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Results of the 91st Annual General Meeting
Mr Price Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004418/06)
ISIN: ZAE000200457
LEI number: 378900D3417C35C5D733
JSE and A2X Share Code: MRP
("Mr Price Group" or "the Group")
RESULTS OF THE 91st ANNUAL GENERAL MEETING
Shareholders are advised that, at the Mr Price Group Annual General Meeting ("AGM") held yesterday, Thursday, 29 August 2024, ordinary resolutions 1 – 12 and special
resolutions 1 - 3 as set out in the notice of AGM dated 21 June 2024 were passed by the requisite majority of votes of shareholders present in person or represented by
proxy.
The total number of shares present or represented, including by proxy, at the AGM was 80.32% of the Group's issued share capital* as at Friday 23 August 2024, being
the AGM voting record date. The voting results were as follows:
Votes cast as a Votes cast as a % of the Shares voted as a Shares abstained
combined % of number of shares voted at Number of % of issued share as a % of issued
the total number the meeting shares voted capital* share capital*
of shares voted Ordinary shares ("Ord") Ordinary shares Ordinary shares
(Ordinary shares B ordinary shares ("B Ord") ("Ord") ("Ord")
Resolutions and B ordinary B ordinary shares B ordinary shares
shares) at the ("B Ord") ("B Ord")
meeting
For Against For Against
Ordinary resolution 1 - Adoption of the annual 99.76 0.24 99.66 Ord 0.34 Ord 204,786,875 Ord 79.69 Ord 0.13 Ord
financial statements 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolutions 2.1 and 2.3 - Re-election of
directors retiring by rotation
2.1 Lucia Swartz 96.42 3.58 95.04 Ord 4.96 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
2.2 Mark Bowman 94.57 5.43 92.47 Ord 7.53 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
2.3 Richard Inskip 98.44 1.56 97.84 Ord 2.16 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 3 – confirmation of 99.39 0.61 99.15 Ord 0.85 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
appointment of executive director: Praneel 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
Nundkumar
Ordinary resolution 4 – confirmation of 99.97 0.03 99.96 Ord 0.04 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
appointment of non-executive director: Refilwe 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
Nkabinde
Ordinary resolution 5 – Re-election of 98.96 1.04 98.55 Ord 1.45 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
independent auditor 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolutions 6.1 to 6.3 - Election of
members of the audit and compliance committee
6.1 Harish Ramsumer 99.77 0.23 99.68 Ord 0.32 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
6.2 Mark Bowman 97.08 2.92 95.95 Ord 4.05 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
6.3 Refilwe Nkabinde 99.91 0.09 99.88 Ord 0.12 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 7 - Non-binding advisory vote 77.88 22.12 69.33 Ord 30.67 Ord 204,707,172 Ord 79.66 Ord 0.16 Ord
on the remuneration policy** (see commentary 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
below)
Ordinary resolution 8 - Non-binding advisory vote 58.10 41.90 41.92 Ord 58.08 Ord 204,880,195 Ord 79.72 Ord 0.10 Ord
on the remuneration implementation report** 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
(see commentary below)
Ordinary resolution 9 - Adoption of the SETS 99.99 0.01 99.99 Ord 0.01 Ord 204,786,876 Ord 79.69 Ord 0.13 Ord
committee report 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 10 - Signature of documents 100 0.00 100.00 Ord 0.00 Ord 204,880,194 Ord 79.72 Ord 0.10 Ord
100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 11 – General but restricted 89.84 10.16 85.80 Ord 14.20 Ord 198,941,810 Ord 77.41 Ord 0.10 Ord
authority to issue of shares for cash 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
Ordinary resolution 12 - Control of unissued 91.11 8.89 87.68 Ord 12.32 Ord 204,884,022 Ord 79.72 Ord 0.10 Ord
shares (excluding issues for cash) 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
Special resolutions 1.1 to 1.11 - Non-executive
director remuneration:
1.1 Independent non-executive chair of the 97.87 2.13 97.05 Ord 2.95 Ord 204,880,195 Ord 79.72 Ord 0.10 Ord
board – R 2 265 285 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
1.2 Honorary chair of the board – R 1 016 284 95.74 4.26 94.10 Ord 5.90 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
1.3 Lead independent non-executive director of 99.68 0.32 99.56 Ord 0.44 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
the board – R 705 699 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
1.4 Non-executive directors – R 481 207 99.68 0.32 99.56 Ord 0.44 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
1.5 Audit and compliance committee chair – 99.86 0.14 99.80 Ord 0.20 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
R 390 976 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
1.6 Audit and compliance committee members 99.86 0.14 99.80 Ord 0.20 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
– R 198 624 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
1.7 Remuneration and nominations committee 99.86 0.14 99.80 Ord 0.20 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
chair – R 251 028 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
1.8 Remuneration and nominations committee 99.86 0.14 99.80 Ord 0.20 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
members – R 125 075 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
1.9 SETS committee chair – R 206 427 99.86 0.14 99.80 Ord 0.20 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
1.10 SETS committee members – 99.86 0.14 99.80 Ord 0.20 Ord 204,884,023 Ord 79.72 Ord 0.10 Ord
R 119 493 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
1.11 Risk and IT committee members - 99.86 0.14 99.80 Ord 0.20 Ord 204,880,195 Ord 79.72 Ord 0.10 Ord
R 149 350 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
Special resolution 2 – General authority to 97.74 2.26 96.83 Ord 3.17 Ord 198,893,703 Ord 77.39 Ord 0.11 Ord
repurchase shares 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
Special resolution 3 - Financial assistance to 99.35 0.65 99.10 Ord 0.90 Ord 204,884,022 Ord 79.72 Ord 0.10 Ord
related or inter-related companies 100.00 B Ord 0.00 B Ord 6,592,586 B Ord 100.00 B Ord 0.00 B Ord
* The total issued share capital as at the AGM voting record date was 256,991,496 ordinary shares and 6,592,786 B-ordinary shares
** Ahead of the AGM, the Group sent communication to its top 25 shareholders and released a SENS on 15 August 2024 inviting all shareholders to engage on the
resolutions proposed at the AGM. Through this process and in response to requests from 19 shareholders, the Group actively engaged with shareholders representing
43.1% of its ordinary shares. The Group appreciates the constructive feedback from shareholders and the continued support for the remuneration policy which indicates a
favourable shareholder view of the Group's general remuneration philosophy. However, the Group is disappointed at the result of the voting on remuneration
implementation given the positive engagements with shareholders and changes made to the remuneration policy, its implementation and overall remuneration disclosure
during FY2024. In this light, the input received from shareholders is already under discussion and consideration.
The Group strives to apply its remuneration philosophy of "partnership" consistently and appropriately and the Group will continue its efforts to engage with shareholders to
understand more fully the concerns around the remuneration policy and implementation thereof, especially from shareholders who did not elect to engage before the AGM.
Notwithstanding the engagement already held, shareholders are again invited to advise the Group of their reasons for their dissenting votes on the remuneration policy
and/or the implementation thereof, and whether they wish to engage with the Group on these issues. Correspondence in this regard should be addressed by email to the
Group's Head of Investor Relations, Matt Warriner (klechman@mrpricegroup.com), by 30 September 2024. Thereafter the date and time for further engagements will be
scheduled with shareholders individually.
Durban
30 August 2024
JSE Equity Sponsor and Corporate Broker
Investec Bank Limited
Date: 30-08-2024 07:05:00
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