FINANCIAL | FINANSIEEL
Danie Minnaar
Senwes Chairman
Francois Strydom
Senwes CEO
2018 Financial Year Concluded
With Annual General Meeting
By Elmarie Joynt
Senwes Group Company Secretary
and Chief Legal Counsel
S
enwes (and Senwesbel) held
their annual general meetings
on Wednesday, 22 August 2018.
Although an annual statutory
formality, the meeting is always a highlight
in concluding a financial year, especially
in the light of the good results of the com-
pany.
The 2018 annual financial statements
were duly presented and Steve Booysen,
James Botha and Simon Mohapi were
re-elected as independent non–execu-
tive directors on the board. The Senwes
shareholders adopted all the resolutions
with average voting percentages of 99%
and also confirmed the recommended final
dividend of 27 cents per share, which was
paid on 31 August 2018.
Ernst & Young was reappointed as
auditors with Derek Engelbrecht, who
will be acting as the senior audit partner
as from the 2019 audit in stead of Mike
Herbst, who retired by rotation as required
by legislation. In accordance with statuto-
ry requirements, the members also elec
ted the Audit Committee.
All the special resolutions were adop
ted in terms of which the board remu-
neration (non-executive directors) was
approved and authority was granted for
the acquisition of the company's own
shares in terms of the provisions of the
prevailing statutory measures.
The company’s Memorandum of
Incorporation was also amended to delete
the requirement that proxies need to be
submitted 48 hours before a meeting.
Proxies may from now on be delivered
any time before a shareholders meeting.
SENWESBEL MEETING
The shareholders of the holding compa-
ny, Senwesbel, were also informed of the
progress with Senwes' strategy and the
intended plans in dealing with the Senwes
investment in Senwesbel.
All the resolutions proposed were
adopted.
This year Senwesbel shareholders
were also afforded the opportunity to
receive a cash dividend or, per election, a
scrip dividend (shares in lieu of cash).
Seventy four shareholders elected
to receive the scrip dividend, resulting
in 916 992 new ordinary shares being
issued to those shareholders who selec
ted this option, which entails, a 0,8%
increase in the issued share capital of
Senwesbel.
For further particulars refer to: www.
https://www.zarx.co.za/zaps
SENWES SCENARIO | SOMER • SUMMER 2018
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