Johannesburg - Friday November 30, 2001
Following the declaration of a dividend exceeding 22,2 cents a share on its
ordinary shares, Aveng Limited’s debentures are being automatically
converted into ordinary shares.
The conversion will take place with effect from Friday, November 30 and
trade in the 40 018 390 new ordinary shares will commence with effect from
Monday, December 3. From that date Aveng’s issued share capital will be R19
807 295,40 divided into 396 145 908 ordinary shares.
Dennis Gammie, Aveng’s financial director, noted that the conversion would
have no effect on Aveng other than to simplify its share capital structure.
He said that Aveng has always highlighted the fully diluted headline
earnings figure that took account of the debentures when reporting its
results. For the year ended June 30, 2001 Aveng reported diluted headline
earnings of 86,8 cents a share, a growth of 20% on the prior year.
Mr Gammie said: “We have always believed it important to report the diluted
earnings figure so that shareholders could see what the capital structure of
the group would look like when the debentures converted. The new capital
structure takes effect from the end of November.”
Aveng’s shares are also being dematerialised with effect from Monday,
December 3 for settlement in the STRATE environment and trading of shares
for electronic settlement commences on December 24, 2001. Electronic
settlement of trades in Aveng shares commences on January 3, 2002.
Please note:
Aveng Limited is a South African based construction-related group. It was
listed on the JSE Securities Exchange SA in July 1999 and is aiming to be a
globally competitive construction-related group focused principally on the
developing world.
Its major businesses are
Construction
Grinaker-LTA Limited is South Africa’s largest construction company
organised into three divisions: Grinaker-LTA Construction and Development;
McConnell Dowell which is listed on the Australian and New Zealand stock
exchanges and in which Grinaker-LTA holds 64%, and Grinaker-LTA Engineering
and Mining Services. Aveng holds 100% of Grinaker-LTA.
Steel and Allied
A cluster of steel and manufacturing businesses which together make Aveng
South Africa’s largest domestic steel beneficiator/merchant. The two largest
businesses are Trident Steel and Amalgamated Steele, both of which are 100%
held by Aveng.
Cement
Alpha Limited is South Africa’s second largest cement manufacturer. Aveng
holds 46% of Alpha and the Swiss group Holcim, one of the world's leading
suppliers of cement, aggregates and concrete, holds 54%.
Aveng’s objectives are to achieve
PE rating in the top three of the BCE sector
Long-term real ROE of 10%
Minimum 25% of earnings in hard currencies
Visit our website - www.aveng.co.za
ends
ISSUED BY: PENELOPE GRACIE INVESTOR RELATIONS
ON BEHALF OF: AVENG LIMITED
FURTHER INFORMATION: PENELOPE GRACIE
CONTACT: OFFICE +27 (21) 434-6513
MOBILE 082-55-77-444
Penelope Gracie Investor Relations
Tel: +27 (21) 434-6513
Fax: +27 (21) 434-0858
Mobile: 082-55-77-444
e-mail: penelope@pgir.co.za
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