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Quarterly update 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 UPDATE 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 Drill Stem Testing International Limited (“DSTI”).
On 3 May 2022 an amended proposal was sent to the BRPs and to Regis to consider. DSTI reverted
on 1 June 2022 with proposed amendments to some of the terms and also requested proof of
funds by 14 June 2022.
When DSTI reverted on 1 June 2022, DNG had received credit approval from a financial institution
for various facilities and the relevant legal agreements were near finalisation. The BRPs were
regularly informed of the progress, including the credit committee approval.
On 6 July 2022, the BRPs filed a notice with 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 draw down of facilities as DNG was intent on completing the rescue. The BRPs agreed
to a short delay but recently advised that they intended to proceed with the liquidation
application. As announced on SENS on 26 August 2022, the Company and interested parties
received a notice of motion to apply to court on 27 October 2022 for the final liquidation of the
Company.
DNG has now secured its facilities and is able to proceed with the recapitalisation of PSV, which
will remain subject to the approval of DSTI and the BRPs. DNG has written to the BRPs and
requested that the BRPs proceed to secure a signed formal agreement with DSTI and to withdraw
the liquidation application. Proof of available facilities has been provided.
DNG is intent on completing the rescue and/or opposing the liquidation and recapitalising PSV,
including the reintroduction and rebuilding of some of the original businesses. This may require
the appointment of a new BRP or DNG will intervene legally to stop the appointment of a
liquidator.
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 in their securities until a
further announcement is made.
Johannesburg
3 October 2022
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 03-10-2022 04:00:00
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