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Quarterly suspension announcement and 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”)
QUARTERLY SUSPENSION ANNOUNCEMENT AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
In terms of paragraph 1.11(c) of the JSE Listings Requirements, the Company is required to provide an update
to shareholders regarding the current state of affairs of the Company until the Suspension is lifted.
The recapitalisation is dependent on approval by Regis Holdings Limited (“Regis”), the Company’s majority
shareholder, which shares have since been transferred to another Regis group entity known as Drill Stem
Testing International Limited (“DSTI”). On 3 May 2022, an amended proposal was sent to the BRPs and to DSTI
to consider. DSTI reverted on 1 June 2022 with proposed amendments to some terms and requested proof
of funds by 14 June 2022. At the time, DNG Energy Limited (“DNG”) had received credit approval from a
financial institution for various facilities and the relevant legal agreements were near finalisation.
On 6 July 2022, the BRPs filed a notice with the Companies Intellectual Property Commission (“CIPC”)
terminating the business rescue proceedings with the intention to take steps to place the company into
liquidation. DNG requested that the BRPs withdraw the CIPC submission due to the imminent drawdown of
facilities as DNG was intent on completing recapitalisation of PSV, including the reintroduction and rebuilding
of some of the original businesses. The BRPs agreed to a short delay but subsequently proceeded with the
liquidation application. In the interim, DNG secured its facilities and provided proof thereof to the BRPs.
On 27 October 2022, the liquidation application appeared in the Johannesburg High Court and the
application was removed from the roll. DNG had opposed the application and was ordered to pay the BRPs
legal costs occasioned by the removal and deliver its Affidavit in November 2022, for which an extension was
applied.
On 13 January 2023, the Company and interested parties received a notice of setdown which was placed
on the unopposed roll for 1 February 2023 in the Johannesburg High Court. DNG opposed the liquidation
application and delivered an Answering Affidavit. The BRPs did not accept the version proffered in the
Answering Affidavit and advised of the intention to depose a Replying Affidavit. In the interim, the liquidation
application set down for 1 February 2023 was withdrawn from the roll to allow the BRPs to deliver their Replying
Affidavit.
The practitioners have since delivered their Replying Affidavit. The attorneys for the practitioners are in the
process of applying for a final date for the liquidation of the Company. The BRPs are waiting for the court to
allocate a court date.
It is expected that DNG will put forward a firm proposal to recapitalise the company during the next 3 months.
The Company will continue to inform shareholders of the progress in this regard and are reminded that the
Company is currently operating under a cautionary announcement. Accordingly, shareholders are advised
to continue to exercise caution when dealing with their securities until a further announcement is made.
Johannesburg
9 May 2023
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 09-05-2023 02:57:00
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