Here we are, back in the 15’s again.
Anyone still holding Aveng?
Still holding, still red, but still believe there is better days to come for AEG.
Posted 14 September 2022 - 09:48 AM
Here we are, back in the 15’s again.
Anyone still holding Aveng?
Still holding, still red, but still believe there is better days to come for AEG.
Posted 13 September 2022 - 08:32 PM
Posted 24 August 2022 - 12:03 AM
Posted 23 August 2022 - 01:00 PM
Ai see a dip, reckon Mr Market isn't happyResults due on 23 Aug. Hopefully some news on Trident.
Posted 13 August 2022 - 10:39 PM
Results due on 23 Aug. Hopefully some news on Trident.
Posted 09 August 2022 - 06:12 AM
Posted 25 July 2022 - 01:35 PM
Posted 06 July 2022 - 06:59 PM
Posted 06 July 2022 - 06:59 PM
Posted 05 July 2022 - 11:38 PM
Posted 05 July 2022 - 04:21 PM
Settlement of uncertified claim and repayment of external debt and renewal of cautionary announcement
AVENG LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1944/018119/06)
ISIN: ZAE000302618
SHARE CODE: AEG
(‘Aveng’ or ‘the Company’ or “the Group”)
SETTLEMENT OF UNCERTIFIED CLAIM AND REPAYMENT OF EXTERNAL DEBT AND
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Settlement of Uncertified Claim
Aveng is pleased to announce that it has reached settlement on and received payment of R282 million (AUD25
million) for a long-outstanding claim. This long-standing claim was previously disclosed as an amount that had
been subject to protracted legal proceedings and reported in the amounts due from / (to) contract customers in
the December 2021 interim results.
The settlement results in a small profit to the previously reported position, reduced ongoing legal costs and the
removal of litigation uncertainty. This dispute dates back prior to March 2016, when McConnell Dowell instituted
action against its client, with a view to recovering previously expended costs. Through the course of this protracted
litigation and delay, McConnell Dowell has significantly grown its business despite having liquidity tied up in this
dispute. The resolution of the dispute is a significant achievement and the resulting additional liquidity has
currently been retained in McConnell Dowell and is reserved for future investment opportunities that add
incrementally to the Group’s growth and performance.
Repayment of External Debt
Aveng has continued its debt reduction strategy during the year to 30 June 2022, through the scheduled
repayment of R275 million in June 2022. The cumulative repayments have reduced external debt by R350 million
in the financial year to 30 June 2022. Should the Trident Steel transaction be successfully concluded, it is expected
that the proceeds will be utilised to settle the remaining debt in South Africa, create further liquidity and strengthen
the financial position of Aveng.
Renewal of cautionary announcement
In line with the cautionary announcement released on the SENS on 13 June 2022, negotiations continue to
progress and shareholders are advised to exercise caution when dealing in the Company’s securities.
The Group expects to release its full year results on or about 23 August 2022.
5 July 2022
Melrose Arch
JSE Sponsor
Investec Bank Limited
Itumeleng Lepere
Stakeholder Engagement Lead
Tel: 011 779 2800
Email: investor.relations@avenggroup.com
Date: 05-07-2022 04:13:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE’).
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Posted 20 June 2022 - 12:47 PM
Posted 13 June 2022 - 03:47 PM
Interested to know how significantly would the debt decrease with this transaction. Anyone have a ballpark figure?
Posted 13 June 2022 - 02:12 PM
Posted 26 May 2022 - 02:17 PM
Posted 25 May 2022 - 03:15 PM
Listen Up Avengers….
So I contacted the company about the deafening silence while this share plummets.
In short- no current communication planned. We may (or may not!) hear something by end next month!
In any other realm, sitting SILENT in a listed company on a loss of more than 60% value in months - after hanging around for years through the pain - would have resulted in the entire board fired.
Here? crickets….
Anyone care to join me for some shareholder activism. This one is begging for it.
Hey the CEO and CFO awarded themselves 2,4 million shares (1,2bn preconsolidation) - so are sitting pretty even at R13. No need to talk to the peasant shareholders that supported the company when it needed it!
Posted 25 May 2022 - 01:25 PM
Posted 23 May 2022 - 10:35 PM
Posted 13 May 2022 - 05:35 PM
Looks like my estimate of 30% down after share consolidations was a bit off. I still see no value in share consolidations as the shareholders take all the risk of exposing themselves to the downside again and yet it happens time and time again where shareholders approve the consolidations. Why I ask you , why????
Yes I agree. This is really disappointing. I note today it went down to R13 per share. Often I am just too scared to look as I will be getting a new surprise. So it has now lost more that 50% of its value since the consolidation at R30.
I think this downward spiral is due to world economy under threat of all sorts of things. Ukraine conflict, high inflation, high energy prices, rampant inflation. The problem with Trident steel just hastened the downward trend. Al shares are taking a knock.
I am in it for the long haul. I think we should ride it out as they have good businesses in McDonnel and Moolmans. I am sure the share will recover.
Yes, and now no one hears anything from Aveng management to calm down the situation. They are now missing in action