TeleMasters AGM 2023: 100% Shareholder Support Signals Strong Telecommunications Future

  • Shareholder Unanimity: All resolutions at TeleMasters' AGM received 100% approval, showcasing unanimous shareholder support for the proposed decisions.
  • High Turnout, Active Engagement: A substantial 78.23% of issued shares participated, highlighting robust shareholder engagement in the decision-making process.
  • Strategic Confidence: The unanimous backing signals trust in TeleMasters' leadership, affirming a positive outlook for the company's future growth and success.
By Lethabo Ntsoane

TeleMasters Holdings Limited announced the successful outcome of its Annual General Meeting (AGM) held on Friday, December 1, 2023. Shareholders overwhelmingly supported all proposed resolutions, marking a vote of confidence in the company’s strategic direction and leadership.

High Turnout Reflects Shareholder Engagement

With a total of 57,482,830 shares in issue, the AGM saw robust participation, with 44,970,314 shares present or represented, constituting an impressive 78.23% of issued shares. This substantial turnout underscores the active engagement of TeleMasters shareholders in the decision-making process.

Unanimous Support for Ordinary Resolutions

TeleMasters reported a clean sweep for ordinary resolutions, with each resolution receiving unanimous support from shareholders. The following table summarizes the key resolutions and the overwhelming approval they garnered:

Resolution No.Resolution DescriptionVotes ForVotes AgainstAbstentionsTotal Shares
1Adoption of Consolidated Annual Financial Statements100%44,970,314
2Director election – BR Topham100%44,970,314
3Director election – MJ Krastanov100%44,970,314
4Director retirement and reelection – WF Steinberg100%44,970,314
5Director retirement and reelection – M Tappan100%44,970,314
6Directors’ remuneration100%44,970,314
7Appointment of auditors and remuneration100%44,970,314
8General authority to allot and issue shares for cash100%44,970,314
9Authority to execute requisite documentation100%44,970,314
10Appointment of MJ Krastanov as Chair of Audit Committee100%44,970,314
11Appointment of M Tappan as member of Audit Committee100%44,970,314
12Appointment of WF Steinberg as member of Audit Committee100%44,970,314
13Appointment of DJ Bate as member of Audit Committee100%44,970,314

Non-Binding Advisory Resolutions and Special Resolutions

In addition to the unanimous approval of ordinary resolutions, shareholders also showed unanimous support for non-binding advisory resolutions and special resolutions. These covered vital aspects such as the approval of the Remuneration Policy, Implementation Report, Non-Executive Directors’ remuneration, authority for funding agreements and loans, authority for share repurchase, and a name change.

Implications and Future Prospects

The resounding endorsement of all resolutions at the AGM reflects a unified vision among TeleMasters shareholders. The company’s commitment to transparency, effective governance, and strategic planning received overwhelming backing, setting a positive tone for the company’s future endeavours.

As TeleMasters navigates the dynamic telecommunications landscape, the unanimous support from shareholders positions the company strongly for continued growth and success. The AGM results not only validate the current leadership but also instill confidence in the company’s strategic decisions among investors and stakeholders alike.

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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: Twitter: @NtsoaneLethabo