AVENG LIMITED - Cash fraction applicable to Convertible Bond redemption

Thursday 20th September, 2018
AEGCB AEG 201809200029A
Cash fraction applicable to Convertible Bond redemption

AVENG LIMITED
Incorporated in the Republic of South Africa
(Registration number 1944/018119/06)
Share code: AEG ISIN: ZAE000111829
JSE 2019 Convertible Bond Code: AEGCB
JSE 2019 Convertible Bond ISIN: ZAE000194940
(“Aveng” or “the Issuer”)



CASH FRACTION APPLICABLE TO CONVERTIBLE BOND REDEMPTION

Holders of the Issuer's outstanding 7.25% senior unsecured convertible registered bonds due Wednesday, 24 July 2019 (the “Convertible Bonds”), are referred
to the Finalisation Announcement and Specific Optional Redemption Notice published on the Stock Exchange News Service (“SENS”) on 11 September 2018
in which the Issuer gave notice of the early redemption (the “Early Bond Redemption”) of the Convertible Bonds still outstanding as at Tuesday, 25 September
2018 (the “Redemption Date”).

The amount payable by the Issuer in respect of each Convertible Bond so to be redeemed (the “Redemption Amount”) shall be discharged by the Issuer
allotting and issuing, on the Redemption Date, to or for the benefit of the relevant holder of such Convertible Bonds such number of Aveng Limited ordinary
shares (“Ordinary Shares”) as is determined by dividing the Redemption Amount of each Convertible Bond by ZAR0.10 (10 cents), being the price at which
the Issuer issued Ordinary Shares pursuant to the rights offer implemented by the Issuer on Friday, 29 June 2018 (the “Rights Offer Price”).

A detailed breakdown of the Redemption Amount per Convertible Bond is provided in the table below:

Description Amount

Initial Principal Amount R10,000.00

Capitalised Interest R362.50

Initial Principal Amount plus Capitalised Interest R10,362.50

Accrued Interest (from and including 24 July 2018 up to but excluding 25 September 2018) R129.67

Redemption Amount per Convertible Bond R10,492.17

Number of Ordinary Shares to be issued per Convertible Bond (Ordinary Shares issued at R0.10) 104,921.7



Fractions of Ordinary Shares will not be issued and any fractions of Ordinary Shares will be rounded down to the nearest whole number of Ordinary Shares and
the remaining fractional balance settled in cash (the “Fractional Entitlement”). The Fractional Entitlement will be settled by the Issuer, through Strate Limited,
to each holder of the Convertible Bonds and is based on the Rights Offer Price. The Issuer wishes to further confirm that no shares will be sold in the market
to settle the Fractional Entitlements. However, if the Ordinary Shares to be delivered on the Redemption Date are to be registered in the same name, the number
of such Ordinary Shares to be delivered in respect thereof shall be calculated on the aggregate Redemption Amount of such Convertible Bonds being so
redeemed and rounded down to the nearest whole number of Ordinary Shares. The remaining fractional balance will be settled in cash at a rate of 10 cents per
fractional entitlement, an example of which is provided below:

Number of Redemption Amount Total Redemption Rights Offer Price Number of Number of whole Fractional
Convertible Bonds per Convertible Bond Amount Ordinary Shares Ordinary Shares to entitlement
held issued per be issued payable in cash
Convertible Bond

1 R10,492.17 R10,492.17 R0.10 104,921.70 104,921 R0.07

2 R10,492.17 R20,984.34 R0.10 209,843.40 209,843 R0.04

3 R10,492.17 R31,476.51 R0.10 314,765.10 314,765 R0.01

4 R10,492.17 R41,968.68 R0.10 419,686.80 419,686 R0.08

5 R10,492.17 R52,460.85 R0.10 524,608.50 524,608 R0.05

10 R10,492.17 R104,921.70 R0.10 1,049,217.00 1,049,217 R0.00

100 R10,492.17 R1,049,217.00 R0.10 10,492,170.00 10,492,170 R0.00

1,000 R10,492.17 R10,492,170.00 R0.10 104,921,700.00 104,921,700 R0.00

10,000 R10,492.17 R104,921,700.00 R0.10 1,049,217,000.00 1,049,217,000 R0.00



Jet Park
20 September 2018

Financial advisor and transaction sponsor for the Capital Markets Transaction
Rand Merchant Bank (A division of FirstRand Bank Limited)

Legal advisors
Baker McKenzie

Debt sponsor
Absa Bank Limited, acting through its corporate and investment banking division

Michael Canterbury
Group Executive: Strategy & Investor Relations
Tel: 011 779 2979
Email: michael.canterbury@avenggroup.com




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Date: 20/09/2018 10:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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