Aveng - supplement to convertible bonds


The Issuer has received approval from the Bondholders of Aveng's ZAR 2 000 000 000, 7.25% senior unsecured convertible registered bonds due Wednesday, 24 July 2019 (the "Convertible Bonds"), and subsequently, from the JSE for the amended Terms and Conditions of the Convertible Bonds.

The key amendments to the Terms and Conditions include:

* Condition 8.1 (b) relating to Interest on Bonds was amended. The result of this amendment is that interest due in respect of each Interest Period will be payable in arrears on the Interest Payment Date in respect of such Interest Period, either in cash or by capitalising same, in which event the Principal Amount of each Bond will be deemed to have been increased accordingly; and

* Condition 10.2 (d) relating to Redemption at the Option of the Issuer was inserted. The result of this amendment is that, subject to certain conditions, the Issuer may redeem all but not some only of the Bonds at an amount for each Bond to be proposed by the Issuer and approved by Extraordinary Resolution together with accrued interest. Unless redeemed at 100% of its Principal Amount together with accrued interest, in cash, the percentage of its Principal amount at which each Bonds is redeemed is subject to Bondholder approval at a Bondholder meeting.

The redemption amount payable by the Issuer shall be discharged as follows:

• the Issuer making a cash payment to or for the benefit of the relevant holder the Bonds; and/or

• the Issuer allotting and issuing to or for the benefit of the relevant holder of such Bonds such number of Ordinary Shares as is determined by dividing the relevant redemption amount of the Bonds by the price at which the Issuer issued Ordinary Shares pursuant to the rights offer implemented by the Issuer on or about 29 June 2018.

The salient dates surrounding the redemption will be announced once finalised.

The Supplement to the Convertible Bonds is available at the registered office of the Issuer and on their website, http://www.aveng.co.za/investor-centre