News
Voting results of annual general meeting and update on winding up
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1955/002869/06)
Share code: TRE
ISIN: ZAE000007506
(“Trencor” or “the company”)
VOTING RESULTS OF ANNUAL GENERAL MEETING AND UPDATE ON WINDING UP
VOTING RESULTS OF ANNUAL GENERAL MEETING
At the annual general meeting (“AGM”) of shareholders of Trencor held on Monday, 13 May 2024, all the ordinary and special resolutions proposed were approved by the requisite majority of votes. The company confirms the voting statistics from the AGM as follows:
| Total number of shares in issue | 173 534 676 |
| Total number of shares represented at the AGM | 98 414 207 (56,71%) |
| Resolutions | Votes cast disclosed as a percentage in relation to the total number of shares voted at the AGM | Number of shares voted | Shares voted disclosed as a percentage in relation to the total issued share capital | Shares abstained disclosed as a percentage in relation to the total issued share capital | |
| For | Against | ||||
| Ordinary resolution number 1.1: Election of David Nurek as a director | 92,31% | 7,69% | 97 090 888 | 55,95% | 0,76% |
| Ordinary resolution number 1.2: Election of Ric Sieni as a director | 100,00% | 0,00% | 98 414 207 | 56,71% | 0,00% |
| Non-binding advisory vote number 1: Endorsement of remuneration policy | 92,31% | 7,69% | 97 090 788 | 55,95% | 0,76% |
| Non-binding advisory vote number 2: Endorsement of remuneration implementation report | 92,31% | 7,69% | 97 090 788 | 55,95% | 0,76% |
| Ordinary resolution number 2: Re-appointment of KPMG Inc as independent auditor | 91,07% | 8,93% | 98 414 207 | 56,71% | 0,00% |
| Ordinary resolution number 3.1: Election of David Nurek as audit committee member | 92,31% | 7,69% | 97 090 888 | 55,95% | 0,76% |
| Ordinary resolution number 3.2: Election of Eddy Oblowitz as audit committee member | 92,31% | 7,69% | 97 090 888 | 55,95% | 0,76% |
| Ordinary resolution number 3.3: Election of Roddy Sparks as audit committee member | 92,41% | 7,59% | 98 414 207 | 56,71% | 0,00% |
| Special resolution number 1: Approval and authorisation of the provision of financial assistance by the company to related or inter-related companies | 100,00% | 0,00% | 98 414 207 | 56,71% | 0,00% |
| Special resolution number 2: Approval of non-executive directors’ remuneration from 1 July 2024 | 100,00% | 0,00% | 97 090 788 | 55,95% | 0,76% |
Special resolution number 3 relating to the granting of a general authority to the company or its subsidiaries to acquire the issued shares of the company was withdrawn.
UPDATE ON WINDING UP
As previously reported, it is the intention to wind up the company as soon as possible, having regard to Trencor’s obligations under the indemnity that Trencor provided to the Halco Trust indemnitees and to Trencor’s outstanding regulatory and other affairs.
Trencor is engaging with various regulators, counter parties and other interested parties in order to be in a position to wind up the company as soon as possible after 31 December 2024.
Whether or not the board will be in a position to commence with the payment of distributions and a winding up of the company following 31 December 2024 as currently intended, will depend on the circumstances at the relevant time. The board is pursuing all steps within its powers to ensure that this process commences as soon as possible.
Trencor Services Proprietary Limited
Secretaries
13 May 2024
Sponsor
Investec Bank Limited