AVENG LIMITED - Cautionary Announcement

Cautionary Announcement

AVENG LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1944/018119/06)
ISIN: ZAE000302618
SHARE CODE: AEG
("Aveng" or "the Company")



Cautionary Announcement


Shareholders are hereby advised that the Company is in advanced negotiations, with a credible buyer, to
dispose of Trident Steel, a division of Aveng Africa (Proprietary) Limited, as a going concern. The due
diligence is well advanced and will be completed as soon as possible. The transaction is subject to the
conclusion of BEE participation in the transaction and the completion of legal agreements. The transaction will
be subject to conditions precedent usual for transactions of this nature. If successfully concluded, the
transaction may have a material effect on the price of the Company’s securities.

The disposal of Trident Steel is in line with Aveng’s 2018 strategy of disposing assets which are deemed non-
core to the Company. To date, Aveng has disposed of non-core assets with combined proceeds of more than
R1 billion. Trident Steel is the sole material asset still to be disposed of in terms of the strategy.

The value of the transaction is expected to exceed Trident Steel’s reported net asset value as per the 2022
Aveng interim results. The proceeds from the transaction will be utilised to settle remaining external debt in
South Africa, create further liquidity and strengthen the financial position of Aveng.

Shareholders are, accordingly, advised to exercise caution when dealing in the Company’s securities until a
further announcement is made.


13 June 2022
Melrose Arch


JSE Sponsor
Investec Bank Limited

Itumeleng Lepere
Stakeholder Engagement Lead
Tel: 011 779 2800
Email: investor.relations@avenggroup.com

Date: 13-06-2022 07:49:00
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