THE BIDVEST GROUP LIMITED ("Bidvest" or "The Group")
(Incorporated in the Republic of South Africa) (Registration number 1946/021180/06)
JSE Share code: BVT
ISIN: ZAE000117321
REPORT ON ANNUAL GENERAL MEETING PROCEEDINGS ("AGM"); ENGAGEMENT WITH DISSENTING SHAREHOLDERS; GRANTING OF SHORT-TERM AND LONG-TERM INCENTIVE AWARDS
1. RESULTS OF THE AGM
Bidvest shareholders are advised that at the AGM of the Company held on Friday, 27 November 2020, all the ordinary and special resolutions were passed by the requisite majority votes, except for the non-binding advisory votes relating to the endorsement of the remuneration policy and the implementation report.
Bidvest confirms the voting statistics from the AGM as follows:
Total number of shares that can be exercised at the meeting | 100% | 339 769 509 | |||||||||
Total number of shares present/represented including proxies at the meeting as | |||||||||||
% of voteable shares | 75% | 255 502 557 | |||||||||
Total number of shares present/represented including proxies at the meeting as | |||||||||||
% of issued shares | 75% | 255 502 557 | |||||||||
Total number of members present in person | 9 | ||||||||||
Issued Shares | 100% | 340 274 346 | |||||||||
Disclosed as a percentage of the voteable shares | |||||||||||
Disclosed as a percentage of the total issued capital | |||||||||||
Ordinary Resolution 1.1 Re-election of directors that retire by rotation : EK Diack | |||||||||||
For | Against | Abstain | Shares voted | ||||||||
254 327 999 | 952 442 | 222 116 | 255 280 441 | ||||||||
99,63% | 0,37% | 0,07% | | 75,13% | |||||||
0,07% | | 75,02% | |||||||||
Ordinary Resolution 1.2 Re-election of directors that retire by rotation: GC McMahon | |||||||||||
For | Against | Abstain | Shares voted | ||||||||
254 838 991 | 441 450 | 222 116 | 255 280 441 | ||||||||
99,83% | 0,17% | 0,07% | | 75,13% | |||||||
0,07% | | 75,02% | |||||||||
Ordinary Resolution 1.3 Re-election of directors that retire by rotation: AK Maditse | |||||||||||
For | Against | Abstain | Shares voted | ||||||||
250 488 577 | 4 784 864 | 229 116 | 255 273 441 | ||||||||
98,13% | 1,87% | 0,07% | | 75,13% | |||||||
0,07% | | 75,02% | |||||||||
Ordinary Resolution 2.1 Election of non-executive directors: MJD Ruck | |||||||||||
For | Against | Abstain | Shares voted | ||||||||
255 235 852 | 44 589 | 222 116 | 255 280 441 | ||||||||
99,98% | 0,02% | 0,07% | | 75,13% | |||||||
0,07% | | 75,02% |
Ordinary Resolution 2.2 Election of non-executive directors: N Siyotula | ||||||||
For | Against | Abstain | Shares voted | |||||
233 616 639 | 21 656 802 | 229 116 | 255 273 441 | |||||
91,52% | 8,48% | 0,07% | | 75,13% | ||||
0,07% | | 75,02% | ||||||
Ordinary Resolution 3 Re-appointment of independent external auditor | ||||||||
For | Against | Abstain | Shares voted | |||||
254 171 050 | 1 100 191 | 231 316 | 255 271 241 | |||||
99,57% | 0,43% | 0,07% | | 75,13% | ||||
0,07% | | 75,02% |
Ordinary Resolution 4.1 Election of members of the audit committee - EK Diack, subject to being re-elected as a director
For | Against | Abstain | Shares voted | ||||
254 410 926 | 869 515 | 222 116 | 255 280 441 | ||||
99,66% | 0,34% | 0,07% | | 75,13% | |||
0,07% | | 75,02% | |||||
Ordinary Resolution 4.2 Election of members of the audit committee - RD Mokate | |||||||
For | Against | Abstain | Shares voted | ||||
250 919 525 | 4 360 916 | 222 116 | 255 280 441 | ||||
98,29% | 1,71% | 0,07% | | 75,13% | |||
0,07% | | 75,02% |
Ordinary Resolution 4.3 Election of members of the audit committee - N Siyotula, subject to being elected as a director
For | Against | Abstain | Shares voted | ||||
237 597 607 | 17 675 834 | 229 116 | 255 273 441 | ||||
93,08% | 6,92% | 0,07% | | 75,13% | |||
0,07% | | 75,02% | |||||
Ordinary Resolution 4.4 Election of members of the audit committee - NW Thomson | |||||||
For | Against | Abstain | Shares voted | ||||
252 280 969 | 2 999 472 | 222 116 | 255 280 441 | ||||
98,83% | 1,17% | 0,07% | | 75,13% | |||
0,07% | | 75,02% |
Ordinary Resolution 5 Placing authorised by unissued ordinary shares under the control of directors | ||||||||
For | Against | Abstain | Shares voted | |||||
229 333 073 | 25 947 968 | 221 516 | 255 281 041 | |||||
89,84% | 10,16% | 0,07% | | 75,13% | ||||
0,07% | | 75,02% | ||||||
Ordinary Resolution 6 General authority to issue shares for cash | ||||||||
For | Against | Abstain | Shares voted | |||||
228 902 199 | 26 372 076 | 228 282 | 255 274 275 | |||||
89,67% | 10,33% | 0,07% | | 75,13% | ||||
0,07% | | 75,02% | ||||||
Ordinary Resolution 7 Payment of dividend by way of pro rata reduction of share capital or share premium | ||||||||
For | Against | Abstain | Shares voted | |||||
254 243 100 | 1 038 975 | 220 482 | 255 282 075 | |||||
99,59% | 0,41% | 0,06% | | 75,13% | ||||
0,06% | | 75,02% | ||||||
Ordinary Resolution 8 Ratification relating to personal financial interest arising from multiple offices in the Group | ||||||||
For | Against | Abstain | Shares voted | |||||
242 223 778 | 9 874 389 | 3 404 390 | 252 098 167 | |||||
96,08% | 3,92% | 1,00% | | 74,20% | ||||
1,00% | | 74,09% | ||||||
Ordinary Resolution 9 Directors' authority to implement special and ordinary resolutions | ||||||||
For | Against | Abstain | Shares voted | |||||
252 366 985 | 2 914 540 | 221 032 | 255 281 525 | |||||
98,86% | 1,14% | 0,07% | | 75,13% | ||||
0,06% | | 75,02% | ||||||
Non-binding advisory vote - Remuneration policy | ||||||||
For | Against | Abstain | Shares voted | |||||
183 328 738 | 71 901 577 | 272 242 | 255 230 315 | |||||
71,83% | 28,17% | 0,08% | | 75,12% | ||||
0,08% | | 75,01% | ||||||
Non-binding advisory vote - Endorsement Implementation of remuneration policy | ||||||||
For | Against | Abstain | Shares voted | |||||
185 115 689 | 70 149 932 | 236 936 | 255 265 621 | |||||
72,52% | 27,48% | 0,07% | | 75,13% | ||||
0,07% | | 75,02% |
Special resolution 1 Adoption of new Memorandum of Incorporation | |||||||
For | Against | Abstain | Shares voted | ||||
244 001 545 | 8 987 791 | 2 513 221 | 252 989 336 | ||||
96,45% | 3,55% | 0,74% | | 74,46% | |||
0,74% | | 74,35% | |||||
Special resolution 2 Non-executive director remuneration | |||||||
For | Against | Abstain | Shares voted | ||||
249 228 147 | 6 019 472 | 254 938 | 255 247 619 | ||||
97,64% | 2,36% | 0,08% | | 75,12% | |||
0,07% | | 75,01% | |||||
Special resolution 3 General authority to repurchase shares | |||||||
For | Against | Abstain | Shares voted | ||||
250 911 000 | 4 138 338 | 453 219 | 255 049 338 | ||||
98,38% | 1,62% | 0,13% | | 75,07% | |||
0,13% | | 74,95% |
Special resolution 4 General authority to provide financial assistance to related or inter-related companies and corporations
For | Against | Abstain | Shares voted | |||
245 609 109 | 9 672 816 | 220 632 | 255 281 925 | |||
96,21% | 3,79% | 0,06% | | 75,13% | ||
0,06% | | 75,02% |
2. ENGAGEMENT WITH DISSENTING SHAREHOLDERS
In light of the above AGM result, Bidvest invites those shareholders who voted against the remuneration policy and implementation report at the AGM ("dissenting shareholders") to forward written submissions on the remuneration policy and implementation report to the company secretary (Ilze.Roux@bidvest.co.za) by close of business on Friday, 22 January 2021. Meetings will be arranged, if appropriate, with individual dissenting shareholders.
3. GRANTING OF CONDITIONAL SHARE AWARDS IN TERMS OF THE 2008 BIDVEST CSP
Executive Directors have been awarded Conditional Share (CSP) Awards in terms of the 2008 Bidvest Group CSP, approved by shareholders at the annual general meeting in November 2008. CSP Awards are subject to performance conditions for the period starting 1 July 2020 and ending 30 June 2023. Subject to performance, vesting will occur in September 2023 and September 2024. The Remuneration Committee has given approval for the following individual allocations.
Conditional share awards are as follows:
Executive Directors: | |
NT Madisa | 134 000 conditional share awards |
MJ Steyn | 57 000 conditional share awards |
GC McMahon | 46 000 conditional share awards |
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The Bidvest Group Limited published this content on 27 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 November 2020 14:28:05 UTC