AVENG LIMITED - Change to the Board of Directors

Change to the Board of Directors

AVENG LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
Share code: AEG
Share ISIN: ZAE000194940
("Aveng", "the Company")

Change to the Board of Directors


Shareholders are advised that, in line with the Board’s original intention and following a period of
orderly hand-over, Mr Eric Diack will step down from his position as Executive Chairman with effect
from 30 April 2020. Mr Diack will continue to act as Non-Executive Chairman before retiring from
the Board at the next scheduled Board meeting.

Mr Diack, together with the Group CEO and CFO has been pivotal in:
(i)     Developing and implementing the Company's strategic review as announced by the
        Company on 27 February 2018, ensuring the Company's sustainable future;

(ii)    undertaking a rights issue, completing the early redemption of the Convertible Bond, the
        conversion to equity and the issuance of a new debt instrument;

(iii)   engaging with the Company's South African financiers to negotiate the Company's debt
        restructuring;

(iv)    completing the various disposals of non core businesses; and

(v)     engaging with the Company’s stakeholders during this critical juncture.

Mr Diack has been a valued member of the Board and has provided the Company with steadfast
leadership through a period of significant uncertainty. The Company thanks Mr Diack for his
significant contribution.
A further announcement in relation to the appointment of a new Chairman will be made in due
course.


Melrose Arch
6 April 2020

JSE Sponsor
UBS South Africa Proprietary Limited




Michael Canterbury

Group Executive: Strategy & Investor Relations
Tel: 011 779 2979
Email: michael.canterbury@avenggroup.com


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Date: 06-04-2020 05:35:00
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