AEEI Shareholders Vote in Favor of Scheme and Delisting Proposal

  • AEEI shareholders approve Scheme and Delisting plan. Overwhelming support for Scheme, with 99.63% of votes in favor.
  • Special Resolution Number 2, seeking to revoke Resolution Number 1, faced significant opposition, with only 0.42% of votes in favor.
  • Next steps include the fulfillment or waiver of conditions outlined in the Circular, with further announcements expected on SENS.
Published by
Lethabo Ntsoane

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 199.63%0.37%0.02%
Special Resolution Number 20.42%99.58%0.02%
Ordinary Resolution Number 199.63%0.37%0.02%
Ordinary Resolution Number 299.63%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.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo