HUDACO INDUSTRIES LIMITED - Results of annual general meeting

Results of annual general meeting

HUDACO INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
Registration Number 1985/004617/06
Share Code: HDC ISIN: ZAE000003273
(“Hudaco” or “the company”)

Results of annual general meeting

Hudaco shareholders are advised that the voting results for the annual general meeting (“the AGM”) held at
the registered offices of the Company on Thursday, 17 March 2022 are set out below. Based on the voting
results, all resolutions were passed by the requisite majority of Hudaco shareholders present in person or
represented by proxy at the AGM, except for Special Resolution Number 4: Amendment of clause 21.6 of the
company’s MOI, which required a 75% majority.

  Resolution                            Number of    Percentage       For**     Against**    Abstained*
                                      shares voted   of voteable         %              %             %
                                                        shares in
                                                          issue*
                                                               %
  Ordinary Resolution Number 1.1       24 531 180          81.90      99.97          0.03           0.29
  To re-elect directors retiring by
  rotation: MR Thompson
  Ordinary Resolution Number 1.2       24 531 180          81.90      99.98          0.02           0.29
  To re-elect directors retiring by
  rotation: N Mandindi
  Ordinary Resolution Number 1.3       24 531 180          81.90      99.97          0.03           0.29
  To re-elect directors retiring by
  rotation: GR Dunford
  Ordinary Resolution Number 2:        24 532 150          81.91      98.33          1.67           0.29
  To approve the appointment of
  external auditors
  Ordinary Resolution Number 3.1:      24 476 328          81.72      94.70          5.30           0.48
  Appointment of the members of
  the audit and risk management
  committee: D Naidoo
  Ordinary Resolution Number 3.2:      24 476 328          81.72      99.05          0.95           0.48
  Appointment of the members of
  the audit and risk management
  Committee: N Mandindi
  Ordinary Resolution Number 3.3:      24 476 328          81.72      99.97          0.03           0.48
  Appointment of the members of
  the audit and risk management
  Committee: MR Thompson
  Special Resolution Number 1:         24 428 252          81.56      99.97          0.03           0.64
  Approval of non-executive
  directors’ remuneration
  Non-binding Resolution Number        24 427 782          81.56      82.18         17.82           0.64
  1: Approval of Hudaco’s
  remuneration policy
  Resolution                          
                                                                  
  Non-binding Resolution Number        24 427 782          81.56      82.20         17.80            0.64
  2: Approval of Hudaco’s
  remuneration implementation
  report
  Special Resolution Number 2:         24 530 880          81.90      100.00         0.00            0.29
  Authorising the provision of
  financial assistance to
  subsidiaries
  Special Resolution Number 3:         24 527 540          81.89      100.00         0.00            0.30
  General authority to repurchase
  shares up to 1 625 986 of the
  ordinary shares (5% of the shares
  in issue)
  Ordinary Resolution Number 4:        24 530 880          81.90       79.85        20.15            0.29
  General authority to directors to
  allot and issue up to 1 625 986
  authorised but unissued ordinary
  shares (5% of shares in issue)
  Special Resolution Number 4:         24 428 872          81.56       69.54        30.46            0.63
  Amendment of clause 21.6 of the
  company’s MOI
  Ordinary Resolution Number 5:        24 531 650          81.91       99.99         0.01            0.29
  Signature of documents

*        Based on 29 951 012 voteable shares (being 32 519 720 shares in issue as at the date of the AGM,
         minus 2 507 828 treasury shares held by a subsidiary of Hudaco as well as 60 880 shares held by the
         company and which will be cancelled in due course.)
**       As a percentage of shares voted at AGM.

Comments by the CEO on 2022 first quarter trading

During the meeting, Graham Dunford, chief executive of Hudaco, made the following comments on trading for
the first quarter:

In the prospects section of our 2021 results announcement released at the end of January 2022, we indicated
that we were quietly optimistic about the year ahead and that we believed that the momentum and market
share gains our businesses achieved in 2021 would continue. The 2022 financial year has indeed started well
and our trading for the first quarter has been well ahead of 2021, so we retain the optimism we expressed in
January. We are not able to predict the indirect impact on Hudaco of the Russian invasion of Ukraine, which
may exacerbate problems in the international supply chain and have a broad effect on the world economy,
but the direct impact should be negligible because products sourced from those countries are minimal.

Johannesburg
17 March 2022
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 17-03-2022 02:05:00
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