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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
has made various representations to the Business Rescue Practitioners (“BRPs”) during
2021 and the Board regarding the potential recapitalisation of PSV by DNG, which
recapitalisation is key to enabling the audits for the years ended 29 February 2020 and
28 February 2021 to proceed.
On 3 May 2022 an amended proposal was sent to the BRPs to consider and discuss with
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, as well as other creditors. Should the amended proposal be acceptable
to the major role players, then the proof of funding will be provided
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
1 June 2022
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 01-06-2022 02:15:00
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