AEG
AEG
AEG - Aveng Limited - Cash proceeds received
Aveng Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000018081
Share Code: AEG
("Aveng")
CASH PROCEEDS RECEIVED
Shareholders are advised that, further to the announcement of 1 June 2007
stating that the repurchase agreement as described in the circular issued to
Aveng shareholders dated 11 May 2007 ("the circular") has become unconditional,
Aveng received the cash proceeds of R6.8bn on Tuesday 5 June 2007.
As set out in the circular, the proceeds will be applied after having consulted,
to the extent necessary with Aveng`s debt providers, the existing bondholders
and after having taken into account the performance bonding requirements of the
construction division as well as the funding requirements for organic growth
opportunities. The Board however anticipates that at least 50% of the cash
proceeds will be returned to shareholders. Aveng will communicate further
details on the proposed mechanism and the extent of such return of capital to
shareholders as soon as practicable
Sandton
5 June 2007
Merchant bank and transaction sponsor to Aveng
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Sponsor to Aveng
J.P. Morgan Equities Limited
Date: 05/06/2007 15:47:01 Produced by the JSE SENS Department.
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