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Pinnacle -- AGM results
Shareholders are advised that, at the annual general meeting (AGM) of the Company held today, all the resolutions as set out in the notice of AGM were passed by the requisite majority of shareholders, except for:
- ordinary resolution 1.1 (To ratify the appointment of Mr HMP Ferreira as an executive director) - Resolution withdrawn prior to the annual general meeting
- ordinary resolution 2 (To ratify the re-appointment of Ms D Mashile-Nkosi as an independent non- executive director) - Resolution withdrawn prior to the annual general meeting, see below.
- ordinary resolution 5 (To endorse the Company’s Remuneration Policy and its implementation)
- ordinary resolution 8 (General Authorisation to issue shares for cash)
The results of the AGM are as follows:
- Total number of Pinnacle issued ordinary shares is 167 992 449;
- Total number of ordinary shares in issue excluding 12 069 974 treasury shares is 155 922 475 (Total Votable Ordinary Share);
- Total number of ordinary shares voted in person or by proxy was 88 713 926, representing 56.89 % of the total issued share capital of the ordinary shares of the Company.
Change in directorate
The board of directors of Pinnacle advise shareholders that the Chairperson, Ms Mashile Nkosi has resigned as a non-executive director of the Company with effect from 27 October 2014. We further wish to advise shareholders that Mr Tugendhaft will act as Chairman of the Company until such time as a new Chairman has been appointed.
Further, Mr HMP Ferreira, in addition to his overall executive responsibility as Head of Distribution for the Group, has taken on the day to day operational responsibility as CEO of Pinnacle Micro (Pty) Ltd, a major subsidiary. As a result, he has decided to step down from the Board with effect 27 October 2014, in order to focus his energies on the successful outcome of his additional responsibilities. The Board thank him for his ongoing contribution and commitment to the Group.
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