| Wed 14 Oct 2009, 17:19 | | JSC - Jasco Electronics Holdings - Results Of Annual General Meeting |
|
JSC
JSC
JSC - Jasco Electronics Holdings - Results Of Annual General Meeting
JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/003293/06)
Share Code: JSC ISIN: ZAE000003794
("Jasco" or "the company" or "the group")
RESULTS OF ANNUAL GENERAL MEETING
Shareholders are hereby advised that, at the annual general meeting of
shareholders held today ("the AGM"), all the proposed ordinary resolutions and
the special resolution, as contained in the notice of the AGM which was posted
to shareholders together with the company`s annual report, received the
necessary majority votes and were accordingly approved.
The special resolution relating to the general authority to repurchase the
company`s shares will be submitted to CIPRO for registration in due course.
Three non-executive directors, namely FE Emary, Prof JM Matsipa and PS
Chapwanya, did not offer themselves for re-election to the board of directors of
Jasco ("the Board"). Jasco appreciates their long and valuable contributions to
the Board, which ranged from 6 to 22 years. The company is in the process of
restructuring the Board to improve efficiency, expertise and compliance with new
corporate governance frameworks. Shareholders will be informed as soon as the
appointments have been finalised.
During the meeting, the Chairperson confirmed that the global economic context
will remain a key influencer for South African business going forward. As
outlined at Jasco`s year-end results presentation in September, the group will
continue to focus on ensuring it is effectively structured to deal with variable
conditions, and to take advantage of new opportunities as they arise.
In the short term, the group will continue to focus on working capital
management, cost cutting and production efficiencies to combat volatile markets.
Over the medium to long term, infrastructure development in South Africa and
across the continent will play an important role in the group`s approach to
growth. While the global economy is experiencing a significant slowdown in
consumer spend, infrastructure development continues, albeit some projects at
delayed timetables, in South Africa and the rest of Africa.
Johannesburg
14 October 2009
Sponsor: PSG Capital (Proprietary) Limited
Date: 14/10/2009 17:19:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
