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RAR
RAR
RAR - RARE - Results of Annual General Meeting
RARE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 2002/025247/06
Share Code: RAR ISIN: ZAE000092714
("the Company" or "RARE")
RESULTS OF ANNUAL GENERAL MEETING
Shareholders are hereby advised that, at the annual general meeting ("the
meeting") of shareholders of RARE held today at the registered office of the
Company, all the proposed resolutions included in the notice of annual general
meeting posted to shareholders together with the Company`s 2010 annual report,
were approved by the majority of shareholders present in person and by proxy,
save for the following:
Resolution number 2: Re-election of retiring directors -
As a consequence of funding procured by the Company to ensure that the business
can be expanded going forward, the board has been reconstituted with the
appointment of Mr Hein Odendaal and Mr Pierre du Plessis as independent non-
executive directors, and the reinstatement of Mr David Scheepers as Chief
Executive Officer with effect from 11 November 2010. Messrs Odendaal and du
Plessis are qualified and experienced Chartered Accountants. The current
members of the RARE board, namely Mr Mike Meehan, Mr Abel Dlamini and Mrs
Sibongile Masinga, have accepted the request to withdraw their nominations for
re-election as non-executive directors and have retired from the board at the
conclusion of the meeting. Accordingly, resolution number 2 was withdrawn.
The Board expresses its gratitude and appreciation to the out going non-
executive directors for their dedication and contribution to the affairs of the
group during their tenure.
Resolution number 3: Approval of directors` fees for the past financial year -
This resolution was withdrawn due the fact that same had been approved at the
Company`s previous annual general meeting.
Resolution number 4 (approval of non-executive directors` fees) was modified as
follows -
Non-executive directors:
Retainer: R105 000 per annum
Attendance fee per meeting: R14 000 x 5 meetings per annum = R70 000
Total per director: R175 000 per annum x 2 directors = R350 000
Chairman
Retainer: R120 000 per annum
Attendance fee per meeting: R16 100 x 5 meetings per annum = R80 500
Total: R200 500 per annum
Grand Total: R550 500
The reduction will result in an annual saving of R709 065. This resolution was
modified at the meeting as a demonstration of the non-executive directors`
commitment to reduce operating costs of the Company.
Johannesburg
11 November 2010
Designated Adviser: PSG Capital (Proprietary) Limited
Date: 11/11/2010 17:20:01 Produced by the JSE SENS Department.
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