Announcement Regarding Termination Of Aveng Grinaker Lta Transaction
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
SHARE CODE: AEG
ANNOUNCEMENT REGARDING TERMINATION OF AVENG GRINAKER LTA
1. On 11 October 2016, shareholders were advised that Aveng Africa (Pty) Ltd
(Aveng), a wholly-owned subsidiary of Aveng Limited, entered into binding
agreements with Singabakhi Holdings (Pty) Ltd (previously Kutana Construction (Pty)
Ltd (Kutana Construction)) whereby Kutana Construction was to acquire an indirect
51% stake in the Aveng Grinaker LTA business on or about 1 February 2017, which
was later extended to 1 April 2017. Shareholders approved this transaction, including
certain conditions precedent, on 29 March 2017. These conditions precedent
included the condition that Kutana Construction enters into the necessary funding
arrangements to obtain funding of an upfront payment of R20 million, and such
arrangements having become unconditional (Funding Condition). Certain of the
conditions precedent were not met in time, including the Funding Condition. The
parties agreed to amended the date of fulfilment of the conditions precedent to 29
September 2017 (the Fulfilment Date), and the effective date was intended to be 1
2. The Funding Condition was not fulfilled prior to the Fulfilment Date. As a result of
this, the agreement with Kutana Construction has terminated.
3. Aveng remains committed to its obligations in terms of the settlement agreement
concluded with the Government of the Republic of South Africa (Settlement
Agreement). Aveng has initiated the necessary actions to ensure it complies with the
4. Further information will be published in due course.
8 December 2017
UBS South Africa Proprietary Limited
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