Rebosis Property Fund Limited (REB) Earnings Call Transcript & Summary

Good day, ladies and gentlemen, and welcome to the Rebosis Property Fund General Meeting. [Operator Instructions] Please note that this conference is being recorded. I'd like to hand the conference over to Sisa Ngebulana. Please go ahead, sir.

Good morning, ladies and gentlemen. I welcome you to this General Meeting of Shareholders of Rebosis. My name is Dr. Sisa Ngebulana, Deputy Chair of the company, and I'll be chairing the meeting. [indiscernible] and taking time to attend this meeting today. The quorum requirement for this meeting are that at least 3 members entitled to vote are present in person or represented by proxy. In addition, the quorums are comprised of [indiscernible] at least 25% of all voting rights entitled to be exercised. Computershare has provided ballot forms to the 3 members electronically, which ballot forms have been completed online and sent back electronically [indiscernible] meeting to the quorum. In light of the measures put in place by the African government in response to the COVID-19 including the national lockdown, which took effect at midnight, Thursday, 26th March 2020. The general meeting will be held in electronic format only. The company's Secretary informs me that the necessary quorum for this meeting is represented at this meeting. Now I accordingly declare the meeting properly constituted. The notice convening this general meeting was sent to all the shareholders on Friday the 28th February 2020. The notice contains full detail of 2 ordinary resolutions to be considered at this meeting. I propose that we be committed to take the [ notice ]. Are there any objections to that procedure? [Voting] Thank you. The memorandum of incorporation provides for voting to be decided by a show of hands or by poll. I propose that we proceed by way of a poll. The Government Employees Pension Fund and its associates will be taken into account in determining a quorum at the meeting, but their votes will not be taken into account in determining the results of the voting at the general meeting in relation to ordinary resolution #1. The representative of the transfer secretaries from Computershare will act as the scrutineer and will speculate the necessary ballot papers. I will allow each of the resolutions to be discussed after they have been put at the meeting. Kindly identify yourselves and the party and the number of shares which you represent prior to asking any questions relevant to this specific resolution. Thereafter, at the end of the general meeting, we can deal with questions of the general nature, if any. Now I'll move to shareholder resolutions. Ordinary resolution #1, concerned approval of the transaction. I now propose ordinary resolution #1 regarding the authority to disclose and subject to the fulfillment of various conditions precedence, the property situated in the Erf 2460, Mmabatho 4, comprising 212 units or apartments, including 640 student accommodation beds and auxiliary facilities, situated in Mafikeng, together with Rental Enterprise conducted thereon to Adowa Infrastructure Managers Proprietary Limited and the Government Employees Pension Fund, as set out in notice convening this meeting. Is there a second also for the motion?

I second the motion, chair.

Thank you. The motion is now open for discussion. There being no further questions, [ move ] ordinary resolution #1. Please record your votes on the polling form. [Voting]

Number two, ordinary resolution #2. Authority to give effect to the resolutions. I propose ordinary resolution #2 authorized as a [indiscernible] of company for the company Secretary of Rebosis to do all such things and sign all such documents required to give effect to the resolutions passed at this general meeting, as set out in the notice convening this meeting. Is there a second for the motion?

I second this motion.

Thank you. The motion is now open to discussion. We'll now vote on ordinary resolution number. Please record your votes on the polling from. [Voting]