Pan African Resources plc (LON:PAF)

Pan African Resources plc (LON:PAF)


Share Price
9.15 p
Change
0.095 (1.05 %)
Market Cap
£176.35 m
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Pan African Resources plc RNS Release

Pan African Resources Plc - Result of AGM


Pan African Resources Plc - Result of AGM

PR Newswire

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
(“Pan African” or the “Company” or the “Group”)

RESULTS OF ANNUAL GENERAL MEETING

Pan African shareholders (“Shareholders”) are advised that at the annual general meeting (“AGM”) of Shareholders held on Tuesday, 20 November 2018, all the ordinary and special resolutions, save for ordinary resolution numbers 8 and 10 and special resolution number 11, as set out in the notice of AGM dated 19 September 2018, were approved by the requisite majority of Shareholders present or represented by proxy.

The total number of Pan African ordinary shares (“Shares”) eligible to vote at the AGM is 2,234,687,537.

All resolutions proposed at the AGM, together with the percentage of shares abstained, as well as the percentage of votes carried for and against each resolution, are as follows:

Ordinary resolution number 1: To receive and adopt the directors’ report, the audited statement of accounts and the auditor’s report for the year ended 30 June 2018

Shares Voted

1,711,249,951
76.58%
Abstained

415,021
0.02%
For


100%
Against


0.00%

Ordinary resolution number 2: To re-elect Mr JAJ Loots as a director of the Company

Shares Voted

1,711,162,837
76.57%
Abstained

502,135
0.02%
For


99.76%
Against


0.24%

Ordinary resolution number 3: To re-elect Mr GP Louw as a director of the Company

Shares Voted

1,711,050,237
76.57%
Abstained

614,735
0.03%
For


99.76%
Against


0.24%

Ordinary resolution number 4: To re-elect Mrs HH Hickey as a member of the audit committee

Shares Voted

1,711,028,862
76.57%
Abstained

636,110
0.03%
For


99.06%
Against


0.94%

Ordinary resolution number 5: To re-elect Mr KC Spencer as a member of the audit committee

Shares Voted

1,555,243,607
69.60%
Abstained

156,421,365
7.00%
For


85.01%
Against


14.99%

Ordinary resolution number 6: To re-elect Mr TF Mosololi as a member of the audit committee

Shares Voted

1,691,785,286
75.70%
Abstained

19,879,686
0.89%
For


99.89%
Against


0.11%

Ordinary resolution number 7: To endorse the Company’s remuneration policy (Note 1, 2)

Shares Voted

1,535,958,147
68.73%
Abstained

175,706,825
7.86%
For


51.10%
Against


48.90%

Ordinary resolution number 8: To endorse the Company’s remuneration implementation report (Note 1, 2)

Shares Voted

1,535,960,747
68.73%
Abstained

175,704,225
7.86%
For


48.61%
Against


51.39%

Ordinary resolution number 9: To re-appoint Deloitte LLP as auditors of the Company and to authorise the directors to determine their remuneration

Shares Voted

1,711,235,311
76.58%
Abstained

429,661
0.02%
For


85.50%
Against


14.50%

Ordinary resolution number 10: To authorise the directors to allot equity securities (Note 1)

Shares Voted

1,711,018,645
76.57%
Abstained

646,327
0.03%
For


46.21%
Against


53.79%

Special resolution number 11: To approve the disapplication of pre-emption rights (Note 1)

Shares Voted

1,691,882,357
75.71%
Abstained

19,782,615
0.89%
For


45.40%
Against


54.60%

Special resolution number 12: To approve market purchases of ordinary shares

Shares Voted

1,711,237,094
76.58%
Abstained

427,878
0.02%
For


99.16%
Against


0.84%

Notes

  • Percentages of Shares voted are calculated in relation to the total issued ordinary share capital of Pan African.
  • Percentages of Shares voted for and against each resolution are calculated in relation to the total number of Shares voted in respect of each resolution.
  • Abstentions are calculated as a percentage in relation to the total issued ordinary share capital of Pan African.
  1. In accordance with the UK Corporate Governance Code, when 20% or more of the votes have been cast against the board recommendation for a resolution, the company will consult with those shareholders who voted against ordinary resolution numbers 7, 8 and 10 and special resolution number 11 (“Resolutions”), (“Dissenting Shareholders”) in order to ascertain the reasons for doing so, following which an update on the views expressed by such shareholders and the subsequent actions taken by the company will be issued.
  2. Furthermore, as required in terms of the King IV Report on Corporate Governance for South Africa, 2016 and paragraph 3.84(k) of the JSE Limited Listings Requirements, Pan African invites those Shareholders who voted against ordinary resolutions number 7 and 8 to engage with the Company regarding their views on the Company’s remuneration policy and the remuneration implementation report.

Dissenting Shareholders may forward their concerns / questions pertaining to the Resolutions to the Company Secretary via email at [email protected] by close of business on 30 November 2018. The Company will then respond in writing to these Shareholders, and if required, engage further with  the Shareholders in this regard.

Johannesburg

20 November 2018

Contact information

Corporate Office
The Firs Office Building
1st Floor, Office 101
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office:  + 27 (0) 11 243 2900
Facsimile: + 27 (0) 11 880 1240

Registered Office
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office:  + 44 (0) 20 7796 8644
Cobus Loots     
Pan African Resources PLC   
Chief Executive Officer 
Office: + 27 (0) 11 243 2900
Deon Louw
Pan African Resources PLC
Financial Director
Office: + 27 (0) 11 243 2900

Phil Dexter
St James's Corporate Services Limited
Company Secretary
Office: + 44 (0) 20 7796 8644

John Prior / Paul Gillam
Numis Securities Limited
Nominated Adviser and Joint Broker
Office: +44 (0) 20 7260 1000

Taryn Carter
One Capital
JSE Sponsor
Office: + 27 (0) 11 550 5030

Ross Allister / James Bavister / David McKeown
Peel Hunt LLP
Joint Broker
Office: +44 (0) 207 418 8900

Julian Gwillim
Aprio Strategic Communications
Public & Investor Relations SA
Office: +27 (0)11 880 0037

Jeffrey Couch / Thomas Rider
BMO Capital Markets Limited
Joint Broker
Office: +44 (0) 20 7236 1010

Bobby Morse / Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 20 7466 5000
Website: www.panafricanresources.com

Pan African Resources plc Timeline

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