AVENG LIMITED - Repayment of the Queensland Curtis Liquefied Natural Gas Pipeline Project (Qclng) Advance

Repayment of the Queensland Curtis Liquefied Natural Gas Pipeline Project (Qclng) Advance

Aveng Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000111829
SHARE CODE: AEG
(“Aveng Group”, “Aveng” or "Group")


Repayment of the Queensland Curtis Liquefied Natural Gas Pipeline Project (Qclng)
Advance


Shareholders are advised that QCLNG has requested the repayment of the remaining AUD112.5
million advance payment. This repayment was planned and has been included in the Group’s
liquidity analysis performed earlier this year.


Following the completion of the third and final step in Aveng’s strategy to improve its balance
sheet and liquidity position, namely the conclusion of the sale of various properties, combined with
current levels of cash generation, the Group has sufficient cash and facilities at its disposal. This
position remains in line with the trading statement issued on 11 June 2015 that stated:
“Considering the Group's operating cash flows (including the repayment of the QCLNG advance, if
required), future funding requirements, available facilities and related covenants, the Group is
considered to be adequately funded at this time and there is no current need for additional capital.”


Aveng intends to settle this liability on or around 28 October 2015. Once settled, Aveng will have
removed the cash flow risk on the QCLNG project and will continue to vigorously pursue its legal
claims through the arbitration process.


The arbitration proceedings relating to the QCLNG project are well advanced and the formal
hearing will start next month, whilst a final award is expected around August 2016.


On behalf of the Board
Jet Park
20 October 2015


Sponsor:
J.P. Morgan Equities South Africa (Pty) Ltd




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