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MPACT LIMITED - Report on proceedings at the annual general meeting

Release Date: 07/06/2024 10:52
Code(s): MPT     PDF:  
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Report on proceedings at the annual general meeting

Mpact Limited
(Incorporated in the Republic of South Africa)
(Registration number 2004/025229/06)
JSE share code: MPT ISIN: ZAE000156501
("Mpact" or "the Company")


REPORT ON PROCEEDINGS AT THE ANNUAL GENERAL MEETING

At the Annual General Meeting ("AGM") of the Shareholders of Mpact held on
Thursday, 06 June 2024, all the Ordinary resolutions proposed were approved by
the requisite majority of votes. All the Special resolutions and the non-binding
advisory votes 1 and 2 did not obtain the requisite number of votes.

Mpact confirms the voting statistics from the AGM as follows:


                              Votes        cast                 Shares        Shares
                              disclosed  as   a                 voted         abstained
                              percentage     in                 disclosed     disclosed
                              relation to the                   as        a   as        a
                              total number of     Number   of   percentage    percentage
 Resolutions                  shares voted at     shares        in            in
                              the AGM             voted         relation      relation
                                                                to      the   to      the
                                                                total         total
                                                                issued        issued
                              For       Against                 shares*       shares*
 Ordinary resolution 1.1.
 Re-election of DG Wilson      60,19%    39,81%   126 360 193       84,55%         0,23%
 Ordinary resolution 1.2.
 Withdrawn
 Ordinary resolution 1.3.
 Re-election of FC Futwa       60,19%    39,81%   126 360 193       84,55%         0,23%
 Ordinary resolution 2.1.
 Election of DG Wilson as
 Audit and Risk Committee
 member                        60,19%    39,81%   126 360 193       84,55%         0,23%
 Ordinary resolution 2.2.
 Withdrawn
 Ordinary resolution 2.3.
 Election of PCS Luthuli as
 Audit and Risk Committee
 member                        60,19%    39,81%   126 360 193       84,55%         0,23%
 Ordinary resolution 2.4
 Election of FC Futwa as
 Audit and Risk Committee
 member                        60,09%    39,91%   126 032 423       84,33%         0,45%
 Ordinary   resolution   3:
 Appointment of PWC as
 auditors                      60,19%    39,81%   126 360 193       84,55%         0,23%
 Non-binding advisory vote
 1: Remuneration policy        48,82%    51,18%   126 360 193       84,55%         0,23%
 Non-binding advisory vote
 2: Implementation report      48,82%    51,18%   126 360 193       84,55%         0,23%
  Special    resolution   1:
  General    authority    to
  repurchase shares            60,04%     39,96%   126 360 193     84,55%          0,23%
  Special    resolution   2:
  General    authority    to
  provide          financial
  assistance                   59,22%     40,78%   126 360 193     84,55%          0,23%
  Special resolution 3: non-
  executive       directors'
  remuneration                  59,22%     40,78%   126 360 193     84,55%         0,23%


     •     *Total number of shares in issue                                  149 453 688

     •     Total number of shares represented (including
           proxies) at the Annual General Meeting                            126 711 358

     •     Proportion    of   total    voteable   shares
           represented at the Annual General Meeting                              84.78%


Notes:

Shareholders are advised that the non-binding advisory votes 1 and 2 (the
Remuneration Policy and the Implementation Report, respectively), and all the
Special resolutions did not receive the required 75% approval from Mpact's
shareholders present in person or represented by proxy at the AGM.

Special resolution 2 which sought to renew Mpact's existing general authority to
provide financial assistance to its subsidiaries and other related and inter-
related entities in terms of sections 44 and 45 of the Companies Act did not
receive the required 75% approval. Since shareholders have again voted against
Special resolution 2, Mpact Limited currently has no standing authority to provide
financial assistance to subsidiaries in the Group. The Group's existing borrowing
facilities remain in place and are unaffected by the absence of the general
authority to provide financial assistance. Should additional funding be required,
Mpact Operations Proprietary Limited ("Mpact Operations"), or any other Mpact
subsidiary, remains able to raise additional loan funding without an Mpact Limited
guarantee.

Special resolution 3 regarding non-executive directors' remuneration did not
receive the required 75% approval. The non-executive Directors will continue to
serve on the Board of Directors of Mpact Operations, in which capacity they will
continue to attend to the governance of Mpact Operations and its subsidiaries. In
their capacity as non-executive Directors of Mpact Operations, they are
remunerated for services rendered to Mpact Operations. However, they do not receive
any remuneration in respect of their ongoing services to Mpact Limited.

The Board is committed to engaging with shareholders regarding these matters and
invites shareholders to engage with the Company in the following manner:

1.       Shareholders are invited to forward their questions on the Remuneration Policy
         and the Implementation Report, and any other matter, to the Group Company
         Secretary in writing to cosec@mpact.co.za by close of business on Friday, 14
         June 2024.

2.       The Board values the opportunity to engage with shareholders to understand
         and address their questions and will schedule a meeting with these
         shareholders at a suitable date and time.

Melrose Arch
07 June 2024


Sponsor
The Standard Bank of South Africa Limited

Date: 07-06-2024 10:52:00
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