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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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