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ASTRAL FOODS LIMITED - Feedback on engagement with shareholders

Release Date: 02/03/2021 09:52
Code(s): ARL     PDF:  
Wrap Text
Feedback on engagement with shareholders

ASTRAL FOODS LIMITED
“Astral Foods” or “the Company”
(Reg. No. 1978/003194/06)
(Incorporated in the Republic of South Africa)
Share Code: ARL
ISIN Code: ZAE000029757

FEEDBACK ON ENGAGEMENT WITH SHAREHOLDERS

Further to the announcement released on SENS on 4 February 2021
relating to Astral Foods’ invitation to shareholders to engage
with   the  Company   on  the   Remuneration   Policy  and  the
Implementation Report, shareholders are advised that only two
shareholders, holding approximately 27.45% of voteable shares
in Astral Foods, submitted their reasons for voting against the
Remuneration Policy and Remuneration Implementation Report.

The board takes note of their reasons and is committed to
effective communication and fairness of the Remuneration Policy
and the implementation thereof. Astral Foods will continue, as
in the past to extensively consult on its remuneration policy
to ensure the most appropriate remuneration structures are in
place.

In regard to Ordinary resolution no 5 relating to the
reappointment of external auditors which was passed by 61.13%
of shareholders voting at the annual general meeting held on 4
February 2021, the board is of the view that consideration must
be given to the 2013 comprehensive tender process which was
undertaken and where proposals from four different audit firms
were received for the appointment as auditors for 2014. After a
thorough assessment and based on industry expertise and
experience, it was decided to appoint PWC as auditor for 2014,
who were the existing auditors at the time.

PWC will be replaced as auditors from 2024 which is in line
with mandatory audit firm rotation after a 10 year tenure
period. Astral Foods will therefore in the near future commence
with the process of requesting tenders for the replacement of
PWC as auditors. Due to the specialised nature of the business
activities of Astral Foods, a transition period for the 2023
financial year is planned in order to ensure a proper hand-over
to the new auditors.

Pretoria
2 March 2021

Nedbank Corporate and Investment Banking, a division of Nedbank
Limited
Sponsor

Date: 02-03-2021 09:52:00
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