| Tue 19 Feb 2008, 16:08 | | AEG - Aveng - Impact On The Repurchase By Way Of A Scheme Of Arrangement |
|
AEG
AEG
AEG - Aveng - Impact On The Repurchase By Way Of A Scheme Of Arrangement
As A Result Of The Exercise Of Guaranteed Convertible Bonds
Into Ordinary Shares Of Aveng
Aveng Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000018081
Share Code: AEG
("Aveng") or ("the company")
IMPACT ON THE REPURCHASE BY WAY OF A SCHEME OF ARRANGEMENT AS A RESULT OF THE
EXERCISE OF GUARANTEED CONVERTIBLE BONDS INTO ORDINARY SHARES OF AVENG
Introduction
Pursuant to the announcement on SENS on 31 October 2005, Aveng shareholders are
advised that holders of R808 million of the R1 billion outstanding 6.125 per
cent Guaranteed Convertible Bonds due 2012 ("Bonds") have given notice to
convert the principal amount of each Bond into ordinary shares in the ordinary
share capital of the Company at a conversion price of R14.88 per share. This is
being done in accordance with the terms and conditions attaching to the Bonds.
Pursuant to the conversion notices, Aveng will allot and issue 54,301,071
ordinary shares to the relevant bondholders in fulfilling its obligations in
respect of the Bonds.
Effect on the repurchase of ordinary shares (change to the repurchase ratios)
In terms of the scheme of arrangement ("the scheme"), Aveng will be repurchasing
55,409,291 ordinary shares ("scheme shares") from shareholders pursuant to the
scheme. After the conversion of the Bonds, the scheme shares in terms of the
scheme will now equate to approximately 12.3% of the total issued ordinary
shares of Aveng and, subject to the rounding principle as set out in the scheme
circular, Aveng will now repurchase 3.5 out of every 100 shares from
shareholders and Richtrau No. 191 (Proprietary) Limited, a wholly owned
subsidiary of Aveng, will purchase 8.8 out of every 100 shares from shareholders
at the repurchase price of R61.58.
Shareholders are advised that the dates and times detailed in the finalisation
announcement on SENS on 7 February 2008 relating to the scheme, remain
unchanged.
Sandton
19 February 2008
Merchant bank and transaction sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Sponsor
JP Morgan Equities Limited
Corporate law advisers
Taback and Associates
Date: 19/02/2008 16:08:30 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.
