Aveng -- Withdrawal of cautionary

Thursday 21st May, 2015
Shareholders are referred to the cautionary announcement dated 7 April 2015 which indicated that Aveng accepted an offer (the Offer), in terms of which Aveng had agreed to dispose of 70% of Dimopoint (Pty) Ltd. (Dimopoint), a special purpose vehicle created for the purpose of holding certain properties and which is wholly owned by Aveng Africa (Pty) Ltd. (Aveng Africa), to Imbali Props 21 (Pty) Ltd. (Imbali 21), an entity of the Collins Property Group (Collins) for approximately R1.127 billion to be settled in cash.

Shareholders are advised that as at 31 December 2014, the value of the net assets that are the subject of the transaction was R544 million. These assets are owner occupied and therefore have no profits attributable for the six months ended 31 December 2014.

Furthermore Imbali 21 and Dimopoint have secured funding on commercial terms and conditions that are acceptable to all parties involved in the transaction.

Aveng remains committed to this transaction which is pending the outcome of the Competition authorities and the other conditions precedent, as indicated in the previous announcement.

Shareholders are advised that they no longer need to exercise caution in their dealings in Aveng shares.