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SENS

REPORT ON PROCEEDINGS AT THE ANNUAL GENERAL MEETING

Tuesday, 26 May 2020

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”)

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
percentage in relation to the total
number of shares
voted at the meeting
  Number of
shares voted
  Shares voted disclosed as a percentage in relation to the total issued share capital*   Shares abstained disclosed as a percentage in relation to the total issued share capital*
    Ordinary shares ("Ord")
B ordinary shares ("B Ord")

Resolutions
For  Against  
Ordinary resolution No. 1: Adoption of annual financial statements 100,00 Ord
100,00 B Ord
0,00 Ord
0,00 B Ord
  94 218 962 Ord
10 117 951 B Ord
  77,34 Ord
100,00 B Ord
  0,32 Ord
0,00 B Ord
Ordinary resolution No. 2: Reappointment of independent auditor 96,36 Ord
100,00 B Ord
3,64 Ord
0,00 B Ord
  94 591 012 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Ordinary resolution No. 3.1: Re-election of Non-executive Director - Dr KDK Mokhele 93,90 Ord
100,00 B Ord
6,10 Ord
0,00 B Ord
  94 590 512 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Ordinary resolution No. 3.2: Re-election of Non-executive Director - Adv R Ramashia 99,96 Ord
100,00 B Ord
0,04 Ord
0,00 B Ord
  94 590 512 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01Ord
0,00 B Ord
Ordinary resolution No. 4.1: Re-election of Non-executive Director - Mr SA Dawson 99,96 Ord
100,00 B Ord
0,04 Ord
0,00 B Ord
  94 590 512 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Ordinary resolution No. 4.2: Re-election of Non-executive Director - Ms FFT De Buck 100,00 Ord
100,00 B Ord
0,00 Ord
0,00 B Ord
  94 590 512 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Ordinary resolution No. 4.3: Re-election of Non-executive Director - Mr WH Dissinger 99,96 Ord
100,00 B Ord
0,04 Ord
0,00 B Ord
  94 590 512 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Ordinary resolution No. 5: Re-election of Executive Director 99,79 Ord
100,00 B Ord
0,21 Ord
0,00 B Ord
  94 590 512 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Ordinary resolution No. 6.1: Election of Audit Committee member - Ms FFT De Buck 100,00 Ord
100,00 B Ord
0,00 Ord
0,00 B Ord
  94 590 512 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Ordinary resolution No. 6.2: Election of Audit Committee member - Mr G Gomwe 100,00 Ord
100,00 B Ord
0,00 Ord
0,00 B Ord
  94 590 512 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Ordinary resolution No. 6.3: Election of Audit Committee member - Ms PG Sibiya 100,00 Ord
100,00 B Ord
0,00 Ord
0,00 B Ord
  94 590 512 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Ordinary resolution No. 7.1:  Remuneration Policy 98,09 Ord
100,00 B Ord
1,91 Ord
0,00 B Ord
  83 621 009 Ord
10 117 951 B Ord
  68,64 Ord
100,00 B Ord
  9,02 Ord
0,00 B Ord
Ordinary resolution No. 7.2:  Implementation of Remuneration Policy 99,54 Ord
100,00 B Ord
0,46 Ord
0,00 B Ord
  83 621 009 Ord
10 117 951 B Ord
  68,64 Ord
100,00 B Ord
  9,02 Ord
0,00 B Ord
Special resolution No. 1.1: Directors' fees and remuneration - Board: Chairman 97,07 Ord
100,00 B Ord
2,93 Ord
0,00 B Ord
  94 590 362 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Special resolution No. 1.2: Directors' fees - Board: Non-executive Directors 99,92 Ord
100,00 B Ord
0,08 Ord
0,00 B Ord
  94 590 362 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Special resolution No. 1.3: Directors' fees - Audit Committee: Chairman 99,93 Ord
100,00 B Ord
0,07 Ord
0,00 B Ord
  94 590 362 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Special resolution No. 1.4: Directors' fees - Audit Committee: members 99,93 Ord
100,00 B Ord
0,07 Ord
0,00 B Ord
  94 590 362 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Special resolution No. 1.5: Directors' fees - Other Board Committees: Chairman 99,93 Ord
100,00 B Ord
0,07 Ord
0,00 B Ord
  94 590 362 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Special resolution No. 1.6: Directors' fees - Other Board Committees: members 99,93 Ord
100,00 B Ord
0,07 Ord
0,00 B Ord
  94 590 362 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Special resolution No. 1.7: Directors' fees - Meeting attendance fee 99,92 Ord
100,00 B Ord
0,08 Ord
0,00 B Ord
  94 590 362 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Special resolution No. 2: General authority to repurchase shares 99,76 Ord
100,00 B Ord
0,24 Ord
0,00 B Ord
  94 587 494 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Special resolution No. 3: Financial assistance to related or inter-related company 100,00 Ord
100,00 B Ord
0,00 Ord
0,00 B Ord
  94 590 512 Ord
10 117 951 B Ord
  77,64 Ord
100,00 B Ord
  0,01 Ord
0,00 B Ord
Special resolution No. 4: Acquisition by the Company of Treasury Shares 100,00 Ord
100,00 B Ord
0,00 Ord
0,00 B Ord
  92 882 032 Ord
10 117 951 B Ord
  76,24 Ord
100,00 B Ord
  1,41 Ord
0,00 B Ord
Special resolution No. 5: Decrease in the number of securities and reduction in share capital ** 100,00 Ord
100,00 B Ord
0,00 Pref
0,00 Ord
0,00 B Ord
0,00 Pref
  92 883 532 Ord
10 117 951 B Ord
0 Pref
  76,24 Ord
100,00 B Ord
0,00 Pref
  1,41 Ord
0,00 B Ord
5,33 Pref
Special resolution No. 6: Revocations of Special Resolution number 4 if the Proposed Distribution lapses or is terminated or revoked 100,00 Ord
100,00 B Ord
0,00 Ord
0,00 B Ord
  92 882 032 Ord
10 117 951 B Ord
  76,24 Ord
100,00 B Ord
  1,41 Ord
0,00 B Ord
Ordinary resolution No. 8: General authority 99,97 Ord
100,00 B Ord
0,03 Ord
0,00 B Ord
  92 881 882 Ord
10 117 951 B Ord
  76,24 Ord
100,00 B Ord
  1,41 Ord
0,00 B Ord
Ordinary resolution No. 9: Ratification of Directors' interests 98,03 Ord
100,00 B Ord
1,97 Ord
0,00 B Ord
  92 881 882 Ord
10 117 951 B Ord
  76,24 Ord
100,00 B Ord
  1,41 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)


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