Aveng - finalisation announcement

Tuesday 11th September, 2018
In accordance with the terms and conditions of the Issuer's 7.25% senior unsecured convertible registered bonds due Wednesday, 24 July 2019, as amended on Tuesday, 3 July 2018 (the \"Conditions\") and the trust deed dated 23 July 2014 between the Issuer and TMF Corporate Services (South Africa) Proprietary Ltd., then known as GMG Trust Company (SA) Proprietary Ltd., relating to such convertible bonds (the \"Trust Deed\"), the Issuer hereby gives notice, in accordance with Condition 10.2(d) of the Conditions, that the Issuer will early redeem (the \"Early Bond Redemption\") the convertible bonds then still outstanding (the “Convertible Bonds”) on Tuesday, 25 September 2018 (the \"Specific Optional Redemption Date\") at an amount for each such Convertible Bond equal to 100% of its Principal Amount plus any capitalised and accrued interest (the “Redemption Amount”) up to the Specific Optional Redemption Date.

Aveng shareholders passed the necessary resolutions at a General Meeting held on Monday, 10 September 2018, to give effect to the specific issue of Aveng Ltd. ordinary shares (“Ordinary Shares”) (the “Specific Issue”), pursuant to the Early Bond Redemption, and the matters incidental thereto.

Having received the approvals necessary to give effect to the Specific Issue, the Issuer hereby gives notice, in accordance with Condition 10.2(d) of the Conditions that the Redemption Amount payable by the Issuer in respect of each Convertible Bond so to be redeemed shall be discharged by the Issuer allotting and issuing, on the Specific Optional Redemption Date, to or for the benefit of the relevant holder of such Convertible Bonds such number of Ordinary Shares as is determined by dividing the relevant 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.

A detailed breakdown of the Redemption Amount per Convertible Bond is provided in the table below:
*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 (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. However, if the Ordinary Shares to be delivered on the Specific Optional 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 basis of the aggregate Redemption Amount of such Convertible Bonds being so redeemed and rounded down to the nearest whole number of Ordinary Shares and the remaining fractional balance settled in cash and such fractional payments will be announced on SENS on Thursday, 20 September 2018.

Save as otherwise defined herein, words and expressions used in this Notice have the meanings given to them in the Conditions.

The Conditions are available at the registered office of the Issuer and on their website, http://www.aveng.co.za/investor-centre.

The proposed salient dates relating to the Early Bond Redemption are as follows:
*Record date to determine Bondholders entitled to receive Specific Optional Redemption Notice: Friday, 31 August 2018
*Last Date to Trade ; Tuesday, 18 September 2018
*Ex-date and Convertible Bonds suspended on the Main Board of the JSE Ltd. (“JSE”) - Wednesday, 19 September 2018
*Fractional payments announcement on SENS, by 11:00 Thursday, 20 September 2018
*Record date for Convertible Bond Redemption : Friday 21 September 2018
*Convertible Bond Redemption : Tuesday 25 September 2018
*Ordinary Shares issued and CSDP or broker accounts updated : Tuesday, 25 September 2018
*Convertible Bonds terminated on the JSE : Wednesday 26 September 2018
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