AEG 201612220016A
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').
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.
Aveng Ltd. published this content on 22 December 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 December 2016 10:08:07 UTC.
Original documenthttp://www.aveng.co.za/news-media/sens/aveng-limited-disposal-certain-aveng-capital-partners-assets
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