AVENG LIMITED - Rights offer finalisation announce7 Jun 2018
AEG AEGCB 201806070026A
Rights offer finalisation announcement

(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
Share code: AEG
Share ISIN: ZAE000111829
JSE 2019 Convertible Bond Code: AEGCB
JSE 2019 Convertible Bond ISIN: ZAE000194940
("Aveng", "the Company" or “the Group”)



Aveng shareholders (“Shareholders”) are referred to the declaration announcement released on the Stock Exchange
News Service (“SENS”) of the JSE Limited (“JSE”) on Tuesday, 5 June 2018 (“Declaration Announcement”) wherein
Aveng declared its intention to raise R500 million by way of a renounceable rights offer (“Rights Offer”) of approximately
5 billion Rights Offer shares (“Rights Offer Shares”) at a subscription price of R0.10 per Rights Offer Share (“Rights Offer
Price”), in the ratio of 1199.98772 Rights Offer Shares for every 100 Aveng ordinary shares (“Aveng Shares”) held on
the record date for the Rights Offer, being Friday, 15 June 2018.

Shareholders are advised that the Company has finalised the terms of the additional R200 million super senior debt
facility from its bank funders as described in the Declaration Announcement and has drawn down on an initial R150
million of this facility.

Furthermore, Shareholders are advised that the Company has now received all necessary approvals for the Rights Offer
and, accordingly, the Rights Offer is unconditional and may now be implemented.

The proposed salient dates and times for the Rights Offer are set out below:

 Finalisation date                                                                                      Thursday, 7 June

 Last day to trade in shares in order to participate in the Rights Offer (cum
 entitlement)                                                                                           Tuesday, 12 June
 Shares commence trading ex-entitlement at 09:00 on                                                   Wednesday, 13 June

 Listing of and trading in the Letters of Allocation under code AEGN and ISIN
                                                                                                      Wednesday, 13 June
 ZAE000257937 on the JSE commences at 09:00 on
 Circular and a Form of Instruction, where applicable, posted to Qualifying
 Certificated Shareholders on                                                                          Thursday, 14 June

 Record Date at 17:00 on                                                                                 Friday, 15 June

 Rights Offer opens at 09:00 on                                                                          Monday, 18 June

 In respect of Qualifying Certificated Shareholders, Letters of Allocation credited to
 an electronic account held with the Transfer Secretaries at 09:00 on                                    Monday, 18 June
 In respect of Qualifying Dematerialised Shareholders, CSDP or Broker accounts
 credited with Letter of Allocation at 09:00 on                                                          Monday, 18 June
 Circular, where applicable, posted to Qualifying Dematerialised Shareholders on                        Tuesday, 19 June

 Last day to trade Letters of Allocation on the JSE                                                     Tuesday, 26 June

 In respect of Qualifying Certificated Shareholders wishing to sell all or some of
 their Letters of Allocation, Forms of Instruction to be lodged with the Transfer                       Tuesday, 26 June
 Secretaries by 12:00 on

 Listing of Rights Offer Shares and trading therein on the JSE commences at 09:00
 on                                                                                                   Wednesday, 27 June

 In respect of Qualifying Certificated Shareholders (or their renouncees) wishing to
 exercise all or some of their rights, payment to be made and Forms of Instruction                       Friday, 29 June
 to be lodged with the Transfer Secretaries by 12:00 on

 Rights Offer closes at 12:00 on                                                                         Friday, 29 June

 Record date for Letters of Allocation on                                                                Friday, 29 June
 Rights Offer Shares issued on                                                                            Monday, 2 July

 In respect of Qualifying Dematerialised Shareholders (or their renouncees), CSDP
 or Broker accounts debited with the aggregate Rights Offer Price and updated with                        Monday, 2 July
 Rights Offer Shares at 09:00 on

 In respect of Qualifying Certificated Shareholders (or their renouncees), share
 certificates in respect of Rights Offer Shares posted on or about                                        Monday, 2 July
 Results of the Rights Offer announced on SENS on                                                         Monday, 2 July

 Results of the Rights Offer published in the press on                                                   Tuesday, 3 July

 In respect of successful excess applications (if applicable), Rights Offer Shares
 issued to Qualifying Dematerialsed Shareholders and/or share certificates posted                      Wednesday, 4 July
 by registered post to Qualifying Certificated Shareholders on or about

 In respect of unsuccessful excess applications (if applicable), refund payments
 made to Certificated Shareholders on or about                                                         Wednesday, 4 July

 1.   Share certificates may not be dematerialised or rematerialised between Wednesday, 13 June 2018 and Friday, 15 June 2018,
      both days inclusive.
 2.   If you are a Qualifying Dematerialised Shareholder you are required to notify your duly appointed CSDP or Broker of your
      acceptance of the Rights Offer in the manner and time stipulated in the agreement governing the relationship between yourself
      and your CSDP or Broker.
 3.   CSDPs effect payment on a delivery versus payment method in respect of Qualifying Dematerialised Shareholders.
 4.   All times are South African times.
 5.   Share certificates will be posted by registered post at the risk of the Qualifying Certificated Shareholders (or their renouncees)

Further details of the Rights Offer will be set out in a circular to be distributed to certificated Shareholders on Thursday,
14 June 2018 and to dematerialised shareholders on Tuesday, 19 June 2018 (“Rights Offer Circular”). The Rights Offer
Circular will be made available on the Company’s website www.aveng.co.za on Tuesday, 12 June 2018.

7 June 2018
Jet Park, Johannesburg

Financial advisor and transaction sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Legal advisors
Baker McKenzie

Michael Canterbury
Group Executive: Strategy & Investor Relations
Tel: 011 779 2979
Email: michael.canterbury@avenggroup.com

This announcement is restricted and is not for release, publication or distribution, in whole or in part, directly or indirectly,
in or into the United States, Australia, Canada, Japan or any other jurisdiction in which such release, publication or
distribution would be unlawful. This announcement is for information purposes only, does not purport to be full or
complete, is subject to change and shall not constitute or form part of an offer or solicitation of an offer to purchase or
subscribe for securities in the United States or any other jurisdiction. No reliance may be placed for any purpose on the
information contained in this announcement or its accuracy or completeness.

The Rights Offer shares have not been and will not be registered under the United States Securities Act of 1933, as
amended (the "Securities Act"), and may not be offered or sold, directly or indirectly, in the United States, absent
registration or an exemption from, or transaction not subject to, the registration requirements of the Securities Act. There
will be no public offer of the Rights Offer shares in the United States.

Neither this announcement nor the Rights Offer constitutes or is intended to constitute an offer to the public in South
Africa in terms of the South African Companies Act 71 of 2008 (as amended).

In member states of the European Economic Area (“EEA”) which have implemented the Prospectus Directive (each, a
“Relevant Member State”), this announcement and any offer if made subsequently is directed exclusively at persons who
are “qualified investors” within the meaning of the Prospectus Directive (“Qualified Investors”). For these purposes, the
expression “Prospectus Directive” means Directive 2003/71/EC (and amendments thereto, including Directive
2010/73/EU, to the extent implemented in a Relevant Member State), and includes any relevant implementing measure
in the Relevant Member State.

In the United Kingdom this announcement is only being distributed to, and is only directed at, and any investment or
investment activity to which this announcement relates is available only to, and will be engaged in only with, Qualified
Investors who are (i) investment professionals falling with Article 19(5) of the UK Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of
the Order, or (iii) other persons to whom it may otherwise be lawfully communicated (all such persons together being
referred to as “relevant persons”). Persons who are not relevant persons should not take any action on the basis of this
announcement and should not act or rely on it.

This announcement has been issued by and is the sole responsibility of Aveng. No representation or warranty, express
or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by the advisors
or by any of their respective affiliates or agents as to, or in relation to, the accuracy or completeness of this announcement
or any other written or oral information made available to or publicly available to any interested party or its advisors, and
any liability therefore is expressly disclaimed.

This announcement does not purport to identify or suggest the risks (direct or indirect) which may be associated with an
investment in the securities. Any investment decision to buy securities in the Rights Offer must be made solely on the
basis of publicly available information which has not been independently verified by Rand Merchant Bank (A division of
FirstRand Bank Limited).

Rand Merchant Bank (A division of FirstRand Bank Limited) is acting for Aveng and no one else, in connection with the
Rights Offer and will not be responsible to anyone other than Aveng for providing the protections offered to clients of the
advisors, nor for providing advice in relation to the Rights Offer.

Date: 07/06/2018 01:41:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.