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AECI Limited - Result of AGM

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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 98th Annual General Meeting (AGM) of the shareholders of AECI held today, 31 May 2022, all the ordinary and special resolutions proposed at the meeting were approved by the requisite majority of votes. In this regard, AECI confirms the voting statistics from the AGM as follows:

Resolutions

Votes cast disclosed as a
percentage in relation to the total number of shares voted at the meeting

Ordinary shares (Ord)
B ordinary shares (B Ord)

Number of shares voted

Shares voted disclosed as a percentage in relation to the total issued share capital (%)*
Ordinary shares (Ord)
B ordinary shares (B Ord)

Shares abstained disclosed as a percentage in relation to the total issued share capital (%)*
Ordinary shares (Ord)
B ordinary shares (B Ord)

For (%)

Against (%)

Ordinary resolution No. 1: Reappointment of independent auditor

96,63 Ord
100,00 B Ord

3,37 Ord
0,00 B Ord

88 537 420 Ord
10 117 951 B Ord

83,91 Ord
100,00 B Ord

0.02 Ord
0.00 B Ord

Ordinary resolution No. 2.1: Re-election of Non-executive Director –
Dr KDK Mokhele

99,99 Ord
100,00 B Ord

0,01 Ord
0,00 B Ord

88 536 920 Ord
10 117 951 B Ord

83,91 Ord
100,00 B Ord

0,02 Ord
0,00 B Ord

Ordinary resolution No. 2.2: Re-election of Non-executive Director –
Mr SA Dawson

99,99 Ord
100,00 B Ord

0,01 Ord
0,00 B Ord

88 536 920 Ord
10 117 951 B Ord

83,91 Ord
100,00 B Ord

0,02 Ord
0,00 B Ord

Ordinary resolution No. 2.3: Re-election of Non-executive Director –
Mr WH Dissinger

99,99 Ord
100.00 B Ord

0.01 Ord
0.00 B Ord

88 536 920 Ord
10 117 951 B Ord

83.91 Ord
100.00 B Ord

0.02 Ord
0.00 B Ord

Ordinary resolution No. 3: Appointment of
Ms PA Mishic O’Brien as a Non-executive Director

99,99 Ord
100,00 B Ord

0,01 Ord
0,00 B Ord

88 536 913 Ord
10 117 951 B Ord

83,91 Ord
100,00 B Ord

0,02 Ord
0,00 B Ord

Ordinary resolution No. 4: Election of
Ms A Takoordeen as an Executive Director

99,84 Ord
100,00 B Ord

0,16 Ord
0,00 B Ord

88 537 413 Ord
10 117 951 B Ord

83,91 Ord
100,00 B Ord

0,02 Ord
0,00 B Ord

Ordinary resolution No. 5: Re-election of KM Kathan as an Executive Director

99,99 Ord
100,00 B Ord

0,01 Ord
0,00 B Ord

88 536 920 Ord
10 117 951 B Ord

83,91 Ord
100,00 B Ord

0,02 Ord
0,00 B Ord

Ordinary resolution No. 6.1: Election of Audit Committee member –
Ms FFT De Buck

99,99 Ord
100,00 B Ord

0,01 Ord
0,00 B Ord

88 536 913 Ord
10 117 951 B Ord

83,91 Ord
100,00 B Ord

0,02 Ord
0,00 B Ord

Ordinary resolution No. 6.2: Election of Audit Committee member –
Mr G Gomwe

99,97 Ord
100,00 B Ord

0,03 Ord
0,00 B Ord

88 536 913 Ord
10 117 951 B Ord

83,91 Ord
100,00 B Ord

0,02 Ord
0,00 B Ord

Ordinary resolution No. 6.3: Election of Audit Committee member –
Ms AM Roets

99,99 Ord
100,00 B Ord

0,01 Ord
0,00 B Ord

88 536 913 Ord
10 117 951 B Ord

83,91 Ord
100,00 B Ord

0,02 Ord
0,00 B Ord

Ordinary resolution No. 6.4: Election of Audit Committee member –
Ms PG Sibiya

99,99 Ord
100,00 B Ord

0,01 Ord
0,00 B Ord

88 536 913 Ord
10 117 951 B Ord

83,91 Ord
100,00 B Ord

0,02 Ord
0,00 B Ord

Ordinary resolution No.7.1: Remuneration Policy

95,17 Ord
100,00 B Ord

4,83 Ord
0,00 B Ord

88 535 913 Ord
10 117 951 B Ord

83,91 Ord
100,00 B Ord

0,02 Ord
0,00 B Ord

Ordinary resolution No.7.2: Implementation of Remuneration Policy

95,25 Ord
100,00 B Ord

4,75 Ord
0,00 B Ord

88 535 913 Ord
10 117 951 B Ord

83,91 Ord
100,00 B Ord

0,02 Ord
0,00 B Ord

Ordinary resolution No.8: Approval of the amended rules of the 2012 Long-term Incentive Plan

99,74 Ord
100,00 B Ord

0,26 Ord
0,00 B Ord

88 499 692 Ord
10 117 951 B Ord

83,87 Ord
100,00 B Ord

0,06 Ord
0,00 B Ord

Special resolution No. 1.1: Directors’ fees and remuneration - Board: Chairman

96,66 Ord
100,00 B Ord

3,34 Ord
0,00 B Ord

88 510 286 Ord
10 117 951 B Ord

83,88 Ord
100,00 B Ord

0,05 Ord
0,00 B Ord

Special resolution No. 1.2: Directors’ fees - Board: Non-executive Directors

99,99 Ord
100,00 B Ord

0,01 Ord
0,00 B Ord

88 501 349 Ord
10 117 951 B Ord

83,87 Ord
100,00 B Ord

0,05 Ord
0,00 B Ord

Special resolution No. 1.3: Directors’ fees - Audit Committee: Chairman

99,99 Ord
100,00 B Ord

0,01 Ord
0,00 B Ord

88 501 349 Ord
10 117 951 B Ord

83,87 Ord
100,00 B Ord

0,05 Ord
0,00 B Ord

Special resolution No. 1.4: Directors’ fees - Other Board Committees: Chairman

99,99 Ord
100,00 B Ord

0,01 Ord
0,00 B Ord

88 501 349 Ord
10 117 951 B Ord

83,87 Ord
100,00 B Ord

0,05 Ord
0,00 B Ord

Special resolution No. 1.5: Directors’ fees - Audit Committee: member

99,99 Ord
100,00 B Ord

0.01 Ord
0.00 B Ord

88 501 349 Ord
10 117 951 B Ord

83.87 Ord
100.00 B Ord

0.05 Ord
0.00 B Ord

Special resolution No. 1.6: Directors’ fees - Other Board Committees: member

99,99 Ord
100,00 B Ord

0,01 Ord
0,00 B Ord

88 501 349 Ord
10 117 951 B Ord

83,87 Ord
100,00 B Ord

0,05 Ord
0,00 B Ord

Special resolution No. 1.7: Directors’ fees - Meeting attendance fee (includes ad hoc meetings)

99,99 Ord
100,00 B Ord

0,01 Ord
0,00 B Ord

88 501 349 Ord
10 117 951 B Ord

83,87 Ord
100,00 B Ord

0,05 Ord
0,00 B Ord

Special resolution No. 1.8: Directors’ fees - Per-trip allowance

100,00 Ord
100,00 B Ord

0,00 Ord
0,00 B Ord

88 501 349 Ord
10 117 951 B Ord

83,87 Ord
100,00 B Ord

0,05 Ord
0,00 B Ord

Special resolution No. 2: General authority to repurchase shares

99,94 Ord
100,00 B Ord

0,06 Ord
0,00 B Ord

88 371 850 Ord
10 117 951 B Ord

83,75 Ord
100,00 B Ord

0,18 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

88 537 570 Ord
10 117 951 B Ord

83,91 Ord
100,00 B Ord

0,02 Ord
0,00 B Ord

* The issued ordinary share capital is 105 517 780 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.

Woodmead, Sandton

31 May 2022

Equity and Debt Sponsor:

Rand Merchant Bank (A division of FirstRand Bank Limited)

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