Spear REIT’s AGM Triumph: Shareholders Approve Growth Resolutions

  • Spear REIT Limited's Annual General Meeting (AGM) held in Cape Town resulted in the approval of all resolutions proposed by shareholders.
  • The retirement and reelection of directors, appointment of committee members, and retention of the auditor were among the resolutions successfully passed.
  • Shareholders expressed strong support for Spear REIT's governance, remuneration policy, and future growth initiatives.
Spear reit limited

Spear REIT Limited (SEA) held its Annual General Meeting (AGM) earlier today at its head office in Cape Town. The company announced that all resolutions put forward were approved by the requisite majorities of the shareholders, marking a successful outcome for the AGM.

ResolutionsVotes for resolution (%)Votes against resolution (%)Number of shares votedShares voted (%)Shares abstained (%)
Ordinary resolution number 1: Retirement and reelection of Mr. MN Flax as director98.54%1.46%178,446,69672.88%0.32%
Ordinary resolution number 2: Retirement and reelection of Mr. J Allie as director99.76%0.24%178,446,69672.88%0.32%
Ordinary resolution number 3: Retirement and reelection of Mr. CS McCarthy as director98.54%1.46%178,446,69672.88%0.32%
Ordinary resolution number 4: Confirmation of Mr. B Raziya’s appointment as director99.76%0.24%178,446,69672.88%0.32%
Ordinary resolution number 5: To re-appoint Mr. JE Allie as member of the audit and risk committee99.76%0.24%178,446,69672.88%0.32%
Ordinary resolution number 6: To re-appoint Mr. BL Goldberg as member of the audit and risk committee99.76%0.24%178,446,69672.88%0.32%
Ordinary resolution number 7: Appoint of Mr. B Raziya as member of the audit and risk committee99.76%0.24%178,446,69672.88%0.32%
Ordinary resolution number 8: To re-appoint BDO South Africa Incorporated as the auditor of the company99.76%0.24%178,446,69672.88%0.32%
Ordinary resolution number 9: Non-binding advisory vote on Spear’s remuneration policy81.93%18.07%178,446,69672.88%0.32%
Ordinary resolution number 10: Non-binding advisory vote on Spear’s implementation report on the remuneration policy85.43%14.57%178,446,69672.88%0.32%
Ordinary resolution number 11: General authority to issue ordinary shares for cash95.17%4.83%178,446,69672.88%0.32%
Ordinary resolution number 12: Amendments to the rules of Spear REIT Limited Conditional Share Plan94.82%5.18%178,446,69672.88%0.32%
Special resolution number 1: Remuneration of non-executive directors93.54%6.46%178,531,10872.92%0.29%
Special resolution number 2: Inter-company financial assistance99.71%0.29%178,531,10872.92%0.29%
Special resolution number 3: Financial assistance for acquisition of shares in the company or a related or interrelated company96.27%3.73%178,531,10872.92%0.29%
Special resolution number 4: Share repurchases by Spear and its subsidiaries98.17%1.83%178,531,10872.92%0.29%

These results reflect the shareholders’ overwhelming support for the proposed resolutions, affirming their confidence in the company’s leadership and strategic direction. The high percentage of votes in favor of each resolution demonstrates the strong backing from the shareholders for the management team and their decisions.

Among the key resolutions passed were the retirement and reelection of directors Mr. MN Flax, Mr. J Allie, Mr. CS McCarthy, and the confirmation of Mr. B Raziya’s appointment as director. These individuals bring valuable expertise and contribute to the ongoing success of Spear REIT.

Furthermore, the reappointment and appointment of members to the audit and risk committee, as well as the retention of BDO South Africa Incorporated as the company’s auditor, were also approved by the shareholders. These decisions ensure robust corporate governance and maintain a focus on financial transparency and accountability.

Additionally, the non-binding advisory votes on Spear’s remuneration policy and its implementation report received significant attention from shareholders. Although there were some dissenting votes, the majority supported the company’s approach to remuneration and implementation.

With the general authority to issue ordinary shares for cash and amendments to the rules of the Spear REIT Limited Conditional Share Plan, Spear REIT continues to position itself for future growth opportunities and strategic initiatives.

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