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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
LEI: 3789008641F1D3D90E85
(“AECI” or “the Company”)
REPORT ON PROCEEDINGS AT THE ANNUAL GENERAL MEETING
At the 96th annual general meeting (“AGM” or “the meeting”) of the shareholders of AECI held today, 26 May 2020, 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:
Votes cast disclosed as a Number of Shares voted Shares abstained
percentage in relation to the total shares voted disclosed as a disclosed as a
number of shares percentage in percentage in relation
voted at the meeting relation to the total to the total issued
issued share share capital*
capital*
Ordinary shares (“Ord”)
B ordinary shares (“B Ord”)
For Against
Resolutions
Ordinary resolution No. 1: Adoption of annual financial 100,00 Ord 0,00 Ord 94 218 962 Ord 77,34 Ord 0,32 Ord
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 96,36 Ord 3,64 Ord 94 591 012 Ord 77,64 Ord 0,01 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 Non- 93,90 Ord 6,10 Ord 94 590 512 Ord 77,64 Ord 0,01 Ord
executive Director - Dr KDK Mokhele 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 Non- 99,96 Ord 0,04 Ord 94 590 512 Ord 77,64 Ord 0,01Ord
executive Director - Adv R Ramashia 100,00 B Ord 0,00 B Ord 10 117 951 B Ord 100,00 B Ord 0,00 B Ord
Ordinary resolution No. 4.1: Re-election of Non- 99,96 Ord 0,04 Ord 94 590 512 Ord 77,64 Ord 0,01 Ord
executive Director - Mr SA Dawson 100,00 B Ord 0,00 B Ord 10 117 951 B Ord 100,00 B Ord 0,00 B Ord
Ordinary resolution No. 4.2: Re-election of Non- 100,00 Ord 0,00 Ord 94 590 512 Ord 77,64 Ord 0,01 Ord
executive Director - Ms FFT De Buck 100,00 B Ord 0,00 B Ord 10 117 951 B Ord 100,00 B Ord 0,00 B Ord
Ordinary resolution No. 4.3: Re-election of Non- 99,96 Ord 0,04 Ord 94 590 512 Ord 77,64 Ord 0,01 Ord
executive Director - Mr WH Dissinger 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 Executive 99,79 Ord 0,21 Ord 94 590 512 Ord 77,64 Ord 0,01 Ord
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 Committee 100,00 Ord 0,00 Ord 94 590 512 Ord 77,64 Ord 0,01 Ord
member - Ms FFT De Buck 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 Committee 100,00 Ord 0,00 Ord 94 590 512 Ord 77,64 Ord 0,01 Ord
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. 6.3: Election of Audit Committee 100,00 Ord 0,00 Ord 94 590 512 Ord 77,64 Ord 0,01 Ord
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 Policy 98,09 Ord 1,91 Ord 83 621 009 Ord 68,64 Ord 9,02 Ord
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 of 99,54 Ord 0,46 Ord 83 621 009 Ord 68,64 Ord 9,02 Ord
Remuneration Policy 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 97,07 Ord 2,93 Ord 94 590 362 Ord 77,64 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 - Board: Non- 99,92 Ord 0,08 Ord 94 590 362 Ord 77,64 Ord 0,01 Ord
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 - Audit 99,93 Ord 0,07 Ord 94 590 362 Ord 77,64 Ord 0,01 Ord
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 - Audit 99,93 Ord 0,07 Ord 94 590 362 Ord 77,64 Ord 0,01 Ord
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 - Other Board 99,93 Ord 0,07 Ord 94 590 362 Ord 77,64 Ord 0,01 Ord
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 - Other Board 99,93 Ord 0,07 Ord 94 590 362 Ord 77,64 Ord 0,01 Ord
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 - Meeting 99,92 Ord 0,08 Ord 94 590 362 Ord 77,64 Ord 0,01 Ord
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 repurchase 99,76 Ord 0,24 Ord 94 587 494 Ord 77,64 Ord 0,01 Ord
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 to related 100,00 Ord 0,00 Ord 94 590 512 Ord 77,64 Ord 0,01 Ord
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
Special resolution No. 4: Acquisition by the Company of 100,00 Ord 0,00 Ord 92 882 032 Ord 76,24 Ord 1,41 Ord
Treasury 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. 5: Decrease in the number of 100,00 Ord 0,00 Ord 92 883 532 Ord 76,24 Ord 1,41 Ord
securities and reduction in share capital ** 100,00 B Ord 0,00 B Ord 10 117 951 B Ord 100,00 B Ord 0,00 B Ord
0,00 Pref 0,00 Pref 0 Pref 0,00 Pref 5,33 Pref
Special resolution No. 6: Revocations of Special 100,00 Ord 0,00 Ord 92 882 032 Ord 76,24 Ord 1,41 Ord
Resolution number 4 if the Proposed Distribution lapses 100,00 B Ord 0,00 B Ord 10 117 951 B Ord 100,00 B Ord 0,00 B Ord
or is terminated or revoked
Ordinary resolution No. 8: General authority 99,97 Ord 0,03 Ord 92 881 882 Ord 76,24 Ord 1,41 Ord
100,00 B Ord 0,00 B Ord 10 117 951 B Ord 100,00 B Ord 0,00 B Ord
Ordinary resolution No. 9: Ratification of Directors’ 98,03 Ord 1,97 Ord 92 881 882 Ord 76,24 Ord 1,41 Ord
interests 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, 10 117 951 unlisted redeemable convertible B ordinary shares and 3 000 000 listed
cumulative preference shares.
** Holders of 5,5% cumulative preference shares (“Pref”) were eligible to vote on this special resolution.
The special resolutions will, where necessary, be lodged for registration with the Companies and Intellectual Property Commission in due course.
Woodmead, Sandton
26 May 2020
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 26-05-2020 02:45:00
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