AVENG LIMITED – Cash payment for fractional rights – SENS



Cash payment in respect of fractional entitlements

Incorporated in the Republic of South Africa
(Registration number: 1944/018119/06)
ISIN: ZAE000302618
(‘Aveng’ or ‘the Company’)


Shareholders are referred to the circular (“Circular”) issued by the Company on Tuesday, 12 October 2021
relating to the share consolidation (“the Consolidation”) of the Company’s share capital on a 500 to 1 basis
and to the subsequent announcement released by the Company on SENS on Wednesday, 10 November 2021
advising shareholders that the special resolutions relating to the Consolidation were passed by the requisite
majority of Aveng shareholders at the general meeting of the Company on the same date.

In implementing the Consolidation, a shareholder becoming entitled to a fraction of a share arising from the
Consolidation (“Fractional Entitlement”) will be rounded down to the nearest whole number, resulting in the
allocation of whole shares and a cash payment for the fraction (“Cash Payment”). The value of such Cash
Payment will be the volume weighted average traded price (“VWAP”) per Aveng share traded on the JSE Limited
on Wednesday, 8 December 2021 (being the first day of trade after the last day to trade in order to participate
in the Consolidation), less 10%.

The VWAP of Aveng ordinary shares traded on the JSE on Wednesday, 8 December 2021 was
2 511,13043 cents per share. This amount, discounted by 10%, is 2 260,01739 per share, which amount will be
used to determine the cash payment for the fractional entitlements.

Shareholders are informed that, as far as the tax implications of the cash payment of the fractional entitlements
are concerned, the receipt of the cash payment will not be subject to dividend withholding tax.

The above is a general guide and is not intended to constitute a complete analysis of the taxation consequences
of the cash payment of fractional entitlements in terms of South African taxation law. It is not intended to be, nor
should it be considered as legal or taxation advice and shareholders are advised to seek their own tax advice
from an independent tax adviser. The Company and its advisers cannot be held responsible for the taxation
consequences that the Consolidation may have on individual shareholders and therefore shareholders are
advised to consult their own tax advisers if they are in any doubt about their tax position.

The salient dates and times announced by the Company on 25 November 2021 remain unchanged.

9 December 2021
Melrose Arch

JSE Sponsor
UBS South Africa Proprietary Limited

Itumeleng Lepere
Stakeholder Engagement Lead
Tel: 011 779 2800
Email: [email protected]

Date: 09-12-2021 11:00:00
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