27 May - 4 min read

ADvTECH Limited Results of the 2021 Annual General Meeting and Business Update

ADvTECH Limited Results of the 2021 Annual General Meeting and Business Update

 ADvTECH Limited
 (Incorporated in the Republic of South Africa)
 (Registration number 1990/001119/06)
 Share code: ADH        ISIN: ZAE000031035
 (“ADvTECH” or “the Company”)

RESULTS OF THE 2021 ANNUAL GENERAL MEETING AND BUSINESS UPDATE

In terms of section 3.91 of the JSE Listings Requirements, shareholders are hereby advised that at the
annual general meeting of shareholders of the Company held Thursday 27 May 2021, all the proposed
ordinary and special resolutions, as set out in the notice of annual general meeting contained in the
Integrated Annual Report, were approved by the requisite majority of shareholders present or
represented by proxy.

Details of the results of voting at the annual general meeting are as follows:

 Ordinary shares:

 Total number of issued ordinary shares:                                 551 783 426

 Total number of issued ordinary shares net of                           551 783 426
 treasury shares:

 Total Votable Ordinary Shares:                                          551 783 426

The meeting was well attended by 445 095 375 ADvTECH shares, representing 80.66% of the total
ordinary issued share capital of ADvTECH, voting in person or by proxy.

The resolutions proposed at the AGM, together with the percentage of shares abstained (as a
percentage of total issued share capital of the Company), as well as the percentage of votes carried for
and against each resolution (as a percentage of shares voted), are as follows:

1.   Ordinary resolution number 1: Adoption of the annual financial statements

     FOR                               AGAINST                          ABSTAIN
     444 532 783                       0                                562 592
     100.00%                           0.00%                            0.10%

2.   Ordinary resolution number 2: Appointment of Mr CB Thomson as a non-executive director

     FOR                               AGAINST                          ABSTAIN
     444 575 930                       117                              519 328
     100.00%                           0.00%                            0.09%

3.   Ordinary resolution number 3: Appointment of Mr MM Nkosi as a non-executive director

     FOR                               AGAINST                         ABSTAIN
     436 983 092                       5 000                           8 107 283
     100.00%                           0.00%                           1.47%

4.   Ordinary resolution number 4: Re-election of Professor SA Zinn as a non-executive director

     FOR                               AGAINST                         ABSTAIN
     429 682 299                       14 893 748                      519 328
     96.65%                            3.35%                           0.09%

5.   Ordinary resolution number 5: Re-election of Mr KDM Warburton as a member and chairman
     of the audit and risk committee

     FOR                               AGAINST                         ABSTAIN
     444 567 130                       8 917                           519 328
     100.00%                           0.00%                           0.09%
     
6.   Ordinary resolution number 6: Re-election of Dr JS Chimhanzi as a member of the audit and
     risk committee
 
     FOR                               AGAINST                         ABSTAIN
     421 198 902                       16 511 426                      7 385 047
     96.23%                            3.77%                           1.34%
 
7.   Ordinary resolution number 7: Re-election of Ms KM Gugushe as a member of the audit and
     risk committee

     FOR                               AGAINST                         ABSTAIN
     401 429 446                       36 280 882                      7 385 047
     91.71%                            8.29%                           1.34%

8.   Ordinary resolution number 8: Election of Mr CB Thomson as a member of the audit and risk
     committee

     FOR                               AGAINST                         ABSTAIN
     444 575 930                       117                             519 328
     100.00%                           0.00%                           0.09%

9.   Ordinary resolution number 9: Appointment of external auditors

     FOR                               AGAINST                         ABSTAIN
     444 576 047                       0                               519 328
     100.00%                           0.00%                            0.09%

10.  Ordinary resolution number 10: Issuing shares for cash

     FOR                               AGAINST                         ABSTAIN
     395 645 597                       48 928 430                      521 348
     88.99%                            11.01%                          0.09%

11.  Ordinary resolution number 11: Signature of documents

     FOR                               AGAINST                         ABSTAIN
     444 575 975                       72                              519 328
     100.00%                           0.00%                           0.09%

12.  Non-binding advisory vote number 1: Remuneration policy

     FOR                               AGAINST                        ABSTAIN
     430 538 667                       7 164 661                      7 392 047
     98.36%                            1.64%                          1.34%

13.  Non-binding advisory vote number 2: Implementation report

     FOR                              AGAINST                         ABSTAIN
     430 986 441                      6 723 887                       7 385 047
     98.46%                           1.54%                           1.34%

14.  Special resolution number 1: Approval of non-executive directors’ fees

     FOR                              AGAINST                         ABSTAIN
     437 679 992                      23 336                          7 392 047
     99.99%                           0.01%                           1.34%

15.  Special resolution number 2: Authority to make loans or give financial assistance to subsidiaries
     and related or inter-related companies

     FOR                               AGAINST                         ABSTAIN
     444 560 127                       7 120                           528 128
     100.00%                           0.00%                           0.10%

16.  Special resolution number 3: General authority for the acquisition of shares issued by the
     Company

     FOR                               AGAINST                         ABSTAIN
     425 988 224                       18 587 823                      519 328
     95.82%                            4.18%                           0.09%

In a business update to shareholders at the AGM, Group CEO, Roy Douglas, indicated that the business
continues to perform in line with expectations. Enrolment numbers within the schools division, as
published in March 2021, were pleasing. Following the delayed release of Matric results, the Group can
now confirm that tertiary enrolments for 2021 were satisfactory. The Group is also encouraged by the
significant improvement in collections in the current year, but continues to remain cautious in the context
of the constrained consumer environment.

Overall, there have no discernible changes in customer behaviour as a result of the ongoing COVID-19
pandemic. The portfolio of schools within the Group remain well positioned to cater for the various
needs of consumers. The Group will continue to monitor developments with regard to the third wave of
pandemic very closely. It remains confident in its ability to seamlessly transition students to online
learning if necessary.

The Group remains committed to offering academic excellence, minimising the economic impact on its
stakeholders, and ensuring the sustainability of its business through cash preservation and balance
sheet management.

27 May 2021
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited

Date: 27-05-2021 03:20:00
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