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Result of AGM

27th May 2021 07:24

AECI Limited - Result of AGM

AECI Limited - Result of AGM

PR Newswire

London, May 27

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 percentage in relation to the total number of shares voted at the meetingNumber of shares votedShares 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)
ResolutionsFor (%)Against (%)
Ordinary resolution No. 1: Reappointment of independent auditor95,19 Ord 100,00 B Ord4,81 Ord 0,00 B Ord97 346 667 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Ordinary resolution No. 2.1: Re-election of Non-executive Director – Ms FFT De Buck100,00 Ord 100,00 B Ord0,00 Ord 0,00 B Ord97 346 667 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Ordinary resolution No. 2.2: Re-election of Non-executive Director – Mr G Gomwe97,83 Ord 100,00 B Ord2,17 Ord 0,00 B Ord97 346 667 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Ordinary resolution No. 2.3: Re-election of Non-executive Director – Ms PG Sibiya 99,41 Ord 100,00 B Ord0,59 Ord 0,00 B Ord97 346 667 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Ordinary resolution No. 3: Appointment of Ms AM Roets as a Non-executive Director Ordinary resolution No. 4: Re-election of Mr MA Dytor as an Executive Director99,77 Ord 100,00 B Ord 99,06 Ord 100,00 B Ord0,23 Ord 0,00 B Ord 0,94 Ord 0,00 B Ord97 346 667 Ord 10 117 951 B Ord 97 346 667 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord 88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord 0,01 Ord 0,00 B Ord
Ordinary resolution No. 5.1: Election of Audit Committee member - Ms FFT De Buck100,00 Ord 100,00 B Ord0,00 Ord 0,00 B Ord97 346 667 Ord 10 117 951 B Ord88,54Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Ordinary resolution No. 5.2: Election of Audit Committee member - Mr G Gomwe99,99 Ord 100,00 B Ord0,01 Ord 0,00 B Ord97 346 667 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Ordinary resolution No. 5.3: Election of Audit Committee member - Ms AM Roets100,00 Ord 100,00 B Ord0,00 Ord 0,00 B Ord97 346 667 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Ordinary resolution No. 5.4: Election of Audit Committee member - Ms PG Sibiya99,83 Ord 100,00 B Ord0,17 Ord 0,00 B Ord97 346 667 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Ordinary resolution No. 6.1: Remuneration Policy89,30 Ord 100,00 B Ord10,70 Ord 0,00 B Ord97 347 167 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Ordinary resolution No. 6.2: Implementation of Remuneration Policy67,39 Ord 100,00 B Ord32,61 Ord 0,00 B Ord97 347 167 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord

Special resolution No. 1.1: Directors’ fees and remuneration - Board: Chairman97,27 Ord 100,00 B Ord2,73 Ord 0,00 B Ord97 347 167 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Special resolution No. 1.2: Directors’ fees - Board: Non-executive Directors100,00 Ord 100,00 B Ord0,00 Ord 0,00 B Ord97 347 167 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Special resolution No. 1.3: Directors’ fees - Audit Committee: Chairman100,00 Ord 100,00 B Ord0,00 Ord 0,00 B Ord97 347 167 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Special resolution No. 1.4: Directors’ fees - Audit Committee: members100,00 Ord 100,00 B Ord0,00 Ord 0,00 B Ord97 347 167 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Special resolution No. 1.5: Directors’ fees - Other Board Committees: Chairman100,00 Ord 100,00 B Ord0,00 Ord 0,00 B Ord97 347 167 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Special resolution No. 1.6: Directors’ fees - Other Board Committees: members100,00 Ord 100,00 B Ord0,00 Ord 0,00 B Ord97 347 167 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Special resolution No. 1.7: Directors’ fees - Meeting attendance fee100,00 Ord 100,00 B Ord0,00 Ord 0,00 B Ord97 347 167 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 Ord 0,00 B Ord
Special resolution No. 2: General authority to repurchase shares 99,91 Ord 100,00 B Ord0,09 Ord 0,00% B Ord97 210 998 Ord 10 117 951 B Ord88,42 Ord 100,00 B Ord0,13 Ord 0,00 B Ord
Special resolution No. 3: Financial assistance to related or inter-related company100,00 Ord 100,00 B Ord0,00 Ord 0,00 B Ord97 347 167 Ord 10 117 951 B Ord88,54 Ord 100,00 B Ord0,01 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 Company 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 [email protected] 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 [email protected] 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)

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