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Aveng Ltd. (AVEPY)

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Last Post: 3/6/2021 9:44:18 AM - Followers: 0 - Board type: Free - Posts Today: 0

**Pink Current


Annual Report:

Aveng LTD is an international infrastructure, resources and mining group capitalising on the expertise and experience of our core businesses in growing markets in sub-Saharan Africa, Australia, New Zealand and Pacific Islands and Southeast Asia. Aveng is at the tail-end of a far reaching restructuring exercise that has been underway since 2017 and has reported its first positive earnings since 2014, recording headline earnings of R109-million for six months to December 31 2020.


Company just opened Rights Offering:

** Rights Offer opens at 09:00 on Monday, 1 March
** Rights Offer closes at 12:00 on Friday, 12 March

(About Rights Offerings)

RATIONALE Following a multi-year journey, the Balance Sheet Restructure Transaction will allow the Group to reset its capital structure, deleveraging its balance sheet by more than ZAR1 billion, extending the Group’s maturity profile to three years, and simultaneously materially improving the Group’s South African liquidity pool.

Following this transformational event, Aveng believes that the remaining debt is sustainable and the remaining balance is forecast to be repaid over the next three years. Importantly, this transaction not only provides Aveng the capital structure flexibility to complete its non-core asset sale programme and to wind down its remaining exposure to discontinued businesses, but also sets the Group on a path to pursue its strategy around the Group’s core businesses, McConnell Dowell and Moolmans, which have returned to profitability and where Aveng sees further business improvement prospects and growth opportunities.

The Balance Sheet Restructure Transaction includes, inter alia, the Rights Offer in terms of which Aveng wishes to raise an amount of ZAR 300,000,000.

Rights Offer Circular:


2021 Interim Results


Balance sheet restructure and recapitalisation:

Post period end and following the favourable shareholders votes on 20 January 2021, authorising the specific issue of shares to settle debt and supporting a fully underwritten rights offer of R300 million by two of Aveng’s largest shareholders, the agreements to implement the balance sheet restructure transaction were executed. On implementation, expected to be completed on or about 19 March 2021, the balance sheet restructure transaction will result in: u R300 million being raised in terms of a fully co-underwritten rights offer; u A specific issue of c. R396 million at 5 cents per share to settle debt owing to certain lenders; u Proceeds of c. R215 million from the rights offer will be utilised to settle c. R680 million of debt and interest owing to certain lenders, at a discount of c. R465 million; and u The balance from the rights offer will be available to the Group to be used for working capital. On implementation, the restructure and recapitalisation will result in the debt reducing by c. R1.1 billion and equity increasing by an equivalent amount. Following this transformational event, Aveng believes that the remaining debt is sustainable with a maturity profile of three years.

Group revenue increased to R12,9 billion (December 2019: R11,2 billion) with core revenue increasing by 53% driven by improved performance at McConnell Dowell
{ Significant increase in operating earnings to R280 million (December 2019: R14 million) with McConnell Dowell, Moolmans, Trident Steel and Manufacturing all profitable
{ R314 million improvement in headline earnings to R109 million (December 2019: R205 million headline loss)
{ R608 million improvement in operating earnings to R438 million (December 2019: R170 million operating loss)
{ R1,2 billion improvement in operating free cash flow to R1,4 billion (December 2019: R174 million)
{ R1 billion improvement in net cash position to R579 million, excluding lease liabilities (June 2020: R552 million net debt position)
{ Increase in work in hand to R27,7 billion from R26,8 billion
{ Group LTIFR – 0,18


Primary Focus after consolidation. 

*Increased efficiencies, streamlined operations and consolidated.

McConnell Dowell has successfully worked through COVID-19 and emerged stronger, both financially and operationally, with more predictable project performance and a robust level of work in hand. The McConnell Dowell brand is strong and offers differentiating value through its culture, technical expertise in its specialist disciplines and geograp




St Marys Bay Water Quality Improvement Project

Location: St Marys Bay, Auckland
Work started in early 2020 and will be finished in mid-2021


SENS Data (Share)

Investor Presentation


Equity Summary (Keep In Mind, Company is now on the upswing after debt restructure / consolidation)

Current Price
Bid Ask Day's Range
  • 1D
  • 1M
  • 2M
  • 3M
  • 6M
  • 1Y
  • 2Y
  • 3Y
  • 5Y
AVEPY News: Securities Registration (ads, Immediate) (f-6ef) 11/25/2019 06:02:47 AM
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