Aveng shareholders are advised that at the general meeting held on 10 September 2018, the requisite majority of shareholders approved all the resolutions, as set out in the notice of the general meeting, necessary to proceed with the early redemption (the "Early Bond Redemption") of the convertible bonds still outstanding (the ?Convertible Bonds?) and the issue of new Aveng shares at the rights offer price of 10c (?Specific Issue?).
As such, Aveng announced that the implementation of the Specific Issue is unconditional and will proceed according to the timing set out below.
The positive vote by shareholders t in favour of the Specific Issues of Aveng ordinary shares to settle the Convertible Bonds before their July 2019 maturity date is a clear vote of confidence in the Company?s strategic action plan. Aveng remains firmly of the view that the implementation of the Early Bond Redemption is in the best interest of all its stakeholders. The positive vote by shareholders is an important step forward in this process. The implementation of the Specific Issue, which shares are to be issued on Tuesday, 25 September 2018, will complete one of the pillars of the strategic action plan. This provides a platform that allows the Company to complete the execution of the other pillars of the strategic action plan.
Management and the Board is encouraged by the level of support for the strategy received from major stakeholders. This includes the Company?s largest single shareholder Aton, who have engaged with the Company in a positive manner and have expressed their support for Aveng?s continued independent future.
Salient Dates of the Early Bond Redemption
* Last Date to Trade to determine which bondholders are to be issued new Aveng shares in the Early Bond Redemption: Tuesday, 18 September
* Ex-date and the listing of the Convertible Bonds suspended on the Main Board of the JSE: Wednesday, 19 September
* Record date to determine which bondholders are to be issued new Aveng shares in the Early Bond Redemption: Friday 21 September
* Early Bond Redemption: Tuesday 25 September
* Ordinary shares issued to bondholders and CSDP or broker accounts updated: Tuesday, 25 September
* Convertible Bonds terminated on the JSE: Wednesday 26 September
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