Senwes Scenario Oktober/November 2018 | Page 75

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 73