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MR PRICE GROUP LIMITED - Results of the 86th annual general meeting

Release Date: 29/08/2019 07:05
Code(s): MRP     PDF:  
 
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Results of the 86th annual general meeting

Mr Price Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004418/06)
ISIN: ZAE000200457
JSE and A2X Code: MRP
("Mr Price Group" or "the Group")

RESULTS OF THE 86th ANNUAL GENERAL MEETING

Shareholders are advised that at the Mr Price Group Annual General Meeting ("AGM") held yesterday, Wednesday, 28 August 2019, all the ordinary and special
resolutions as set out in the notice of AGM dated 11 June 2019 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 77.60% of the Group's issued share capital* as at Friday 23 August 2019, being
the voting record date. The voting results were as follows:

Resolutions                                     Votes cast as a combined    Votes cast as a % of the                           Shares voted as     Shares abstained
                                                % of the total number of    number of shares voted at     Number of            a % of issued       as a % of issued
                                                shares voted (Ordinary      the meeting                   shares voted         share capital*      share capital*
                                                shares and B ordinary       Ordinary shares ("Ord")                            Ordinary shares     Ordinary shares
                                                shares) at the meeting      B ordinary shares ("B                              ("Ord")             ("Ord")
                                                                            Ord")                                              B ordinary          B ordinary shares
                                                For        Against          For             Against                            shares ("B Ord")    ("B Ord")

Ordinary resolution 1 - Adoption of the         99.87      0.13             99.84 Ord       0.16 Ord      195 278 531 Ord      75. 97 Ord          0.95 Ord
annual financial statements                                                 100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
Ordinary resolutions 2.1 to 2.3 - Re-
election of directors retiring by rotation
2.1 Stewart Cohen                               97.69      2.31             96.57 Ord       3.43 Ord      195 589 162 Ord      76.09 Ord           0.82 Ord
                                                                            100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
2.2 Keith Getz                                  91.46      8.54             87.30 Ord       12.70 Ord     196 432 892 Ord      76.42 Ord           0.50 Ord
                                                                            100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
2.3 Mark Bowman                                 94.03      5.97             91.15 Ord       8.85 Ord      196 432 892 Ord      76.42 Ord           0.50 Ord
                                                                            100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
Ordinary resolution 3 - Confirmation of         99.91      0.09             99.87 Ord       0.13 Ord      196 432 852 Ord      76.42 Ord           0.50 Ord
appointment of Mmaboshadi Chauke as                                         100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
non-executive director
Ordinary resolution 4 - Confirmation of         98.66      1.34             98.01 Ord       1.99 Ord      196 432 892 Ord      76.42 Ord           0.50 Ord
appointment of Mark Stirton as executive                                    100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
director
Ordinary resolution 5 - Re-election of          83.29      16.71            75.23 Ord       24.77 Ord     196 432 772 Ord      76.42 Ord           0.50 Ord
independent auditor                                                         100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
Ordinary resolutions 6.1 to 6.4 - Election
of members of the audit and compliance
committee
6.1 Bobby Johnston                              76.25      23.75            64.80 Ord       35.20 Ord     196 432 892 Ord      76.42 Ord           0.50 Ord
                                                                            100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
6.2 Daisy Naidoo                                99.27      0.73             98.92 Ord       1.08 Ord      196 432 892 Ord      76.42 Ord           0.50 Ord
                                                                            100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
6.3 Mark Bowman                                 99.26      0.74             98.90 Ord       1.10 Ord      196 432 892 Ord      76.42 Ord           0.50 Ord
                                                                            100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
6.4 Mmaboshadi Chauke                           99.37      0.63             99.06 Ord       0.94 Ord      196 432 852 Ord      76.42 Ord           0.50 Ord
                                                                            100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
Ordinary resolution 7 - Non-binding             66.04      33.96            49.66 Ord       50.34 Ord     196 423 698 Ord      76.42 Ord           0.50 Ord
advisory vote on the remuneration policy**                                  100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
(see commentary below)
Ordinary resolution 8 - Non-binding             61.29      38.71            42.28 Ord       57.72 Ord     192 929 183 Ord      75.06 Ord           1.86 Ord
advisory vote on the remuneration                                           100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
implementation report**
(see commentary below)
Ordinary resolution 9 - Adoption of the         99.98      0.02             99.98 Ord       0.02 Ord      195 269 284 Ord      75.97 Ord           0.95 Ord
SETS committee report                                                       100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
Ordinary resolution 10 - Signature of           99.98      0.02             99.98 Ord       0.02 Ord      196 428 075 Ord      76.42 Ord           0.50 Ord
documents                                                                   100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
Ordinary resolution 11- Control of              95.13      4.87             92.78 Ord       7.22 Ord      196 430 125 Ord      76.42 Ord           0.50 Ord
authorised but unissued shares                                              100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
Special resolutions 1.1 to 1.12 - Non-
executive director remuneration:
1.1 Independent non-executive chair of          99.75      0.25             99.64 Ord       0.36 Ord      196 432 536 Ord      76.42 Ord           0.50 Ord
the board - R 1 573 638                                                     100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
1.2 Honorary chair of the board - R786          98.55      1.45             97.84 Ord       2.16 Ord      196 243 044 Ord      76.35 Ord           0.57 Ord
819                                                                         100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
1.3 Lead independent director of the            99.89      0.11             99.84 Ord       0.16 Ord      196 432 203 Ord      76.42 Ord           0.50 Ord
board - R465 888                                                            100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
1.4 Non-executive directors - R390 297          99.89      0.11             99.84 Ord       0.16 Ord      196 432 203 Ord      76.42 Ord           0.50 Ord
                                                                            100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
1.5 Audit and compliance committee chair        99.90      0.10             99.85 Ord       0.15 Ord      196 432 203 Ord      76.42 Ord           0.50 Ord
- R270 350                                                                  100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
1.6 Audit and compliance committee              99.91      0.09             99.87 Ord       0.13 Ord      196 432 203 Ord      76.42 Ord           0.50 Ord
members - R144 166                                                          100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
1.7 Remuneration and nominations                99.90      0.10             99.85 Ord       0.15 Ord      196 432 203 Ord      76.42 Ord           0.50 Ord
committee chair - R198 947                                                  100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
1.8 Remuneration and nominations                99.91      0.09             99.87 Ord       0.13 Ord      196 432 203 Ord      76.42 Ord           0.50 Ord
committee members - R103 891                                                100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
1.9 SETS committee chair - R158 567             99.90      0.10             99.85 Ord       0.15 Ord      196 432 203 Ord      76.42 Ord           0.50 Ord
                                                                            100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
1.10 SETS committee members -                   99.91      0.09             99.87 Ord       0.13 Ord      196 432 853 Ord      76.42 Ord           0.50 Ord
R 100 700                                                                   100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
1.11 Risk and IT committee members - R          99.91      0.09             99.87 Ord       0.13 Ord      196 432 203 Ord      76.42 Ord           0.50 Ord
125 862                                                                     100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
1.12 Risk and IT committee member - IT          99.91      0.09             99.87 Ord       0.13 Ord      196 432 203 Ord      76.42 Ord           0.50 Ord
specialist - R 284 112                                                      100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
Special resolution 2 - General authority to     99.39      0.61             99.08 Ord       0.92 Ord      191 109 465 Ord      74.35 Ord           0.50 Ord
repurchase shares                                                           100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord
Special resolution 3 - Financial assistance     98.08      1.92             97.16 Ord       2.84 Ord      196 433 180 Ord      76.42 Ord           0.50 Ord
to related or inter-related companies                                       100.00 B Ord    0.00 B Ord    7 895 034 B Ord      100.00 B Ord        0.00 B Ord

* The total issued share capital as at the voting record date was 257,045,727 ordinary shares and 7,895,234 B-ordinary shares

** Ahead of the AGM the Group sent communication to its 20 largest shareholders representing approximately 49.9% of its issued ordinary shares for purposes of
engaging generally on the resolutions proposed at the AGM and particularly on the Group's remuneration policy and remuneration implementation report. Through this
process, senior management, the chair of the Remuneration and Nominations Committee and the Group Head of Investor Relations actively engaged with 14 of these 20
shareholders. Mr Price Group is disappointed at the overall result of the voting on these resolutions, particularly given the positive results of the remuneration resolutions at
the 2018 AGM and the policy and implementation adjustments that have been made over the course of the 2019 financial year.

The Group strives to apply its remuneration philosophy of "partnership" consistently and appropriately and 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 Head of Investor Relations, Matthew Warriner (mwarriner@mrpg.com), by 30 September 2019. Thereafter the date and
time of requested engagements will be scheduled with shareholders individually.

Durban
29 August 2019

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 29/08/2019 07:05:00
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