In a decisive show of support, shareholders at the Annual General Meeting (AGM) of Texton Property Fund Limited, held on 29 November 2023, overwhelmingly approved a series of resolutions, securing the company’s strategic direction for the upcoming year.
Key Resolutions and Voting Results
| Resolution | % of Votes For | % of Votes Against | Number of Shares Voted | % of Total Issued Shares | % of Shares Abstained |
|---|---|---|---|---|---|
| Re-election of Mr JR Macey as a director | 99.99% | 0.01% | 178,720,246 | 61.33% | 0.18% |
| Re-election of Mr W van der Vent as a director | 99.99% | 0.01% | 178,720,246 | 61.33% | 0.18% |
| Re-election of Mr JR Macey as chairman of audit committee | 99.99% | 0.01% | 178,720,246 | 61.33% | 0.18% |
| Re-election of Ms S Thomas as member of audit committee | 99.99% | 0.01% | 178,720,246 | 61.33% | 0.18% |
| Re-election of Mr AJ Hannington as member of audit committee | 99.99% | 0.01% | 178,720,246 | 61.33% | 0.18% |
| Re-appointment of the independent external auditor | 99.99% | 0.01% | 178,720,246 | 61.33% | 0.18% |
| Approval of the remuneration policy | 99.99% | 0.01% | 178,720,246 | 61.33% | 0.18% |
| Approval of the remuneration implementation report | 99.99% | 0.01% | 178,720,246 | 61.33% | 0.18% |
| Non-executive directors’ remuneration | 99.99% | 0.01% | 178,720,246 | 61.33% | 0.18% |
| Authority to repurchase ordinary shares | 99.99% | 0.01% | 178,720,246 | 61.33% | 0.18% |
| General approval for financial assistance (Section 44) | 99.99% | 0.01% | 178,720,246 | 61.33% | 0.18% |
| General approval for financial assistance (Section 45) | 99.99% | 0.01% | 178,720,246 | 61.33% | 0.18% |
| Implementation of resolutions | 99.99% | 0.01% | 178,720,246 | 61.33% | 0.18% |
Unanimous Approval Signals Confidence in Leadership
The shareholders expressed unwavering confidence in the current leadership, with each director’s re-election receiving an impressive 99.99% approval. Mr. JR Macey, also serving as the chairman of the audit and risk committee, garnered strong support, emphasizing trust in his oversight.
Audit Committee Strength Retained
The AGM ratified the re-election of Ms. S Thomas and Mr. AJ Hannington as members of the audit and risk committee, fortifying the company’s commitment to robust financial governance. The resolutions passed with the same resounding 99.99% approval rate.
External Auditor and Financial Oversight
The re-appointment of the independent external auditor, a critical component of corporate transparency, was endorsed with overwhelming support. Shareholders signaled satisfaction with the current auditing arrangements, reinforcing Texton’s commitment to financial probity.
Remuneration Policies Gain Shareholder Support
In a nod to responsible corporate governance, shareholders overwhelmingly approved both the remuneration policy and its implementation report. The company’s commitment to fair and transparent compensation practices resonated positively with investors.
Special Resolutions: A Strategic Green Light
Special resolutions, often indicative of a company’s strategic maneuvers, received unanimous support. The authority to repurchase ordinary shares, crucial for strategic flexibility, was approved with a resounding 99.99% backing.
Financial Assistance: Section 44 and 45 Approvals
General approvals for financial assistance under Sections 44 and 45 of the Companies Act, vital tools for navigating the financial landscape, were granted overwhelming support. Shareholders demonstrated confidence in the board’s ability to judiciously exercise these provisions.
Implementation of Resolutions: A Unified Mandate
The implementation of resolutions, securing the operationalization of the mandates given, received unanimous backing. This broad support underscores a unified mandate from shareholders for the company’s future endeavors.
Record Date Snapshot
As of the record date, the company’s total issued share capital stands at 291,423,300 ordinary shares, including 31,853,013 treasury shares.
Conclusion: A Strong Mandate for Future Growth
The results of Texton Property Fund Limited’s AGM send a powerful message of confidence and support from shareholders. The overwhelming approval of key resolutions reflects a unified mandate for the company’s current trajectory and future growth plans. The board, with its renewed and continued mandate, is well-positioned to steer Texton towards sustained success in the South African real estate market.
