AVI Limited - Chairman`s Update And Results Of The Annual General Meeting
AVI LIMITED
(Incorporated in the Republic of South Africa)
(`AVI` or `the Group`)
(Registration number 1944/017201/06)
Share code: AVI
ISIN: ZAE000049433
CHAIRMAN`S UPDATE AND RESULTS OF THE ANNUAL GENERAL MEETING
AGM results
The ordinary resolutions and special resolution proposed at the annual general
meeting were approved by the requisite majorities. These included the re-
election of Mr Bester, Mr Gordon, Mr Jagoe, Mr Katzen, Mr Buthelezi, Mrs Canca
and Mr Fihla as directors, and the passing of a special resolution authorising
the repurchase of ordinary shares in AVI under a general authority.
Chairman`s statement
The Chairman, Anthony Ardington, commented as follows:
`Although local consumer demand has slowed from the levels evident in the last
quarter of the previous financial year the outlook generally remains positive.
Group turnover for the first quarter has increased by 5% to R1.8 billion. The
growth in turnover was impacted by deflation in certain categories and the
continued strength of the Rand. The average Rand/Dollar exchange rate for the
first quarter was ZAR/USD6.34, compared to ZAR/USD7.39 for the same period last
year. As stated in the annual report, the continued Rand strength is a negative
factor for the Group because of the significant export component within I&J.`
Regarding the recent restructuring announcement made by the Group, Mr Ardington
said, `The restructuring is in line with AVI`s strategic focus on branded
consumer products and services. The Board believes that the intended sale of
Vector and the unbundling and listing of Consol are positive developments for
the Group and in the best interests of shareholders. We are confident that
Consol will also prosper as a stand-alone company and be able to pursue an
independent growth strategy.`
`While the Board is not legally required to obtain shareholder approval for the
proposed unbundling and listing of Consol, we feel that our shareholders should
vote on such a material issue. Details of the general meeting will be advised in
due course.`
Chislehurston
Sandton
20 October 2004
Sponsor
Standard Bank
Enquiries:
AVI
Angus Band, Group Managing Director
Tel: +27 11 779 2703
Cell: + 27 82 990 4404
Robert Katzen, Group Financial Director
Tel: +27 11 779 2704
Cell: + 27 82 443 5922
Sam Denoon-Stevens, Investor Relations Officer
Tel: +27 11 779 2721
Cell: + 27 83 450 7654
Date: 20/10/2004 01:22:05 PM
Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
