African Equity Empowerment Investments Limited (AEEI) shareholders have given their resounding approval for the company’s proposed Scheme and Delisting plans during a General Meeting held on Wednesday, 28 February 2024.
General Meeting Results
The General Meeting saw all resolutions, except for Special Resolution Number 2, pass with the requisite majority of shareholders’ votes. Special Resolution Number 1, which approves the Scheme in terms of sections 114 and 115 of the Companies Act, received overwhelming support with 99.63% of votes in favor, while only 0.37% voted against it. This resolution, crucial to the company’s future plans, was backed by the Independent Board and the Board, collectively taking responsibility for the information provided in the announcement.
However, Special Resolution Number 2, seeking the revocation of Special Resolution Number 1, faced significant opposition, garnering only 0.42% of votes in favor, with 99.58% against it. The result indicates strong shareholder confidence in the proposed Scheme and Delisting, despite some dissent.
Ordinary Resolutions Number 1 and 2, regarding the Delisting and granting authority respectively, mirrored the support seen for Special Resolution Number 1, with 99.63% of votes in favor and 0.37% against for both resolutions.
Voting Summary
| Resolution | % of Votes For | % of Votes Against | % of Shares Abstained |
|---|---|---|---|
| Special Resolution Number 1 | 99.63% | 0.37% | 0.02% |
| Special Resolution Number 2 | 0.42% | 99.58% | 0.02% |
| Ordinary Resolution Number 1 | 99.63% | 0.37% | 0.02% |
| Ordinary Resolution Number 2 | 99.63% | 0.37% | 0.02% |
The voting results signify a significant step forward for AEEI, as the proposed Scheme and Delisting aim to streamline operations and enhance shareholder value. The Delisting of all AEEI shares from the Johannesburg Stock Exchange (JSE) is part of the broader strategic vision outlined by the company.
Next Steps
While the shareholder approval marks a crucial milestone, the implementation of the Scheme is contingent upon the fulfillment or waiver of several conditions outlined in the Circular. AEEI shareholders are advised to stay updated as further announcements will be made via the Stock Exchange News Service (SENS) once all conditions have been met or waived.
Conclusion
In conclusion, AEEI’s General Meeting outcome reflects shareholder confidence in the company’s strategic direction and its commitment to creating value. The overwhelming support for the proposed Scheme and Delisting underscores shareholders’ belief in AEEI’s long-term prospects.
