| Fri 2 Oct 2009, 13:13 | | RBX - Raubex Group Limited - Results of Annual General Meeting |
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RBX
RBX
RBX - Raubex Group Limited - Results of Annual General Meeting
RAUBEX GROUP LIMITED
(Previously Lexpub 49 Investments Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2006/023666/06)
JSE Share code: RBX
ISIN: ZAE000093183
Results of Annual General Meeting
Raubex shareholders are advised that at the Annual General Meeting of members
held on Friday 2 October, 2009, all resolutions as proposed in the Notice of the
Annual General Meeting were approved by the requisite majority of members. The
special resolution will be lodged with the Companies and Intellectual Property
Registration Office for registration in due course.
At the Annual General Meeting, Mr. G M Raubenheimer (executive director) did not
seek re-election and accordingly resigned from the board. Mr. G M Raubenheimer
will continue as part of the Group`s management team. Mr R J Fourie was
appointed as an executive director of the board.
The chairman, Collin Matjila, made the following address at the Annual General
Meeting:
The past year was marked by volatile economic conditions in the global world
markets. Despite these challenges, Raubex achieved yet another strong financial
and operational performance which was substantiated by a growing order book and
the continued healthy demand for our services.
This has also been a year of consolidation as we entrenched the group as a
competitive industry player with adequate scale and reach. Following a balanced
strategy of organic and acquisitive growth has proven to be profitable and
highly beneficial.
Five acquisitions were successfully incorporated into the Group and have already
delivered strong financial and operational performances within the various
divisions. Organically, the government`s continued demand for our services has
served us well and our investment into a new asphalt production facility will
also increase our market share in the key Gauteng area significantly.
Current indications point to the Gauteng Freeway Improvement Programme being
extended into a third phase and we will continue to actively explore associated
Public Private Partnership opportunities.
But South Africa will not provide the necessary growth potential forever. Whilst
maintenance of the newly developed infrastructure will remain a cornerstone of
our business, Raubex has made it clear that in the long-term, it will continue
to look at the international market to sustain its growth momentum. Our
international strategy is moving ahead and we have continued to carefully expand
into the SADC region on a country by country basis. Post year end, our strong
presence in Zambia was complemented by the awarding of two large road contracts
in Namibia with a combined value of R1 billion. Smaller contracts were also
awarded in that country subsequently.
We will continue to cautiously explore new opportunities in geographies that
meet our investment criteria with Botswana, Angola and Zimbabwe appearing
attractive in the medium term. It is anticipated that international operations
will contribute 50% of Group revenue in the next five years.
Raubex announced a final dividend of 70 cents per share bringing the total
dividend for the year to 100 cents per share. The dividend policy of three times
cover indicated at listing remains unchanged.
A cornerstone of Raubex`s success has been its entrepreneurial culture supported
by strong management and I have no doubt that this will continue in the future.
In line with the Group`s succession strategy, Mr Koos Raubenheimer, the current
CEO and founder of Raubex, announced his intention to retire from his position
in March 2010. It is anticipated that Rudolf Fourie, current Managing Director
of the Roadmac division, will assume the position of CEO in March next year
whilst Koos Raubenheimer will take on a non-executive role on the Board. As a
result, the Board will be streamlined to two executives with Francois
Diedrechsen retaining his position as Financial and Commercial Director. GM
(Thabo) Raubenheimer will be retiring as an executive member of the Board but
will remain with the business going forward. I would like to thank him for his
services and continued valuable contribution to the success of the business.
We believe that the global economic focus on infrastructure will underpin South
Africa`s essential development plans and this will continue to drive the current
cycle. Our strategy to continue to secure the medium term order book will ensure
further growth and we remain committed to a conservative capital expenditure
strategy until there is improvement in the long-term visibility.
I would like to extend my thanks to my colleagues on the Board, management and
all employees for the achievements of the past year but also our investors for
their continued support. I look forward to another year of continued success and
growth.
ENQUIRIES
Raubex Group Limited +27 12 665 3226
Francois Diedrechsen, Commercial and Financial Director
College Hill +27 11 447 3030
Fred Cornet +27 83 307 8286
Hayley Crane +27 72 758 1677
www.raubex.co.za
Investment Bank and Sponsor
Investec Bank Limited
Johannesburg
2 October 2009
Date: 02/10/2009 13:13:01 Produced by the JSE SENS Department.
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