Aveng - updated pro forma financial information


Aveng shareholders (“Shareholders”) are referred to the announcement dated 27 February 2017 advising that the Company had posted a circular to Shareholders (“Grinaker-LTA Circular”, “Circular”). The purpose of the Circular was to provide Shareholders with information relating to the proposed disposal of a 51% beneficial interest in the Grinaker-LTA business, owned and operated by Aveng Africa (Pty) Ltd., to Kutana Construction (Pty) Ltd. (“Kutana Construction”) and the subsequent issue of the non-voting equity instrument by Kutana Construction to Aveng Africa resulting in Aveng disposing of an effective 45% economic interest in the Grinaker-LTA business to Kutana Construction (“Disposal”). The purpose of the Circular was to provide information to enable Aveng shareholders to make an informed decision in respect of the relevant resolutions contained in the Circular and to convene a general meeting at which shareholders will be requested to vote on the resolutions to approve the Disposal.

Following the announcement of the Group's interim financial results for the six months ended 31 December 2016, Aveng is required to update the pro forma financial information contained in the Circular using the most recently published financial results. Updated pro forma financial information is now provided for the six months ended 31 December 2016 below and should be considered in conjunction with the details included in the previously published Circulars.

Renewal of Cautionary Announcement

As previously stated, Aveng is still in discussions in relation to the sale of the Aveng Trident Steel business unit and shareholders are advised to continue to exercise caution when dealing in Aveng Ltd. securities until a further announcement is published. Forward-looking statements

This announcement includes forward-looking statements that reflect the current views and expectations of the Board with respect to future events and financial and operational performance. All statements, other than statements of historical fact are, or may be deemed to be, forward-looking statements, including, without limitation, those concerning the Group's strategy; the economic outlook for the industry; and the Group's liquidity and capital resources and expenditure.

These forward-looking statements speak only as of the date of this announcement and are not based on historical facts, but rather reflect the Group's current expectations concerning future results and events. The Group undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this announcement.