Aveng Limited - Proposed Members And Option Holder
Aveng Limited - Proposed Members And Option Holders Schemes Of Arrangement In
Respect Of Mcconnell Dowell Corporation Limited
Aveng Limited
(Incorporated in the Republic of South Africa)
(Registration number 1944/018119/06)
ISIN: ZAE000018081
SHARE CODE: AEG
("Aveng" or the "company")
PROPOSED MEMBERS AND OPTION HOLDERS SCHEMES OF ARRANGEMENT IN RESPECT OF
McCONNELL DOWELL CORPORATION LIMITED
The board of McConnell Dowell Corporation Limited ("McConnell Dowell"), which is
listed on the Australian and New Zealand Stock Exchanges, has today announced a
proposal for Schemes of Arrangement in terms of which Aveng, currently the
beneficial shareholder of 63% of the issued share capital of McConnell Dowell,
will acquire 100% of the issued share capital of McConnell Dowell. Subject to
certain conditions precedent, including, inter alia:
* the approval of the Schemes of Arrangement by the minority shareholders and
option holders at the scheme meetings convened for that purpose;
* the receipt of the requisite regulatory approvals, including;
* the approval of the Exchange Control Division of the South African Reserve
Bank; and
* the approval of the Australian Foreign Investment Review Board,
Aveng will beneficially acquire the ordinary shares in McConnell Dowell
("shares") that it does not already own for a consideration of Aus $1.54 and
will acquire options in respect of shares for Aus $0.20, being an amount equal
to the difference between the exercise price of such options and Aus $1.54.
For and behalf of
Aveng Limited
8 April 2003
Sponsor
JPMorgan
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