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Renewal of cautionary Announcement
PSV Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1998/004365/06)
Share code: PSV ISIN: ZAE000078705
(“PSV” or “the Company” or “the Group”)
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the previous renewal of cautionary announcements, the
last of which was dated 10 February 2021, in which they were advised, inter alia, that
the Company and PSV Asset Company (Pty) Ltd, which company holds the plant and
equipment of the PSV Group, had been placed into business rescue; that the
Company’s main trading subsidiary, PSV Industrial (Pty) Limited (“PSVI”) had been
liquidated and that DNG Energy Limited (“DNG”), a material shareholder in and
related party to the Company, has made various representations to the Business
Rescue Practitioners (“BRPs”) and the Board regarding the potential recapitalisation
of PSV by DNG, which recapitalisation is key to enabling the audit for the year ended
29 February 2020 to proceed.
As advised previously, DNG submitted a revised proposal for the recapitalisation of
the Company to the BRPs on 22 January 2021 and this Recapitalisation Proposal was
forwarded to the largest creditor and shareholder in PSV, Regis Holdings Limited
(“Regis”) for its consideration as the proposed recapitalisation will only be able to
proceed with the support of Regis. The BRP requested that proof of funding be
provided.
DNG has since provided proof of funding for the proposal presented to the BRPs on
25 February 2021, which was in turn forwarded to Regis. Further queries were raised
by Regis and responses thereto were provided this week. The matter is ongoing.
Shareholders are advised to continue to exercise caution when dealing in the
Company’s securities until such time as further announcements relating to the business
rescue process and the recapitalisation of the Company have been made.
Johannesburg
25 March 2021
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 25-03-2021 11:31:00
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