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NVEST FINANCIAL HOLDINGS LIMITED - Results of Annual General Meeting and Changes to the Board of Directors

Release Date: 22/08/2018 13:43
Code(s): NVE     PDF:  
Wrap Text
Results of Annual General Meeting and Changes to the Board of Directors

NVEST FINANCIAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2008/015990/06)
(“NVest” or “the Company”)
ISIN Code: ZAE000199865        JSE Code: NVE

RESULTS OF ANNUAL GENERAL MEETING (“AGM”) AND CHANGES TO THE BOARD OF
                                   DIRECTORS


RESULTS OF THE AGM
Shareholders are advised that, at the Company’s AGM held on 20 August 2018, the following resolutions were
passed without modification.


Number of ordinary shares represented at the meeting                                         242,006,758
Total issued number of ordinary shares                                                       302,741,722
Percentage of ordinary shares represented at the meeting                                          79.94%

                                                  For          Against
                                          (% based on      (% based on
                                         total number     total number            Abstain
                                            of shares        of shares        (% based on
                                            present /        present /       total number    Total Votes
                                      represented at    represented at       of shares in     (excluding
 Resolutions                                     AGM)              AGM)             issue)   abstentions)
 Ordinary resolution number 1 -
 Adoption of annual financial            242,006,758                  -                 -    242,006,758
 statements                                 100.00%              0.00%             0.00%        100.00%
 
Ordinary resolution number 2 -
 Appointment of director - Chris         242,006,758                  -                 -    242,006,758
 Grant Lemmon                               100.00%              0.00%             0.00%        100.00%

 Ordinary resolution number 3 -
 Director retirement and re-election     242,006,758                  -                 -    242,006,758
 - Dylan Leigh Schemel                      100.00%              0.00%             0.00%        100.00%

 Ordinary resolution number 4 -
 Director retirement and re-election     242,006,758                  -                 -    242,006,758
 - Jonathan Goldberg                        100.00%              0.00%             0.00%        100.00%
 
Ordinary resolution number 5 -
 Appointment and remuneration of         242,006,758                  -                 -    242,006,758
 auditors                                   100.00%              0.00%             0.00%        100.00%
 
Ordinary resolution number 6 -
 Appointment of audit and risk
 committee member - Jonathan             242,006,758                  -                 -    242,006,758
 Goldberg                                   100.00%              0.00%             0.00%        100.00%

 Ordinary resolution number 7 -
 Appointment of audit and risk
 committee member - Siviwe               242,006,758                  -                 -    242,006,758
 Relebohile Kwatsha                         100.00%              0.00%             0.00%        100.00%

 Ordinary resolution number 8 -
 Appointment of audit and risk
 committee member - Professor            242,006,758                  -                 -    242,006,758
 Lana Joy Weldon                            100.00%              0.00%             0.00%        100.00%
 
Ordinary resolution number 9 -
 Endorsement of Nvest's                  241,646,758                 -           360,000      241,646,758
 remuneration policy                        100.00%             0.00%             0.12%          100.00%
 
Ordinary resolution number 10
 Endorsement of the
 implementation of Nvest's               241,646,758                 -           360,000      241,646,758
 remuneration policy                        100.00%             0.00%             0.12%          100.00%
 
Ordinary resolution number 11
 Approval of amendments to share         241,646,758                 -           360,000      241,646,758
 incentive scheme                           100.00%             0.00%             0.12%          100.00%
 
Ordinary resolution number 12
 Appointment of director - Brendan       242,006,758                 -                 -      242,006,758
 Joseph Connellan                           100.00%             0.00%             0.00%          100.00%
 
Special resolution number 1 -
 General authority to allot and          241,646,758                 -           360,000      241,646,758
 issue shares for cash                      100.00%             0.00%             0.12%          100.00%
 
Special resolution number 2 -
 Authority to issue shares,
 securities convertible into shares
 or rights that may exceed 30% of
 the voting power of the current         241,646,758                 -           360,000      241,646,758
 issued share capital                       100.00%             0.00%             0.12%          100.00%
 
Special resolution number 3 -
 Independent non-executive               242,006,758                 -                 -      242,006,758
 directors' remuneration                    100.00%             0.00%             0.00%          100.00%
 
Special resolution number 4 -
 General authority to enter into
 funding agreements, provide             241,646,758                 -           360,000      241,646,758
 loans or other financial assistance        100.00%             0.00%             0.12%          100.00%
 
Special resolution number 5 -
 General authority to acquire            242,006,758                 -                 -      242,006,758
 (repurchase) shares                        100.00%             0.00%             0.00%          100.00%
 
Special resolution number 6 -
 Company acquiring the
 company's shares from a director        242,006,758                 -                 -      242,006,758
 or prescribed officer                      100.00%             0.00%             0.00%          100.00%

CHANGES TO THE BOARD OF DIRECTORS
In compliance with section 3.59 of the Listings Requirements of the Johannesburg Stock Exchange,
shareholders are advised of the following changes to the board of directors (“Board”) of NVest:

(i)    Mr Frank Knox (“Frank”) has resigned as Financial Director with effect from 1 September 2018. Frank
       will be taking over responsibility for the management of the property interests of NVest Properties
       Limited with a view to enhancing the performance of this subsidiary.

(ii)   Mr Glenn Orsmond (“Glenn”) has been appointed as the new Financial Director with effect from
       1 September 2018.

       Glenn graduated from Rhodes University in 1986 with a B.Comm, and completed a post graduate
       diploma in Accounting in 1988 from the University of Port Elizabeth. Glenn completed his CA(SA) in
       1989 through the PAAB and Level 1 of the CFA Programme in 2013 through the CFA Institute. From
       August 1995 to July 2003 Glenn was employed at Comair Limited as Financial Director. He then served
       as both CEO and Financial Director during his tenure at 1time Holdings Limited from August 2003 to
       September 2011. Glenn left 1time Holdings Limited to consult in the aviation industry until December
       2015, when he was employed as Chief Financial Officer of Star Air Cargo until date of employment with
       NVest.

(iii)   Mr Brendan Connellan (“Brendan”) has been re-appointed as an executive director with effect from
        20 August 2018.

        Brendan graduated from Rhodes University in 1997 with a B.Comm. In 2000 he completed a post
        graduate diploma in Financial Planning from the University of the Free State as well as an advanced
        post graduate diploma in Financial Planning in 2002 from the same university. In 2006 Brendan
        achieved a certificate in Compliance Management from the University of Cape Town. From 1997 to
        2008 Brendan served as an Executive Director (Head of Compliance and Operations) at NFB Private
        Wealth Management (a member of the NVest Group). From 2008 to date Brendan has held the position
        of Chief Operations Officer of NVest.

The Board welcomes Glenn and Brendan and looks forward to their contributions to the Company.


East London
22 August 2018

Designated Advisor
Arbor Capital Sponsors Proprietary Limited

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