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Quarterly Suspension Update
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 UPDATE
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 Company was suspended for the late publication of its results for the year ended
29 February 2020 and 28 February 2021 and has been in Business Rescue since March
2020. The Company has faced a number of challenges whilst attempts to rescue the
Company continue to be made. The Business Rescue Practitioners (“BRPs”) have
published a business rescue plan, the implementation of which is dependent on the
recapitalisation of PSV by one of its shareholders.
DNG Energy Limited (“DNG”) a material shareholder and related party to the Company
provided proof of funding for the proposal presented to the BRPs on 25 February 2021,
which was in turn forwarded to the largest creditor and shareholder Regis Holdings
Limited (“Regis”), which shares have since been transferred to another Regis group entity
known as Drill Stem Testing International Limited (“DSTI”) for its consideration. The proposal
will, however, only be able to proceed with the support of DSTI.
A revised offer, amended for the matters that had concerned DSTI was sent to DSTI via
the BRPs on 17 June 2021. DSTI advised in November 2021 that it is willing to consider the
offer subject to certain clarifications and conditions, specifically proof of unrestricted
access to the required level of funds by DNG. The Business Rescue Practitioners also
objected to any variation of their fees which were approved by the requisite majority of
creditors. DSTI await a response from DNG. The Business Rescue is dependent on the
recapitalisation of PSV, failing which it will likely face liquidation with no prospect of any
payment to shareholders.
The Company will continue to inform shareholders of the progress in this regard and a
monthly update letter will be provided.
Johannesburg
10 February 2022
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 10-02-2022 01:33:00
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