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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 97th annual general meeting (AGM or the meeting) of the shareholders of AECI held on 25 May 2021, all the ordinary and special resolutions proposed at the meeting were
approved by the requisite majority of votes, except for the non-binding advisory resolution pertaining to the implementation of the Remuneration Policy, which received less than the
required 75% of votes. In this regard, AECI confirms the voting statistics from the AGM as follows:
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 percentage
total number of shares relation to the total in relation to the total
voted at the meeting issued share capital(%)* issued share capital (%)*
Ordinary shares (Ord)
B ordinary shares (B Ord)
For (%) Against (%)
Resolutions
Ordinary resolution No. 1: Reappointment of independent auditor 95,19 Ord 4,81 Ord 97 346 667 Ord 88,54 Ord 0,01 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. 2.1: Re-election of Non-executive Director 100,00 Ord 0,00 Ord 97 346 667 Ord 88,54 Ord 0,01 Ord
– 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. 2.2: Re-election of Non-executive Director 97,83 Ord 2,17 Ord 97 346 667 Ord 88,54 Ord 0,01 Ord
– 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. 2.3: Re-election of Non-executive Director 99,41 Ord 0,59 Ord 97 346 667 Ord 88,54 Ord 0,01 Ord
– 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. 3: Appointment of Ms AM Roets as a Non- 99,77 Ord 0,23 Ord 97 346 667 Ord 88,54 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. 4: Re-election of Mr MA Dytor as an 99,06 Ord 0,94 Ord 97 346 667 Ord 88,54 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. 5.1: Election of Audit Committee member 100,00 Ord 0,00 Ord 97 346 667 Ord 88,54Ord 0,01 Ord
- 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. 5.2: Election of Audit Committee member 99,99 Ord 0,01 Ord 97 346 667 Ord 88,54 Ord 0,01 Ord
- 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. 5.3: Election of Audit Committee member 100,00 Ord 0,00 Ord 97 346 667 Ord 88,54 Ord 0,01 Ord
- Ms AM Roets 100,00 B Ord 0,00 B Ord 10 117 951 B Ord 100,00 B Ord 0,00 B Ord
Ordinary resolution No. 5.4: Election of Audit Committee member 99,83 Ord 0,17 Ord 97 346 667 Ord 88,54 Ord 0,01 Ord
- 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. 6.1: Remuneration Policy 89,30 Ord 10,70 Ord 97 347 167 Ord 88,54 Ord 0,01 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. 6.2: Implementation of Remuneration 67,39 Ord 32,61 Ord 97 347 167 Ord 88,54 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
Special resolution No. 1.1: Directors’ fees and remuneration - 97,27 Ord 2,73 Ord 97 347 167 Ord 88,54 Ord 0,01 Ord
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-executive 100,00 Ord 0,00 Ord 97 347 167 Ord 88,54 Ord 0,01 Ord
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 Committee: 100,00 Ord 0,00 Ord 97 347 167 Ord 88,54 Ord 0,01 Ord
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 Committee: 100,00 Ord 0,00 Ord 97 347 167 Ord 88,54 Ord 0,01 Ord
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 100,00 Ord 0,00 Ord 97 347 167 Ord 88,54 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 100,00 Ord 0,00 Ord 97 347 167 Ord 88,54 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 attendance 100,00 Ord 0,00 Ord 97 347 167 Ord 88,54 Ord 0,01 Ord
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 shares 99,91 Ord 0,09 Ord 97 210 998 Ord 88,42 Ord 0,13 Ord
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 or inter- 100,00 Ord 0,00 Ord 97 347 167 Ord 88,54 Ord 0,01 Ord
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 109 944 384 listed ordinary shares, 10 117 951 unlisted redeemable convertible B ordinary shares and 3 000 000 listed cumulative preference shares.
The special resolutions will, where necessary, be lodged for registration with the Companies and Intellectual Property Commission in due course.
Engagement with shareholders
Shareholders are advised that, consequent to the ordinary resolution relating to the non-binding advisory vote on implementation of the Remuneration Policy being voted against by more
than 25% of shareholders present in person or represented by proxy at the AGM (dissenting shareholders), the Comp any invites dissenting shareholders to engage with it as follows:
- a telephone conference has been arranged for Friday, 25 June 2021 from 10:00 to 11:00 (SA time)
- all dissenting shareholders are requested to confirm their participation to the Group Company Secretary by e-mail at wynand.strydom@aeciworld.com by no later than close of
business on Friday, 18 June 2021. Dial-in details for the telephone conference will then be provided, and
- dissenting shareholders are further invited to forward their concerns/questions on the implementation of the Remuneration Policy to the Group Company Secretary by e-mail at
wynand.strydom@aeciworld.com by no later than close of business on Friday, 18 June 2021.
Woodmead, Sandton
27 May 2021
Equity and Debt Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 27-05-2021 08:20:00
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