AEG 201712080024A

Announcement Regarding Termination Of Aveng Grinaker Lta Transaction

AVENG LIMITED

(Incorporated in the Republic of South Africa)

(Registration number: 1944/018119/06)

ISIN: ZAE000111829

SHARE CODE: AEG

('Aveng Limited')

ANNOUNCEMENT REGARDING TERMINATION OF AVENG GRINAKER LTA

TRANSACTION

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

October 2017.

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

Settlement Agreement.

4. Further information will be published in due course.

8 December 2017

Jet Park

JSE Sponsor

UBS South Africa Proprietary Limited

1

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Aveng Ltd. published this content on 08 December 2017 and is solely responsible for the information contained herein.
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