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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 was placed into Business Rescue in March 2020. The Company has
faced a number of challenges whilst attempts to rescue it continue to be made. The
Business Rescue Practitioners (“BRPs”) published a plan which was dependent on the
recapitalisation of PSV by one of its shareholders.
DNG Energy Limited (“DNG”) provided proof of funding for the proposal presented to the
BRPs on 25 February 2021which was forwarded to the major creditor and shareholder
Regis Holdings Limited (“Regis”) (which shares have since been transferred to another
group entity known as Drill Stem Testing International Limited) for its consideration as the
proposed recapitalisation will only be able to proceed with the support of Regis.
Shareholders are advised that a revised offer excluding the matters that concerned Regis
was sent on 17 June 2021. A response has not been received to date. BRPs have
followed up with Regis and will continue to press for a reply.
The Board will continue to inform shareholders of the progress and shareholders are still
required to exercise caution when dealing in the Company’s shares.
Johannesburg
6 August 2021
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 06-08-2021 05:22:00
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