SAB Zenzele board reschedules AGM to March 25 2020
BUSINESS LIVE / 20 MARCH 2020 - 16.01 / STAFF REPORTER
New voting arrangements being made to safeguard the health of shareholders
Joining the presidency in a nationwide effort to safeguard the health and wellbeing of all South Africans, the SAB Zenzele board has made the decision to postpone the special AGM scheduled for March 19 2020 at Nasrec, in the interest of the health and safety of its valued shareholder partners.
This was announced by Penuell Maduna, the SAB Zenzele chair, in a video address to shareholders.
The special AGM for the B-BBEE share scheme will now take place on Wednesday, March 25 2020 at 10am to allow time to make the necessary arrangements for the shareholders’ meeting. Voting will be conducted by electronic communication.
“This is an exciting time for us at SAB, as SAB Zenzele is set to mature in April 2020, and together our valued partners, we have achieved more than we could ever dream possible. We are planning for the future with our brand-new empowerment share scheme, SAB Zenzele Kabili,” says Maduna.
“However, we understand that this is a crucial time for us at SAB, as we wind down SAB Zenzele and implement SAB Zenzele Kabili, not only for our future, but for our future generations. Now that SAB Zenzele is coming to an end, every shareholder will have to make a wise decision on what to do with their shares.
As an SAB retailer and SAB Zenzele shareholder and partner, your voice is very important to us. We want you to cast your vote about the implementation of SAB Zenzele Kabili, which will not go ahead if it is not voted in by you at the special AGM,” says Maduna.
The special AGM in its traditional format will be rescheduled, in line with the directive that gatherings of more than 100 people are prohibited. However, shareholders will still have the right to vote, and an electronic solution is being worked on to ensure that they can participate in the special AGM, from the comfort of their homes or taverns. Maduna encouraged shareholders to join the SAB Zenzele retailers Facebook group to stay updated regarding developments.
The electronic voting process for shareholders will be communicated soon. For administrative purposes, forms of proxy (pink) for the shareholders’ meeting should be received by 10am on March 23. The results of the special meeting will be published on March 26.
“Whatever decision you make, think about your own future and the future generations in your family. The scheme that is ending and the one that is starting is your opportunity to build a lasting legacy for your family. The opportunity is in your hands. Thank you for your ongoing support and commitment. We look forward to another successful decade with you,” says Maduna.
The SAB Zenzele Kabili share scheme will be listed on the JSE on April 15 2020.
Shareholders are encouraged to join the SAB Zenzele retailers Facebook group, or to dial *120*1138# or visit the website for more information.
This article was paid for by SAB Zenzele.
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER