Pick n Pay Stores (PIK) EGM 2024 summary

Opening remarks and agenda

• Meeting conducted electronically in accordance with legal and listing requirements.

• Quorum confirmed, meeting duly constituted, and notice of meeting taken as read.

• Main purpose: obtain shareholder approval for resolutions required to effect a rights offer and related amendments.

Specific resolutions to be voted on

• Conversion of ordinary shares from par value to no par value (Special Resolutions 1.1 and 1.2).

• Increase in authorized ordinary and B share capital (Special Resolutions 2 and 3).

• Amendments to the memorandum to reflect share conversions and increases (Special Resolutions 4.1 and 4.2).

• Amendments to B share terms and director retirement provisions (Special Resolutions 5.1, 5.2, 6.1, 6.2).

• Authorization to directors to issue shares pursuant to the rights offer (Special Resolution 7).

Board and executive committee updates

• New CEO appointed to lead turnaround strategy for the core supermarket business.

• Board prioritizing sustainable capital structure and liquidity.