Oryx Properties’ AGM Triumph and Board Revamp: A Power Move in Namibia’s Real Estate Resurgence

  • AGM Triumph: Oryx Properties' AGM saw overwhelming support (94.14%) for resolutions, indicating strong investor confidence in the company's direction.
  • Board Restructuring: Three new directors with diverse expertise join Oryx Properties, enhancing the Board's capabilities and strategic vision.
  • Strategic Outlook: The AGM results and board changes position Oryx Properties for sustained growth, transparency, and innovation in real estate.
By Lethabo Ntsoane

In a resounding show of unity and confidence, Oryx Properties Limited, a stalwart in Namibia’s real estate sector, recently held its Annual General Meeting (AGM) on Tuesday, November 28, 2023. The unitholders, representing a substantial 94.14% of the total, cast their votes, endorsing key resolutions that promise to shape the company’s future trajectory.

AGM Triumph: Unwavering Support for Key Resolutions

1. Adoption of Audited Financial Statements

The unitholders unanimously voted in favor of adopting the audited financial statements for the year ended June 30, 2023. This overwhelming approval, with a 100% vote, underscores the trust in Oryx Properties’ financial stewardship.

2. Non-Executive Directors’ Remuneration and Fee Structure

Similarly, resolutions regarding non-executive directors’ remuneration and fee structure for the year ending June 30, 2024, secured unanimous support, demonstrating a robust mandate from the stakeholders.

3. Approval of Remuneration Policy

The non-binding advisory vote on the Remuneration Policy received a 100% endorsement, reflecting unitholders’ satisfaction with the proposed policies governing director compensation.

4. Auditors Appointment and Remuneration

Unitholders, without hesitation, ratified the appointment of Deloitte & Touche as auditors, and authorized the directors to determine auditors’ remuneration, both resolutions securing a 100% vote.

5. Board Appointments and Reappointments

The AGM witnessed significant changes to the Board of Directors. The unitholders approved the appointment of Mr. S Hugo, Mr. M Langheld, and Ms. TK Nkandi as independent Non-executive Directors, effective November 28, 2023.

ResolutionVote Percentage
Mr. S Hugo100%
Mr. M Langheld100%
Ms. TK Nkandi100%
Ms. A Angula (Reapp.)96.18%
Ms. JJ Comalie (Reapp.)99.94%

While the reappointment of Ms. A Angula and Ms. JJ Comalie received resounding support, unitholders expressed a slight reservation with Ms. A Angula’s reappointment at 96.18%. Nonetheless, the overwhelming support for the new appointments signals a positive outlook for Oryx Properties under the fresh guidance of these accomplished professionals.

6. Minimum Distribution Pay-Out Ratio

In a move to fortify investor returns, a special resolution to approve a 75% minimum distribution pay-out ratio for a six-year period (2022-2027 financial years) received substantial support at 86.49%.

7. Unissued Linked Units Control

However, not all resolutions found unanimous favor. The proposal to place unissued linked units under the control of the directors was met with a 35.31% approval, indicating a divergence of opinions among the unitholders.

New Directors Bring Expertise and Diversity

In compliance with section 3.59 of the NSX Listings Requirements, the Board welcomed three new directors, each bringing a wealth of experience and expertise.

1. Mr. S Hugo: Chartered Accountant and Tax Expert

Mr. S Hugo, a Chartered Accountant, brings a wealth of experience in taxation. His directorships across various sectors, including financial services, position him as a valuable addition to Oryx Properties.

2. Mr. M Langheld: Transactional Advisory and Sustainability Advocate

With over 22 years of experience in transactional advisory and investment banking, Mr. M Langheld’s passion for sustainable systems and ESG matters aligns with Oryx Properties’ commitment to responsible business practices.

3. Ms. TK Nkandi: Architect and Project Management Specialist

Ms. TK Nkandi, an architect with over 21 years of experience, specializes in design, planning, project management, and successful project delivery. Her expertise promises to bring a fresh perspective to Oryx Properties’ projects.

The Board expressed excitement about these appointments, noting that the diverse backgrounds and skills of the new directors will contribute to elevating the company to greater heights.

Looking Ahead: Oryx Properties’ Future

As Oryx Properties forges ahead with its strengthened board and resounding support from unitholders, the company is poised for a period of sustained growth and strategic development. The AGM results and board changes reflect a shared vision for a robust and progressive future for one of Namibia’s leading real estate players.

The newly constituted Board, with its blend of experience, financial acumen, and sustainable business perspectives, sets the stage for Oryx Properties to navigate the dynamic real estate landscape with agility and innovation.

Join Our Newsletter
Subscribe to our newsletter and stay updated.


Start trading with a free $30 bonus

Unleash your trading potential with XM—your gateway to the electric world of financial markets! Get a staggering $30 trading bonus right off the bat, with no deposit required. Dive into a sea of opportunities with access to over 1000 instruments on the most cutting-edge XM platforms. Trade with zest, at your own pace, anytime, anywhere. Don't wait, your trading journey begins now! Click here to ignite your trading spirit!

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