General but restricted 92.80 7.20 89.19 Ord 10.81 Ord 162,483,113 Ord 64.89 Ord 0.27 Ord
authority to issue shares for cash 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 13 - Control of unissued 93.67 6.33 90.62 Ord 9.38 Ord 168,873,497 Ord 65.76 Ord 0.26 Ord
shares (excluding issues for cash) 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
Special resolutions 1.1 to 1.11 - Non-executive
director remuneration:
1.1 Independent non-executive chair of the 97.87 2.13 96.84 Ord 3.16 Ord 168,867,492 Ord 65.76 Ord 0.26 Ord
board – R 1 969 813 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
1.2 Honorary chair of the board – R 958 759 97.83 2.17 96.78 Ord 3.22 Ord 168,867,673 Ord 65.76 Ord 0.26 Ord
100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
1.3 Lead independent director of the board – 98.57 1.43 97.88 Ord 2.12 Ord 168,872,842 Ord 65.76 Ord 0.26 Ord
R 665 754 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
1.4 Non-executive directors – R 453 969 97.83 2.17 96.78 Ord 3.22 Ord 168,867,673 Ord 65.76 Ord 0.26 Ord
100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
1.5 Audit and compliance committee chair – 99.87 0.13 99.81 Ord 0.19 Ord 168,872,820 Ord 65.76 Ord 0.26 Ord
R 368 846 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
1.6 Audit and compliance committee members 99.87 0.13 99.81 Ord 0.19 Ord 168,872,820 Ord 65.76 Ord 0.26 Ord
– R 180 567 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
1.7 Remuneration and nominations committee 99.87 0.13 99.81 Ord 0.19 Ord 168,872,820 Ord 65.76 Ord 0.26 Ord
chair – R 240 218 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
1.8 Remuneration and nominations committee 99.87 0.13 99.81 Ord 0.19 Ord 168,872,820 Ord 65.76 Ord 0.26 Ord
members – R 119 689 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
1.9 SETS committee chair – R 198 488 99.87 0.13 99.81 Ord 0.19 Ord 168,874,270 Ord 65.76 Ord 0.26 Ord
100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
1.10 SETS committee members – 99.87 0.13 99.81 Ord 0.19 Ord 168,873,470 Ord 65.76 Ord 0.26 Ord
R 116 012 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
1.11 Risk and IT committee members - 99.87 0.13 99.81 Ord 0.19 Ord 168,873,820 Ord 65.76 Ord 0.26 Ord
R 145 000 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
Special resolution 2 – General authority to 98.25 1.75 97.37 Ord 2.63 Ord 162,482,462 Ord 64.89 Ord 0.27 Ord
repurchase shares 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
Special resolution 3 - Financial assistance to 98.46 1.54 97.72 Ord 2.28 Ord 168,872,937 Ord 65.76 Ord 0.26 Ord
related or inter-related companies 100.00 B Ord 0.00 B Ord 6,792,586 B Ord 100.00 B Ord 0.00 B Ord
* The total issued share capital as at the AGM voting record date was 256,791,496 ordinary shares and 6,792,786 B-ordinary shares
** Ahead of the AGM, the Group sent communication to the Group’s top 25 shareholders representing approximately 59.7% of its issued ordinary shares for purposes of
engaging generally on the resolutions proposed at the AGM. Through this process, the Group actively engaged with 16 of these shareholders and is encouraged by the
number of shareholders who either requested meetings or written responses to their questions. The continued support for the remuneration policy indicates a favourable
shareholder view of the Group’s general remuneration philosophy. Mr Price is appreciative of the acknowledgement by shareholders of the disclosure in the remuneration
implementation report and the application of the remuneration policy for the 2023 financial period, with support for remuneration implementation materially improving by
~22% from 51.91% last year to 73.64% this year.
The Group strives to apply its remuneration philosophy of “partnership” consistently and appropriately and the Group will continue its efforts to engage with shareholders to
understand more fully the concerns around the remuneration policy and implementation thereof. Accordingly, shareholders are invited to advise the Group of their reasons
for their dissenting votes on the remuneration policy and/or the implementation thereof, and whether they wish to engage with the Group on these issues. Correspondence
in this regard should be addressed by email to the Group’s Head of Investor Relations, Matt Warriner (klechman@mrpricegroup.com), by 30 September 2023. Thereafter
the date and time of requested engagements will be scheduled with shareholders individually.
RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND AUDIT AND COMPLIANCE COMMITTEE MEMBER
In compliance with the JSE Limited Listings Requirements, the following information is disclosed:
Mmaboshadi Chauke has resigned from the Group as independent non-executive director and member of the Audit and Compliance committee (the “Committee”) with
effect from 30 September 2023.
Mmaboshadi was appointed to the Board and the Committee in November 2018. The Board and management express sincere thanks to Mmaboshadi for her valued
contribution to the Group, and wish her well with her future endeavors.
Durban
31 August 2023
JSE Equity Sponsor and Corporate Broker
Investec Bank Limited
Date: 31-08-2023 07:05:00
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