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AVENG LIMITED - Disposal of certain of Aveng Capital Partners Assets

Release Date: 22/12/2016 11:41
Code(s): AEG     PDF:  
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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")

Disposal of certain of Aveng Capital Partner’s Assets

Further to the SENS issued on 1 December 2016, with
respect to 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. The parties executed an addendum to the Share
Sale Agreement extending the longstop date to 23 December
2016. Subsequent to the extension of the longstop date
the following was achieved:
  - Aveng successfully disposed of Steelmetals N3TC
     Equity Interest for a purchase price of R195 million
     and funds flowed on 12 December 2016;
  - Aveng received the consent of the Department of
     Energy to dispose of the Windfall Equity Interest
     and the Blue Falcon Equity Interest, which has
     resulted in one of the major conditions precedent to
     the disposal being fulfilled.

However, as certain of the conditions precedent with
respect to the Windfall Equity Interest, the Blue Falcon
Equity Interest and the Imvelo Equity Interest have still
not been fulfilled, the parties have agreed to execute a
second addendum to the Share Sale Agreement, further
extending the longstop date to 31 January 2017, 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.

Jet Park

22 December 2016

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

Date: 22/12/2016 11:41:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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