Senwes and Senwesbel Annual General Meetings

  • 28 August 2020
  • 2068
  •  Senwes

Strydom emphasised the challenging times that businesses are faced with currently with the Covid-19-pandemic and praised the clients and stakeholders within the group for their resilience demonstrated during this time. During the meeting, Steve Booysen, Nico Liebenberg and Thabo van Zyl were re-elected as directors, whilst the appointment of Kobus Marais, Venete Klein and Pieter Stander were also confirmed. The board also agreed to reduce the size of the board after appointments of directors from the KLK Landbou ranks in 2019 after the KLK acquisition and agreed that, Tom van Rooyen will retire at this meeting and hence he was not available for re-election. He was thanked for his valuable contributions and involvement with the board over the past seven years.

The meeting took note of the financial impact of acquisitions, which includes KLK Landbou during 2019, Falcon Agricultural Equipment and the entire shareholding in Grainovation. The approval of the merger earlier in August with the Suidwes Group was also explained, with specific reference to the conditions issued by the Competition Tribunal as part of its ruling. The dividend of 30 cents per share was also confirmed, which will be paid to shareholders on 3 September 2020.

The results of the first quarter of the new financial year (2021) were also touched on in terms of forecasts for a good harvest, commodity prices hedged by a weak rand, soil moisture levels which look promising for new season plantings and lower inflation rates.

The challenges remain aspects such as international commodity prices, which are at record low levels, overproduction of nearly all soft commodity classes and lower soft commodity demand due to the aftermath of the Covid-19-pandemic.

Strydom indicated that expectations are that the 2020/2021 year will be at a similar level as 2019.

After the Senwes meeting, the 2020 Senwesbel annual general meeting was held, with Dries Kruger as chairman. The Senwesbel shareholders also adopted all the proposed resolutions and the Senwesbel dividend of 23 cents per share will be paid on 4 September 2020.

Any queries regarding shareholder matters may be directed to Elmarie Joynt, Group Company Secretary at e-mail: [email protected]

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