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Results of the Special General Meeting

ADCORP HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1974/001804/06
Share code: ADR & ISIN: ZAE000000139
(“Adcorp” or “the Group“)

RESULTS OF THE SPECIAL GENERAL MEETING

Shareholders are hereby advised that at the Special General Meeting of the Company held at the registered offices of the Company at Adcorp Place, 102 Western Service Road, Gallo Manor Ext 6, Johannesburg, 2191 at 09:00 today, Monday, 14 December 2020 (“SGM”), all of the resolutions were passed by the requisite majorities of the Company’s shareholders.

Details of the results of the voting at the SGM are as follows:

Ordinary Shares

Resolutions proposed at the SGM Votes for resolution as a percentage of total number of shares voted at SGM Votes against resolution as a percentage of total number of shares voted at SGM Number of ordinary shares voted at SGM1 Number of ordinary shares voted at SGM as a percentage of shares in issue Number of ordinary shares abstained as a percentage of shares in issue
Ordinary Resolution 1:

Proposed B-BBEE Transaction

100% 0% 101 864 062 92.64% 0.003%
Ordinary Resolution 2:

Adcorp’s Board Authority

100% 0% 101 864 062 92.64% 0.003%

B Shares

Resolutions proposed at the SGM Votes for resolution as a percentage of total number of shares voted at SGM Votes against resolution as a percentage of total number of shares voted at SGM Number of ordinary shares voted at SGM1,2 Number of ordinary shares voted at SGM as a percentage of shares in issue Number of ordinary shares abstained as a percentage of shares in issue
Ordinary Resolution 1:

Proposed B-BBEE Transaction

100% 0% 12 617 137 100% 0%
Ordinary Resolution 2:

Adcorp’s Board Authority

100% 0% 16 822 849 100% 0%

Notes:
1. Total number of shares in issue as at the date of the SGM was 126 777 524 of which 109 954 675 were ordinary shares and 16 822 849 were B shares;
2. These votes exclude the voting rights of Simeka and their associates, being 4 205 712 B shares, as a result of Simeka being a related party to the Proposed B-BEE Transaction.

Johannesburg
14 December 2020

Corporate Advisor and Transaction Sponsor
Pallidus Capital Proprietary Limited

Legal Advisor
Baker & McKenzie Incorporated

Sponsor
PSG Capital

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