AGM Triumph: aReit Prop’s Unanimous Resolutions & Board Shake-Up

  • aReit Prop Limited's AGM, held on August 31, 2023, saw unanimous support for all resolutions, highlighting strong shareholder confidence.
  • Special Resolution Number 2, with 99.99% approval, authorized the issuance of shares exceeding 30% of current voting power.
  • Board changes include Mr. Jacques Osse's interim appointment to the Audit and Risk Committee and Mr. Jason Kruger as Lead Independent Non-Executive Director.

aReit Prop Limited has released the results of its Annual General Meeting (AGM), held on Thursday, August 31, 2023. The AGM, which took place in accordance with the notice of AGM included in the Annual Report for the fiscal year ending December 31, 2022, provided shareholders with crucial insights into the company’s current state and future direction.

AGM Overview

The AGM served as a significant event for aReit Prop Limited, providing shareholders with an opportunity to voice their opinions and vote on important resolutions. The meeting saw robust shareholder participation, with 89.92% of ordinary shares being represented. Here’s a summary of the key highlights from the AGM:

Resolutions

Resolution NumberDescriptionVotes ForPercentage ForVotes AgainstPercentage AgainstAbstentions
Ordinary Resolution 1Presentation and acceptance of annual financial statements88,915,220100.00%0.00%
Ordinary Resolution 2Interim appointment – Mr. Jason Kruger88,915,220100.00%0.00%
Ordinary Resolution 3Director retirement and re-election – Mr. Jacques Osse88,915,220100.00%0.00%
Ordinary Resolution 4Director retirement and re-election – Stuart Chase88,915,220100.00%0.00%
Ordinary Resolution 5Re-appointment and remuneration of auditors88,915,220100.00%0.00%
Ordinary Resolution 7Re-appointment of Audit and Risk Committee member: Mr. Stuart Chase88,915,220100.00%0.00%
Ordinary Resolution 8Appointment of Audit and Risk Committee member: Mr. Jason Kruger88,915,220100.00%0.00%
Ordinary Resolution 9Endorsement of aReit’s Remuneration Policy88,915,220100.00%0.00%
Ordinary Resolution 10Endorsement of the implementation of aReit’s Remuneration Policy88,915,220100.00%0.00%
Special Resolution 1General authority to allot and issue shares for cash88,915,220100.00%0.00%
Special Resolution 2Authority to issue shares, securities convertible into shares or rights that may exceed 30% of the voting power of the current issued share capital88,908,42099.99%6,8000.01%
Special Resolution 3Non-executive directors’ remuneration88,915,220100.00%0.00%
Special Resolution 4General authority to provide financial assistance to related and inter-related companies and corporations in terms of section 45 of the Companies Act88,915,220100.00%0.00%

Unanimous Support for Resolutions

One of the standout aspects of this AGM was the unanimous support for all resolutions presented. Shareholders displayed overwhelming confidence in the company’s leadership, as each resolution received a resounding 100% of votes in favor. This strong show of support underscores the trust shareholders have in aReit Prop Limited’s financial performance, governance, and strategic direction.

Special Resolution 2: A Slight Contingent Opposition

While all resolutions enjoyed unanimous approval, Special Resolution Number 2 stood out with a 99.99% approval rate, with a negligible 0.01% of votes against it. This resolution concerned the authority to issue shares, securities convertible into shares, or rights that may exceed 30% of the voting power of the current issued share capital. The marginally opposed votes do not significantly impact the outcome of this resolution.

Board and Committee Updates

The AGM also brought forth important changes in the composition of aReit Prop Limited’s board and committees. Mr. Jacques Osse, who received unanimous support for his re-election as a director, will be appointed as a member of the Audit and Risk Committee on an interim basis. This interim appointment ensures the continuity of leadership within the committee until a permanent replacement is selected.

Furthermore, Mr. Jason Kruger has been nominated as the Lead Independent Non-Executive Director, reflecting the company’s commitment to strong and independent governance.

Looking Ahead

The AGM results and the unanimous support for all resolutions indicate aReit Prop Limited’s robust financial health and its successful navigation of the real estate investment landscape. Shareholders have signaled their confidence in the company’s management and strategic direction, paving the way for continued growth and prosperity.

As aReit Prop Limited enters a new phase with updated board roles and unwavering shareholder support, it remains well-positioned to pursue its mission of delivering value to investors while contributing to the growth and stability of South Africa’s real estate sector. With a solid foundation and a clear vision, the company is poised to face future challenges and opportunities in the ever-evolving real estate market.

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