HDC - Hudaco - Results of the Annual General Meeting statement by Chief
HDC
HDC
HDC - Hudaco - Results of the Annual General Meeting, statement by Chief
Executive Officer and changes to the board of directors
HUDACO INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
Registration Number 1985/004617/06
Share Code: HDC ISIN: ZAE000003273
("Hudaco" or "the company")
Results of the Annual General Meeting, statement by Chief Executive Officer
and changes to the board of directors
Results of annual general meeting
Shareholders are advised that, at the annual general meeting of Hudaco held
at the registered office of the company today, all the resolutions were
passed by the requisite majority of shareholders.
The special resolution will be submitted for registration at the Registrar of
Companies in due course.
Statement by Chief Executive Officer
In response to a question by a shareholder present at the annual general
meeting, Mr Stephen Connelly (CEO) referred to the prospects statement
contained in the 2008 annual report which had noted that trading conditions
were expected to be more difficult in 2009 and made the following statement:
"Trading conditions in the first three months of the 2009 financial year have
indeed proved to be more difficult than 2008. First quarter sales are
slightly up on last year with lower volume sales offset by higher prices.
Gross margins have held at last year`s levels.
However, the outlook for the South African economy remains unclear and our
first quarter results are difficult to interpret for trends. It is still
impossible to predict the group`s earnings performance this year but it will
be difficult to match last year`s earnings."
Changes to the board of directors
As mentioned in the annual report, Mr Peter Campbell retired from the board
of directors of Hudaco immediately after the AGM.
Johannesburg
26 March 2009
Sponsor
Nedbank Capital
Date: 26/03/2009 16:25:02 Produced by the JSE SENS Department.
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