Aveng - rights offer finalisation

Thursday 7th June, 2018
Aveng shareholders (“Shareholders”) are referred to the declaration announcement released on the Stock Exchange News Service (“SENS”) of the JSE Limited (“JSE”) on Tuesday, 5 June 2018 (“Declaration Announcement”) wherein Aveng declared its intention to raise R500 million by way of a renounceable rights offer (“Rights Offer”) of approximately 5 billion Rights Offer shares (“Rights Offer Shares”) at a subscription price of R0.10 per Rights Offer Share (“Rights Offer Price”), in the ratio of 1199.98772 Rights Offer Shares for every 100 Aveng ordinary shares (“Aveng Shares”) held on the record date for the Rights Offer, being Friday, 15 June 2018.

Shareholders are advised that the Company has finalised the terms of the additional R200 million super senior debt facility from its bank funders as described in the Declaration Announcement and has drawn down on an initial R150 million of this facility. Furthermore, Shareholders are advised that the Company has now received all necessary approvals for the Rights Offer and, accordingly, the Rights Offer is unconditional and may now be implemented.

The proposed salient dates and times for the Rights Offer are set out below: 2018
*Finalisation date Thursday, 7 June
*Last day to trade in shares in order to participate in the Rights Offer (cum entitlement) Tuesday, 12 June
*Shares commence trading ex-entitlement at 09:00 on Wednesday, 13 June
*Listing of and trading in the Letters of Allocation under code AEGN and ISIN ZAE000257937 on the JSE commences at 09:00 on Wednesday, 13 June
*Circular and a Form of Instruction, where applicable, posted to Qualifying Certificated Shareholders on Thursday, 14 June
*Record Date at 17:00 on Friday, 15 June
*Rights Offer opens at 09:00 on Monday, 18 June
*In respect of Qualifying Certificated Shareholders, Letters of Allocation credited to an electronic account held with the Transfer Secretaries at 09:00 on Monday, 18 June
*In respect of Qualifying Dematerialised Shareholders, CSDP or Broker accounts credited with Letter of Allocation at 09:00 on Monday, 18 June
*Circular, where applicable, posted to Qualifying Dematerialised Shareholders on Tuesday, 19 June
*Last day to trade Letters of Allocation on the JSE Tuesday, 26 June
*In respect of Qualifying Certificated Shareholders wishing to sell all or some of their Letters of Allocation, Forms of Instruction to be lodged with the Transfer Secretaries by 12:00 on Tuesday, 26 June
*Listing of Rights Offer Shares and trading therein on the JSE commences at 09:00 on Wednesday, 27 June
*In respect of Qualifying Certificated Shareholders (or their renouncees) wishing to exercise all or some of their rights, payment to be made and Forms of Instruction to be lodged with the Transfer Secretaries by 12:00 on Friday, 29 June
*Rights Offer closes at 12:00 on Friday, 29 June
*Record date for Letters of Allocation on Friday, 29 June
*Rights Offer Shares issued on Monday, 2 July
*In respect of Qualifying Dematerialised Shareholders (or their renouncees), CSDP or Broker accounts debited with the aggregate Rights Offer Price and updated with Rights Offer Shares at 09:00 on Monday, 2 July
*In respect of Qualifying Certificated Shareholders (or their renouncees), share certificates in respect of Rights Offer Shares posted on or about Monday, 2 July
*Results of the Rights Offer announced on SENS on Monday, 2 July
*Results of the Rights Offer published in the press on Tuesday, 3 July
*In respect of successful excess applications (if applicable), Rights Offer Shares issued to Qualifying Dematerialsed Shareholders and/or share certificates posted by registered post to Qualifying Certificated Shareholders on or aboutWednesday, 4 July
*In respect of unsuccessful excess applications (if applicable), refund payments made to Certificated Shareholders on or about Wednesday, 4 July
*Further details of the Rights Offer will be set out in a circular to be distributed to certificated Shareholders on Thursday, 14 June 2018 and to dematerialised shareholders on Tuesday, 19 June 2018 (“Rights Offer Circular”). The Rights Offer Circular will be made available on the Company's website www.aveng.co.za on Tuesday, 12 June 2018.
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