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AVENG LIMITED - Results of Annual General Meeting

Release Date: 29/11/2019 14:25
Code(s): AEG     PDF:  
Wrap Text
Results of Annual General Meeting

AVENG LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000111829
SHARE CODE: AEG
("Aveng" or "the Group")

RESULTS OF ANNUAL GENERAL MEETING

Shareholders are advised that at the annual general meeting held today, the requisite majority of
shareholders approved all the ordinary and special resolutions. There were 19,394,498,220
ordinary shares in issue as at the date of the annual general meeting. The total number of shares
present/represented, including proxies, at the meeting was 12,078,833,016.

Disclosed as a percentage of the voteable shares
The voting results of the resolutions were as follows:



          1. Ordinary resolution 1.1: Re-election of director – Mr Eric Diack

                   For                       Against                     Abstain                Shares voted

             11,667,639,456                382,922,086                 28,271,474             12,050,561,542

                 96.82%                       3.18%                      0.15%                    62.13%


          2. Ordinary resolution 1.2: Re-election of director - Mr Sean Flanagan

                   For                       Against                     Abstain                Shares voted


             12,049,844,878                  716,664                   28,271,474             12,050,561,542

                 99.99%                       0.01%                      0.15%                    62.13%


          3. Ordinary resolution 1.3: Re-election of director – Ms May Hermanus

                   For                       Against                     Abstain                Shares voted


             11,272,228,977                778,332,565                 28,271,474             12,050,561,542

                 93.54%                       6.46%                      0.15%                    62.13%


          4. Ordinary Resolution 2.1: Election of audit and risk committee member - Mr Philip Hourquebie

                   For                       Against                     Abstain                Shares voted


             12,045,695,594                 2,279,948                  30,857,474             12,047,975,542

                 99.98%                       0.02%                      0.16%                    62.12%




          5. Ordinary Resolution 2.2: Election of audit and risk committee member – Mr Mike Kilbride
         For                      Against                      Abstain            Shares voted


   11,782,423,858               267,551,684                 28,857,474           12,049,975,542

       97.78%                      2.22%                       0.15%                 62.13%


6. Ordinary resolution 2.3: Election of audit and risk committee member – Ms May Hermanus

         For                      Against                      Abstain            Shares voted


   11,005,123,043              1,044,878,499                28,831,474           12,050,001,542

      91.33%                       8.67%                       0.15%                62.13%


7. Ordinary resolution 3: Reappointment of external auditors

         For                      Against                      Abstain            Shares voted


   9,116,549,411               2,934,600,190                27,683,415           12,051,149,601

      75.65%                      24.35%                       0.14%                62.14%


8. Ordinary resolution 4: Approval of remuneration policy

         For                      Against                      Abstain            Shares voted


   11,230,870,824               814,908,777                 33,053,415           12,045,779,601

      93.23%                       6.77%                       0.17%                62.11%


9. Ordinary resolution 5: Approval of remuneration report

         For                      Against                      Abstain            Shares voted


   8,081,390,308               3,961,785,005                35,657,703           12,043,175,313

      67.10%                      32.90%                       0.18%                62.10%


10. Special resolution 1: General authority to repurchase share

         For                       Against                        Abstain         Shares voted


   12,037,480,414                14,095,187                  27,257,415          12,051,575,601

       99.88%                      0.12%                          0.14%              62.14%
           11. Special resolution 2: Non-executive directors’ remuneration


                     For                      Against                      Abstain                  Shares voted


              11,148,046,499                866,487,152                  64,299,365                12,014,533,651

                  92.79%                       7.21%                         0.33%                    61.95%

           12. Special resolution 3: Financial assistance to related and inter-related companies

                     For                      Against                      Abstain                  Shares voted


              12,035,637,480                  562,659                    42,632,877                12,036,200,139

                  100.00%                      0.00%                         0.22%                    62.06%



           13. Ordinary resolution 6: Signing authority


                     For                      Against                      Abstain                  Shares voted


              12,049,877,960                  657,582                    28,297,474                12,050,535,542

                  99.99%                       0.01%                         0.15%                    62.13%


 ENGAGEMENT WITH DISSENTING SHAREHOLDERS

 Shareholders are further advised, that Ordinary Resolution number 5, relating to the non-binding
 advisory vote on the Company´s remuneration report was approved by less than 75% of
 shareholders present in person or represented by proxy at the AGM. In line with the
 recommendations of the King IV Report on Corporate Governance for South Africa, 2016 and the
 JSE Limited Listings Requirements, Aveng will engage with shareholders who did not vote in
 favour of the resolution (“Dissenting Shareholders”).

 An invitation is therefore extended to shareholders to engage with the Company as follows:

    shareholders are invited to forward their concerns/questions on the remuneration report to the
    company secretary in writing to edinah.mandizha@avenggroup.com by close of business on
    Friday, 17 January 2020; and

    engagements will be arranged thereafter, if appropriate, with individual shareholders to
    discuss their concerns/questions.


Jet Park, Boksburg
29 November 2019

JSE Sponsor
UBS South Africa Proprietary Limited

Enquiries:
Michael Canterbury
Group Executive: Strategy & Investor Relations
Tel: 011 779 2979
Email: michael.canterbury@avenggroup.com

Date: 29-11-2019 02:25:00
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