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A E C I LIMITED - Report on proceedings at the annual general meeting

Release Date: 29/05/2019 14:00
Code(s): AFE AFEP AECI01 AECI02 AECI03 AECI04     PDF:  
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Report on proceedings at the annual general meeting

AECI LIMITED
Incorporated in the Republic of South Africa
(Registration Number 1924/002590/06)
Share code AFE ISIN ZAE000000220
Hybrid code AFEP ISIN ZAE000000238
Bond company code AECI
("AECI" or "the Company")

Report on proceedings at the annual general meeting

At the 95th annual general meeting ("AGM" or "the meeting") of the shareholders of AECI held today, 29 May 2019, all the ordinary and special
resolutions proposed at the meeting were approved by the requisite majority of votes. In this regard, the Company confirms the voting statistics from
the AGM as follows:
                                                                               

Resolutions                                        Votes cast disclosed as a         Number of               Shares voted disclosed      Shares abstained
                                                   percentage in relation to the     shares voted            as a percentage in          disclosed as a
                                                   total number of shares voted at                           relation to the total       percentage in relation
                                                   the meeting                                               issued share capital*       to the total issued
                                                                                                                                         share capital*
                                                                                       Ordinary shares ("Ord")
                                                                                     B ordinary shares ("B Ord")
                                                               
                                                   For               Against

Ordinary resolution No. 1: Adoption of annual        100,00%   Ord     0,00%   Ord     87 224 356   Ord          71,60%   Ord              0,52%   Ord
financial statements                               100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Ordinary resolution No. 2: Reappointment of           92,91%   Ord     7,09%   Ord     87 514 204   Ord          71,83%   Ord              0,28%   Ord
independent auditor                                100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Ordinary resolution No. 3.1: Re-election of           98,11%   Ord     1,89%   Ord     87 843 095   Ord          72,10%   Ord              0,01%   Ord
Non-executive Director - Mr G Gomwe                100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Ordinary resolution No. 3.2: Re-election of           97,62%   Ord     2,38%   Ord     87 843 095   Ord          72,10%   Ord              0,01%   Ord
Non-executive Director - Mr AJ Morgan              100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Ordinary resolution No. 3.3: Re-election of           98,13%   Ord     1,87%   Ord     87 843 095   Ord          72,10%   Ord              0,01%   Ord
Non-executive Director - Ms PG Sibiya              100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Ordinary resolution No. 4: Appointment of a          100,00%   Ord     0,00%   Ord     87 843 095   Ord          72,10%   Ord              0,01%   Ord
Non-executive Director                             100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Ordinary resolution No. 5: Re-election of an          99,09%   Ord     0,91%   Ord     87 843 095   Ord          72,10%   Ord              0,01%   Ord
Executive Director                                 100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Ordinary resolution No. 6.1: Election of Audit        97,58%   Ord     2,42%   Ord     87 514 204   Ord          71,83%   Ord              0,28%   Ord
Committee member - Mr G Gomwe                      100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Ordinary resolution No. 6.2: Election of Audit        96,34%   Ord     3,66%   Ord     87 843 095   Ord          72,10%   Ord              0,01%   Ord
Committee member - Mr AJ Morgan                    100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Ordinary resolution No. 6.3: Election of Audit        97,59%   Ord     2,41%   Ord     87 843 095   Ord          72,10%   Ord              0,01%   Ord
Committee member - Ms PG Sibiya                    100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Ordinary resolution No. 7.1: Remuneration             97,66%   Ord     2,34%   Ord     87 840 963   Ord          72,10%   Ord              0,01%   Ord
Policy                                             100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Ordinary resolution No. 7.2: Implementation           98,91%   Ord     1,09%   Ord     87 840 963   Ord          72,10%   Ord              0,01%   Ord
of Remuneration Policy                             100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord                                                                         
Ordinary resolution No. 8: Amendment of the           99,10%   Ord     0,90%   Ord     87 843 095   Ord          72,10%   Ord              0,01%   Ord
Company’s LTI Plan                                 100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Special resolution No. 1.1: Directors’ fees and       99,24%   Ord     0,76%   Ord     87 842 823   Ord          72,10%   Ord              0,01%   Ord
remuneration - Board: Chairman                     100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Special resolution No. 1.2: Directors’ fees -         99,24%   Ord     0,76%   Ord     87 842 823   Ord          72,10%   Ord              0,01%   Ord
Board: Non-executive Directors                     100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Special resolution No. 1.3: Directors’ fees -         99,24%   Ord     0,76%   Ord     87 842 823   Ord          72,10%   Ord              0,01%   Ord
Audit Committee: Chairman                          100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Special resolution No. 1.4: Directors’ fees -         99,24%   Ord     0,76%   Ord     87 842 823   Ord          72,10%   Ord              0,01%   Ord
Audit Committee: members                           100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Special resolution No. 1.5: Directors’ fees -         99,24%   Ord     0,76%   Ord     87 842 823   Ord          72,10%   Ord              0,01%   Ord
Other Board Committees: Chairman                   100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Special resolution No. 1.6: Directors’ fees -         99,24%   Ord     0,76%   Ord     87 842 823   Ord          72,10%   Ord              0,01%   Ord
Other Board Committees: members                    100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Special resolution No. 1.7: Directors’ fees -         99,44%   Ord     0,56%   Ord     87 842 823   Ord          72,10%   Ord              0,01%   Ord
Meeting attendance fee                             100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord
Special resolution No. 2: General authority to        99,62%   Ord     0,38%   Ord     87 838 508   Ord          72,10%   Ord              0,01%   Ord
repurchase shares                                  100,00% B   Ord   0,00% B   Ord   10,117,951 B   Ord       100,00% B   Ord            0,00% B   Ord
Special resolution No. 3: Financial assistance        99,73%   Ord     0,27%   Ord     87 842 973   Ord          72,10%   Ord              0,01%   Ord
to related or inter-related company                100,00% B   Ord   0,00% B   Ord   10 117 951 B   Ord       100,00% B   Ord            0,00% B   Ord

*The issued ordinary share capital is 121 829 083 listed ordinary shares and 10 117 951 unlisted redeemable convertible B ordinary shares.

The special resolutions will, where necessary, be lodged for registration with the Companies and Intellectual Property Commission in due course.

Woodmead, Sandton
29 May 2019

Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

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