HUDACO INDUSTRIES LIMITED - Results of annual general meeting

Results of annual general meeting

HUDACO INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
Registration Number 1985/004617/06
Share Code: HDC ISIN: ZAE000003273
("Hudaco" or "the company")

Results of annual general meeting

Hudaco shareholders are advised that the voting results for the annual general meeting (the "AGM") held at
the registered offices of the Company on Wednesday, 27 March 2024 are set out below. Based on the voting
results, all resolutions were passed by the requisite majority of Hudaco shareholders present in person or
represented by proxy at the AGM.

 Resolution                            Number of     Percentage       For**     Against**     Abstained*
                                    shares voted    of voteable           %             %              %
                                                      shares in
                                                         issue*
                                                              %

 Ordinary Resolution Number 1.1:      19 358 943          68.19       99.99          0.01           0.50
 To re-elect directors retiring by
 rotation: MR Thompson

 Ordinary Resolution Number 1.2:      19 358 943          68.19      100.00          0.00           0.50
 To re-elect directors retiring by
 rotation: N Mandindi

 Ordinary Resolution Number 1.3:      19 358 943          68.19      100.00          0.00           0.50
 To re-elect directors retiring by
 rotation: GR Dunford

 Ordinary Resolution Number 2:        19 358 943          68.19       99.86          0.14           0.50
 To elect B Bulo as an independent
 non-executive director, who was
 appointed since the previous AGM

 Ordinary Resolution Number 3:        19 358 943          68.19       97.89          2.11           0.50
 To elect EJ Smith as an executive
 director, who was appointed since
 the previous AGM

 Ordinary Resolution Number 4:        19 358 943          68.19       98.91          1.09           0.50
 To approve the re-appointment of
 external auditors

 Ordinary Resolution Number 5.1:      19 358 943          68.19       99.86          0.14           0.50
 Appointment of the members of
 the audit and risk management
 committee: B Bulo

 Ordinary Resolution Number 5.2:      19 358 943          68.19       98.91          1.09           0.50
 Appointment of the members of
 the audit and risk management
 Committee: N Mandindi

 Ordinary Resolution Number 5.3:      19 358 943          68.19      100.00          0.00           0.50
 Appointment of the members of
 the audit and risk management
 Committee: MR Thompson

 Special Resolution Number 1:         19 358 943          68.19       98.62          1.38           0.50
 Approval of non-executive
 directors' remuneration

 Non-binding Resolution Number 1:     19 358 943          68.19       78.52         21.48           0.50
 Approval of Hudaco's
 remuneration policy

 Non-binding Resolution Number 2:     19 358 943          68.19       78.71         21.29           0.50
 Approval of Hudaco's
 remuneration implementation
 report

 Special Resolution Number 2:         19 358 943          68.19      100.00          0.00           0.50
 Authorising the provision of
 financial assistance to subsidiaries

 Special Resolution Number 3:         19 358 943          68.19      100.00          0.00           0.50
 General authority to repurchase
 shares up to 1 544 799 of the
 ordinary shares (5% of shares in
 issue)

 Ordinary Resolution Number 6:        19 358 943          68.19       85.35         14.65           0.50
 General authority to directors to
 allot and issue up to 1 544 799
 authorised but unissued ordinary
 shares (5% of shares in issue)

 Ordinary Resolution Number 7:        19 358 943          68.19      100.00          0.00           0.50
 Signature of documents

*     Based on 28 388 152 voteable shares (being 30 895 980 shares in issue as at the date of the AGM, minus
      2 507 828 treasury shares held by a subsidiary of Hudaco).
**    As a percentage of shares voted at AGM.

Comments by the CEO on 2024 first quarter trading

During the meeting, Graham Dunford, chief executive of Hudaco, made the following comments on trading
for the first quarter:

       "Hudaco's first quarter includes the holiday months of December and January. Therefore, it is not a
       reliable indicator of how H1 trading will unfold. Thus far, our engineering consumables businesses have
       continued their strong performance from last year, while our consumer-related products businesses
       remain under pressure due to weak consumer spending in the current economic climate. The
       overstocked position in our alternative energy businesses, which we highlighted previously, has not
       shown any meaningful correction. Market oversupply has resulted in significant pressure on price
       recovery in these businesses, which in perspective, contributed 5% of group turnover in 2023."


Johannesburg
27 March 2024

Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 27-03-2024 03:45:00
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