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.
| Resolutions | Votes for resolution (%) | Votes against resolution (%) | Number of shares voted | Shares voted (%) | Shares abstained (%) |
|---|---|---|---|---|---|
| Ordinary resolution number 1: Retirement and reelection of Mr. MN Flax as director | 98.54% | 1.46% | 178,446,696 | 72.88% | 0.32% |
| Ordinary resolution number 2: Retirement and reelection of Mr. J Allie as director | 99.76% | 0.24% | 178,446,696 | 72.88% | 0.32% |
| Ordinary resolution number 3: Retirement and reelection of Mr. CS McCarthy as director | 98.54% | 1.46% | 178,446,696 | 72.88% | 0.32% |
| Ordinary resolution number 4: Confirmation of Mr. B Raziya’s appointment as director | 99.76% | 0.24% | 178,446,696 | 72.88% | 0.32% |
| Ordinary resolution number 5: To re-appoint Mr. JE Allie as member of the audit and risk committee | 99.76% | 0.24% | 178,446,696 | 72.88% | 0.32% |
| Ordinary resolution number 6: To re-appoint Mr. BL Goldberg as member of the audit and risk committee | 99.76% | 0.24% | 178,446,696 | 72.88% | 0.32% |
| Ordinary resolution number 7: Appoint of Mr. B Raziya as member of the audit and risk committee | 99.76% | 0.24% | 178,446,696 | 72.88% | 0.32% |
| Ordinary resolution number 8: To re-appoint BDO South Africa Incorporated as the auditor of the company | 99.76% | 0.24% | 178,446,696 | 72.88% | 0.32% |
| Ordinary resolution number 9: Non-binding advisory vote on Spear’s remuneration policy | 81.93% | 18.07% | 178,446,696 | 72.88% | 0.32% |
| Ordinary resolution number 10: Non-binding advisory vote on Spear’s implementation report on the remuneration policy | 85.43% | 14.57% | 178,446,696 | 72.88% | 0.32% |
| Ordinary resolution number 11: General authority to issue ordinary shares for cash | 95.17% | 4.83% | 178,446,696 | 72.88% | 0.32% |
| Ordinary resolution number 12: Amendments to the rules of Spear REIT Limited Conditional Share Plan | 94.82% | 5.18% | 178,446,696 | 72.88% | 0.32% |
| Special resolution number 1: Remuneration of non-executive directors | 93.54% | 6.46% | 178,531,108 | 72.92% | 0.29% |
| Special resolution number 2: Inter-company financial assistance | 99.71% | 0.29% | 178,531,108 | 72.92% | 0.29% |
| Special resolution number 3: Financial assistance for acquisition of shares in the company or a related or interrelated company | 96.27% | 3.73% | 178,531,108 | 72.92% | 0.29% |
| Special resolution number 4: Share repurchases by Spear and its subsidiaries | 98.17% | 1.83% | 178,531,108 | 72.92% | 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.
