WBHO Shareholders Overwhelmingly Approve Resolutions, Clearing Path for WBHO B-BBEE Ownership Transaction

• Wilson Bayly Holmes – Ovcon Limited shareholders overwhelmingly approve resolutions at general meeting.
• Voting results show strong support with high majority in favour of all resolutions.
• Approval paves the way for the implementation of WBHO B-BBEE Ownership Transaction plans.

Wilson Bayly Holmes – Ovcon Limited (WBO) announced yesterday that shareholders have given their overwhelming approval to all resolutions presented at the general meeting. The meeting, held on Tuesday, 6 June 2023, aimed to consider the resolutions outlined in the circular dated 5 May 2023, which pertained to the WBHO B-BBEE Ownership Transaction.

Shareholders demonstrated their strong support for the proposed resolutions, with an impressive majority of votes in favor. The meeting witnessed active shareholder participation, with a total of 45,871,190 shares being voted in person or by proxy, representing a significant 85.19% of the company’s issued share capital as of 26 May 2023, the record date for shareholder voting entitlement.

The voting results, which were announced following the meeting, are as follows:

• Special Resolution Number 1: Authority for specific issues of shares for cash received an overwhelming 99.93% votes in favor, with 45,864,350 shares representing 85.17% of the total.
• Special Resolution Number 2: Authority for financial assistance secured an impressive 99.99% votes in favor, with 45,864,350 shares accounting for 85.17% of the total.
• Special Resolution Number 3
  : Authority for specific repurchases achieved a unanimous 100.00% votes in favor, with 45,864,350 shares representing 85.17% of the total.
• Special Resolution Number 4: Section 164(9) revocation also received unanimous approval, with 100.00% votes in favor, and 45,863,450 shares representing 85.17% of the total.
• Ordinary Resolution Number 1: Authority to implement was overwhelmingly approved with 100.00% votes in favor, and 45,863,450 shares accounting for 85.17% of the total.

The resounding support for these resolutions highlights the shareholders’ confidence in the company’s future direction and their endorsement of its strategic initiatives. With these mandates in place, Wilson Bayly Holmes – Ovcon Limited can proceed with its plans for the WBHO B-BBEE Ownership Transaction, taking crucial steps towards its successful implementation.

Wilson Bayly Holmes – Ovcon Limited expressed its sincere appreciation to its shareholders for their active participation in the general meeting and their overwhelming support for the resolutions. The company remains steadfast in its commitment to delivering value to its shareholders while pursuing its growth strategies within the construction industry.