Results of AGM and engagement with shareholders regarding the remuneration policy and implementation report

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SPAR shareholders (“Shareholders”) are advised that at the annual general meeting (“AGM”) of Shareholders held on Tuesday, 14 February 2023, all the ordinary and special resolutions, as set out in the notice of AGM dated 15 December 2022, were approved by the requisite majority of Shareholders present or represented by proxy save for ordinary resolution… Read more »

TEMPORARY ARRANGEMENTS RELATING TO MANAGEMENT

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SPAR shareholders (“Shareholders”) are referred to the announcement published on SENS on Tuesday, 17 January 2023 in terms of which SPAR informed Shareholders of changes to the SPAR board of directors (“Board”) including the retirement of the Group Chief Executive Officer (“CEO”), Brett Botten, with effect from 31 January 2023.

UPDATE REGARDING RECENT ALLEGATIONS AND GOVERNANCE RELATED MATTERS

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SPAR shareholders (“Shareholders”) are referred to the announcement published on SENS on Friday, 9 December 2022 whereby SPAR provided an update on the allegations imposed on the business. SPAR takes all allegations seriously, has received legal advice and would like to provide Shareholders with further information in this regard.

CHANGES TO THE BOARD

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In accordance with paragraph 3.59 of the JSE Limited Listing Requirements, the Board wishes to notify SPAR shareholders (“Shareholders”) of the following changes to the board of directors of SPAR (“Board”) with immediate effect:

UPDATE ON RECENT MEDIA ALLEGATIONS

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Shareholders are referred to the recent allegations against the Company, as published in the media via a small minority of aggrieved retailers, regarding a fictitious and fraudulent loan, discrimination towards some of SPAR’s retailers and the composition of the board of directors (“Board”).

Changes to the board

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SPAR shareholders (“Shareholders”) are referred to the announcement published on SENS on Friday, 9 December 2022, wherein Shareholders were advised of Mr Graham O’Connor stepping down as chairperson of the board of directors of SPAR (“Board”) and the appointment of Mr Andrew Waller as interim chairperson of the Board until a new chairperson is appointed.