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AVENG LIMITED - Update on the disposal of certain of Aveng Capital Partners Assets

Release Date: 01/12/2016 14:50
Code(s): AEG
Wrap Text
Update on the disposal of certain of Aveng Capital Partner’s Assets

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


Update on the disposal of certain of Aveng Capital
Partner’s Assets


Further to the Group’s General Meeting on 14 November
2016, shareholders approved the disposal of certain of
the Aveng Capital Partner’s assets, being the equity
interests and loans in the specific project companies
(“the   Transaction”).   The    Transaction  constitutes   a
Category   1   transaction   in    terms  of  the   Listings
Requirements of the JSE Limited.

In the Share Sale Agreement entered into between Celanex
(Pty) Ltd, Royal Bafokeng Holdings (Pty) Ltd, Aveng
(Africa) (Pty) Ltd and Steelmetals (Pty) Ltd, the parties
agreed to a longstop date of 30 November 2016, by which
the conditions precedent to the transaction would be
fulfilled.   As certain of the conditions precedent have
not been fulfilled, the parties have agreed to execute an
addendum to the Share Sale Agreement, extending the
longstop date to 23 December 2016, being the date by
which the parties expect all outstanding required
consents and approvals for the sale of the Windfall
Equity Interest and the Blue Falcon Equity Interest to be
in place. Notwithstanding the longstop date of 23
December 2016, the Addendum to Share Sale Agreement
further provides that the conditions precedent in respect
of the disposal of the Imvelo Equity Interest may be
fulfilled by no later than 31 March 2017. This allows the
Imvelo sale conditions precedent to be fulfilled after
the longstop date of 23 December 2017 without affecting
the validity or enforceability of the sale of the Imvelo
Equity Interest.



Jet Park

1 December 2016

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

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