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Dealings in securities by directors and prescribed officers of Aveng limited and directors of major subsidiaries
AVENG LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1944/018119/06)
ISIN: ZAE000302618
SHARE CODE: AEG
("Aveng" or "the Company")
DEALINGS IN SECURITIES BY DIRECTORS AND PRESCRIBED OFFICERS OF AVENG LIMITED AND
DIRECTORS OF MAJOR SUBSIDIARIES – AWARD OF SHARE APPRECIATION RIGHTS UNDER THE LONG
TERM INCENTIVE PLAN 2024
Shareholders are referred to the SENS announcement dated 6 December 2024 relating to the approval of the
Long Term Incentive Plan 2024 ("LTIP 2024"), by shareholders, at the Annual General Meeting. Following the
approval, the Board approved the award of Share Appreciation Rights ("SARs") to members of the Executive
Team in line with proposals previously approved by the Remuneration and Nominations Committee.
The LTIP 2024 provides for the award of SARs which represent rights to receive ordinary shares in Aveng
("Share" or "Shares") based on the appreciation in the Aveng Share price over a future period of time. The
SARs are awarded at an award price and a premium. For 50% of the SARs the premium is 20%, with a 30%
premium on the remaining SARs. The difference between the award price plus the applicable premium and the
market value of a Share on the date of exercise of the SARs, will represent the benefit to be realised by
participants. Participants will have a maximum of 6 years from the date of the award to exercise vested SARs.
Consistent with normal practice, the fair value of the SARs has been determined by way of an actuarial valuation
process, using various inputs including award price, award price premium, volatility, vesting period and exercise
assumptions.
Accordingly, in compliance with paragraphs 3.63 to 3.66 of the Listings Requirements, shareholders are advised
of the following information relating to dealing in securities by directors and prescribed officers of the Company
and directors of its major subsidiaries.
Name of director : Scott Cummins
Company : Aveng Limited
Position : Group Chief Executive Officer
Date of transaction : 18 December 2024
Nature of transaction : Acceptance of award of SARs (off market transaction)
Number of SARs awarded : 2,928,869
Award price : R10.61
Award price premium : 20% for 50% of SARs and 30% for the remaining 50% of
SARs
Value of transaction : Dependent on value of a Share on the date of exercise
Vesting date : 50% on 18/12/2026 and 50% on 18/12/2027
Nature of interest : Direct beneficial
Name of director : Adrian Macartney
Company : Aveng Limited
Position : Group Finance Director and Chief Financial Officer
Date of transaction : 18 December 2024
Nature of transaction : Acceptance of award of SARs (off market transaction)
Number of SARs awarded : 1,210,084
Award price : R10.61
Award price premium : 20% for 50% of SARs and 30% for the remaining 50% of
SARs
Value of transaction : Dependent on value of a Share on the date of exercise.
Vesting date : 50% on 18/12/2026 and 50% on 18/12/2027
Nature of interest : Direct beneficial
Name of prescribed officer : John Meggitt
Company : Aveng Limited
Position : Chief Commercial Officer
Date of transaction : 18 December 2024
Nature of transaction : Acceptance of award of SARs (off market transaction)
Number of SARs awarded : 784,313
Award price : R10.61
Award price premium : 20% for 50% of SARs and 30% for the remaining 50% of
SARs
Value of transaction : Dependent on value of a Share on the date of exercise.
Vesting date : 50% on 18/12/2026 and 50% on 18/12/2027
Nature of interest : Direct beneficial
Name of prescribed officer : Steven Collett
Company : Aveng Limited
Position : Chief Strategy & People Officer
Date of transaction : 18 December 2024
Nature of transaction : Acceptance of award of SARs (off market transaction)
Number of SARs awarded : 784,313
Award price : R10.61
Award price premium : 20% for 50% of SARs and 30% for the remaining 50% of
SARs
Value of transaction : Dependent on value of a Share on the date of exercise.
Vesting date : 50% on 18/12/2026 and 50% on 18/12/2027
Nature of interest : Direct beneficial
Name of prescribed officer : James Glastonbury
Company : Aveng Limited
Position : Chief Engineering & Innovation Officer
Date of transaction : 18 December 2024
Nature of transaction : Acceptance of award of SARs (off market transaction)
Number of SARs awarded : 682,352
Award price : R10.61
Award price premium : 20% for 50% of SARs and 30% for the remaining 50% of
SARs
Value of transaction : Dependent on value of a Share on the date of exercise.
Vesting date : 50% on 18/12/2026 and 50% on 18/12/2027
Nature of interest : Direct beneficial
Name of director of major subsidiary : Mario Russo
Company : McConnell Dowell Constructors (Aust) Pty Ltd
Position : Managing Director, McConnell Dowell Australia
Date of transaction : 18 December 2024
Nature of transaction : Acceptance of award of SARs (off market transaction)
Number of SARs awarded : 784,313
Award price : R10.61
Award price premium : 20% for 50% of SARs and 30% for the remaining 50% of
SARs
Value of transaction : Dependent on value of a Share on the date of exercise.
Vesting date : 50% on 18/12/2026 and 50% on 18/12/2027
Nature of interest : Direct beneficial
Name of director of major subsidiary : Rodney Dixon
Company : Moolmans South Africa (Pty) Ltd
Position : Managing Director, Moolmans
Date of transaction : 18 December 2024
Nature of transaction : Acceptance of award of SARs (off market transaction)
Number of SARs awarded : 616,783
Award price : R10.61
Award price premium : 20% for 50% of SARs and 30% for the remaining 50% of
SARs
Value of transaction : Dependent on value of a Share on the date of exercise.
Vesting date : 50% on 18/12/2026 and 50% on 18/12/2027
Nature of interest : Direct beneficial
Name of director of major subsidiary : Michael Clemenger
Company : McConnell Dowell Constructors (Aust) Pty Ltd
Position : Managing Director, Built Environs
Date of transaction : 18 December 2024
Nature of transaction : Acceptance of award of SARs (off market transaction)
Number of SARs awarded : 520,617
Award price : R10.61
Award price premium : 20% for 50% of SARs and 30% for the remaining 50% of
SARs
Value of transaction : Dependent on value of a Share on the date of exercise.
Vesting date : 50% on 18/12/2026 and 50% on 18/12/2027
Nature of interest : Direct beneficial
Name of director of major subsidiary : Samantha Johnson
Company : McConnell Dowell Constructors (Aust) Pty Ltd
Position : Group Executive Health, Safety and Environment
Date of transaction : 18 December 2024
Nature of transaction : Acceptance of award of SARs (off market transaction)
Number of SARs awarded : 352,457
Award price : R10.61
Award price premium : 20% for 50% of SARs and 30% for the remaining 50% of
SARs
Value of transaction : Dependent on value of a Share on the date of exercise.
Vesting date : 50% on 18/12/2026 and 50% on 18/12/2027
Nature of interest : Direct beneficial
The necessary clearance in terms of paragraph 3.66 of the JSE Listings Requirements has been obtained.
20 December 2024
Boksburg
JSE Sponsor
Valeo Capital (Pty) Ltd
Edinah Mandizha
Group Company Secretary
Tel: 011 779 2800
Email: info@avenggroup.com
Date: 20-12-2024 01:50:00
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