| Thu 7 Nov 2024, 9:00 | | DRA GLOBAL LIMITED - Extraordinary General Meeting - Chairman's address |
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Extraordinary General Meeting - Chairman's address
DRA Global Limited
(Incorporated in Australia under the Corporations Act 2001 (Cth))
ACN 622 581 935
ASX / JSE Share Code: DRA
ISIN: AU0000155814
("DRA" or "the Company")
JSE Sponsor: Pallidus Capital Proprietary Limited
ASX / JSE ANNOUNCEMENT
7 November 2024
EXTRAORDINARY GENERAL MEETING – CHAIRMAN'S ADDRESS
DRA Global Limited (ASX/JSE: DRA) (Company) releases a copy of the address that Chairman Sam
Randazzo will deliver to shareholders today at the Company's Extraordinary General Meeting.
- ENDS –
For further information, please contact:
Media enquiries: Investor enquiries: Shareholder administration:
Michael Vaughan Andrew Prior shareholders@draglobal.com
Fivemark Partners Fivemark Partners
M: +61 422 602 720 andrew.prior@fivemark.com.au
michael.vaughan@fivemark.com.au
7 November 2024
EXTRAORDINARY GENERAL MEETING - ADDRESS TO SHAREHOLDERS
Chairman Sam Randazzo
Good morning to everyone here with us today in Johannesburg, and to those of you joining us via video
conference.
My name is Sam Randazzo and I am Chairman of DRA Global Limited. On behalf of my fellow directors, I
welcome you to DRA's Extraordinary General Meeting of shareholders and thank you for your attendance
today.
I am joined by our managing director and CEO, James Smith and executive directors Valentine Coetzee and
Darren Naylor. Unfortunately, non-executive directors Lindiwe Mthimunye and Charles Pettit could not be with
us today and have asked me to convey their apology.
Tony Bevan, Group Company Secretary is also joining us via video-conference.
Also present are members of the DRA Executive Committee.
Today I will provide a short address after which we move onto conducting the formal business of the meeting.
At the conclusion of that business the meeting will formerly close and we will then take questions after which
those attending in person are invited to join us for light refreshments.
The primary purpose of today's meeting is for you to vote on whether or not DRA should delist from ASX and
JSE stock exchanges and undertake an off market buy back of shares.
The DRA Board of Directors formed the view that the benefits anticipated from the stock exchange listings in
2021 have not eventuated and are unlikely to be realised in the medium term. Further information regarding
the reasons why the DRA Board formed this view are clearly outlined in the Notice of Meeting so I do not
propose to repeat them here.
It is for those reasons that we no longer believe the cost and regulatory burden of maintaining the ASX and
JSE stock exchange listings are justifiable. Delisting from the ASX and JSE is to be decided by you, our
shareholders, by the passing of a special resolution which requires at least 75% of all votes cast by
shareholders (in person or by proxy or representative) to be in favour of the de-listings, supported by the
affirmative vote of at least 75% of votes cast by shareholders on the South African branch share register
(again, in person or by proxy or representative). The de-listings will therefore only proceed if it is supported
by overwhelming majority of shareholders.
The consequences of the de-listings are also detailed in the Notice of Meeting and Explanatory Statement and
include that DRA's shares will no longer be able to be traded on the ASX or JSE and therefore it may be more
difficult for shareholders to dispose of their shares. Having regard to the historical low volume of trading on the
ASX and JSE, the proposed buy-back provides shareholders with the opportunity to sell some or all of their
DRA shares prior to any delisting. The passing of the ordinary resolution authorising the Company to undertake
the share buy-back does not mean that you must participate in the buy-back. It is for each shareholder to
separately decide whether or not to take up the Company's offer to buy back their shares. The advantages
and disadvantages of the buy-back are also included in the Notice of Meeting and Explanatory Statement.
Finally and on behalf of the DRA Board of directors, I express appreciation to our shareholders for their
continued support, and for those attending this meeting in person, I look forward to meeting you at the
conclusion of today's formal proceedings.
Physical Level 7, 256 Adelaide Terrace / Perth WA 6000 / Australia // Postal PO Box 3130 / East Perth WA 6892 / Australia
Telephone +61 (0)8 6163 5900 // info@draglobal.com // ACN 622 581 935 // ASX: DRA / JSE:DRA
draglobal.com
Date: 07-11-2024 09:00:00
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