Sale of Jet Park Property

Date

AVENG LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1944/018119/06)
Share code on the JSE:
AEG ISIN:  ZAE000111829
("Aveng" or "the Company")

 

POSTING OF CIRCULAR AND NOTICE OF GENERAL MEETING

 

Introduction

Aveng shareholders are referred to the announcement released on SENS on Thursday, 2 August 2018, in relation to the agreement entered into by Aveng and Equites Property Fund Limited ("Equites") regarding the proposed disposal of its Jet Park property ("Proposed Transaction").

 

Further to the abovementioned announcement, the parties have agreed to amend the purchase price payable by Equites for the Jet Park property from ZAR211.2 million, net of commission to ZAR 185,7 million, net of commission, with a possible top up of ZAR 26 million ("Top Up").

 

The Top Up will be payable upon Aveng obtaining the consent from the South African Civil Aviation Authority, Air Traffic Navigation Services and/or any other relevant airport regulator, for Equites to build on the Jet Park property in excess of 1716 meters above sea level ("Consent"). In order for Aveng to be paid the Top Up, the Consent must be obtained prior to the date on which Equites commences clearing the Jet Park property, following the termination of the lease, as per the sale and lease back agreement.

Posting of Circular

Aveng shareholders are hereby advised that a circular containing full details of the Proposed Transaction and incorporating a notice convening a general meeting of the Company’s shareholders (“General Meeting”) for purposes of considering the resolutions necessary to approve the Proposed Transaction (“the Circular”), is being distributed today, Monday, 15 October 2018, to all shareholders of the Company registered as such as at Friday, 5 October 2018. 

The Circular is also available on the Company’s website, namely https://www.aveng.co.za/investor-centre/shareholders-circulars

 

Notice of the General Meeting

 

Notice is hereby given that the General Meeting will be held at Aveng Park, Main Boardroom, Block A, 1 Jurgens Road, Jet Park, 1459 Boksburg on Friday, 16 November 2018 at 09h00, to consider, and, if deemed fit, to approve the resolutions in regard to the Proposed Transaction to be considered thereat, which resolutions are contained in the Circular.

 

15 October 2018

Jet Park

 

For further information please contact:

Mr Michael Canterbury

Group Executive: Strategy and Investor Relations

Tel: (011) 779 2979

 

JSE Sponsor

UBS South Africa (Proprietary) Limited

 

Legal advisors

Baker McKenzie