Try our mobile app
AVENG LIMITED
Incorporated in the Republic of South
Africa (Registration number:
1944/018119/06) ISIN: ZAE000302618
SHARE CODE: AEG
("Aveng" or "the Company")
VESTING AND SETTLEMENT: LONG TERM INCENTIVE PLAN (LTIP) AND MANAGEMENT INCENTIVE
PLAN (MIP)
Following the implementation of the Aveng Management Incentive Plan 2021 (“MIP”) and the Long-Term
Incentive Plan 2022 (“LTIP”), participants were awarded shares in the respective schemes. Where awards
initially vested, MIP2021 participants retained the shares in full and personally settled the tax obligations. In
addition, all MIP participants followed their rights in full in the rights offer of 2021.
Further shares have now vested following the 30 June 2023 year end and in line with market practice in South
Africa, the South African based MIP participants have elected to dispose of a sufficient portion of their vested
shares in order to settle their income tax obligations. Foreign MIP participants have a different tax treatment and
have not disposed of their vested shares.
In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, shareholders are
advised of the following information relating to dealing in securities by directors, prescribed officers and the
company secretary of the Group, and directors of major subsidiaries.
The directors and prescribed officers of the Group and directors of major subsidiaries have all elected to hold
their vested shares, net of tax settlement. The automatic vesting (“vesting”) at zero cost and subsequent
disposal for tax transactions (“sale”), where applicable, occurred in terms of the MIP and the LTIP. All vesting
and deliveries of awards occurred off-market and all disposal transactions occurred on-market following vesting.
Collectively, all the MIP participants increased their beneficial holding from 3.16% to 4.53%.
Vesting of MIP2021 Shares:
Name of director : Sean Flanagan
Company : Aveng Limited
Position : Group Chief Executive Officer
Date MIP granted : 15 March 2021
No of ordinary shares vested : 660 000 shares
Date of transactions : 6 – 12 September 2023
Nature of transaction : Settlement of MIP grant in terms of the MIP rules and
on-market sale of shares to partially settle the income tax
Number of shares sold to date to settle income tax: 182 025 shares
Weighted average selling price of sale : R6.76
Value of sale transaction : R1 230 556
Lowest price per security : R6.00
Highest price per security : R7.05
Nature of interest : Direct beneficial
Mr Flanagan’s beneficial holding increased from 1,00% to 1,38%.
Name of director : Adrian Macartney
Company : Aveng Limited
Position : Group Finance Director and Chief Financial Officer
Date MIP granted : 15 March 2021
No of ordinary shares vested : 660 000 shares
Date of transactions : 6 – 12 September 2023
Nature of transaction : Settlement of MIP grant in terms of the MIP rules and
on-market sale of shares to partially settle the income tax
Number of shares sold to date to settle income tax: 182 025 shares
Weighted average selling price of sale : R6.76
Value of sale transaction : R1 230 556
Lowest price per security : R6.00
Highest price per security : R7.05
Nature of interest : Direct beneficial
Mr Macartney’s beneficial holding increased from 1.01% to 1,39%.
Name of prescribed officer : Liesl Tweedie
Company : Aveng Limited
Position : Group Finance Executive
Date MIP granted : 15 March 2021
No of ordinary shares vested : 88 000 shares
Date of transactions : 6 – 12 September 2023
Nature of transaction : Settlement of MIP grant in terms of the MIP rules and
on-market sale of shares to partially settle the income tax
Number of shares sold to date to settle income tax: 24 269
Weighted average selling price of sale : R6.76
Value of sale transaction : R164 066
Lowest price per security : R6.00
Highest price per security : R7.05
Nature of interest : Direct beneficial
Ms Tweedie’s beneficial holding increased from 0,13% to 0,18%.
Name of prescribed officer : Reginald Engelbrecht
Company : Aveng Limited
Position : Chief Financial Officer of Moolmans
Date MIP granted : 15 March 2021
No of ordinary shares vested : 104 000 shares
Date of transactions : 6 – 12 September 2023
Nature of sale transaction : Settlement of MIP grant in terms of the MIP rules and
on-market sale of shares to partially settle the income tax
Number of shares sold to date to settle income tax: 28 682 shares
Weighted average selling price of sale : R6.76
Value of the sales transaction : R193 901
Lowest price per security : R6.00
Highest price per security : R7.05
Nature of interest : Direct beneficial
Mr Engelbrecht’s beneficial holding increased from 0,10% to 0,16%.
Name of prescribed officer : Scott Cummins
Company : Aveng Limited
Position : Chief Executive Officer of McConnell Dowell
Date MIP granted : 15 March 2021
Nature of transaction : Automatic vesting of 416 000 shares in the Aveng
MIP2021
Number of shares received : 416 000 shares
Date of settlement : 13 September 2023
Nature of Interest : Direct beneficial
Mr Cummins’ beneficial holding increased from 0,60% to 0,93%.
Name of prescribed officer : Dale Morrison
Company : Aveng Limited
Position : Chief Financial Officer of McConnell Dowell
Date MIP granted : 15 March 2021
Nature of transaction : Automatic vesting of 208 000 shares in the Aveng
MIP2021
Number of shares received : 208 000 shares
Date of settlement : 13 September 2023
Nature of Interest : Direct beneficial
Mr Morrison’s beneficial holding increases from 0,32% to 0,49%.
Vesting of the LTIP2022 Shares:
Name : Edinah Mandizha
Company : Aveng Limited
Position : Company Secretary
Date LTIP granted : 20 May 2022
No of shares vested : 6 210 shares
Date of settlement : 13 September 2023
Nature of transaction : Automatic vesting and exercise of 6 210 shares in the
Aveng LTIP2022.
Number of shares sold: : 6 210 shares
Weighted average selling price of sale : R6.76
Lowest price per security : R7.45
Highest price per security : R7.85
Value of shares sold : R46 697
Nature of Interest : Direct beneficial
The necessary clearance in terms of paragraph 3.66 of the JSE Listings Requirements has been obtained.
13 September 2023
Melrose Arch
JSE Sponsor
Valeo Capital (Pty) Ltd
Edinah Mandizha
Group Company Secretary
Tel: 011 779 2800
Email: info@avenggroup.com
