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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 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 of the terms and also requested proof of funds by 14 June 2022. At the time,
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 Business Rescue Practitioners (“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
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
has been placed on the unopposed roll for 1 February 2023 in the Johannesburg High Court.
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
1 February 2023
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 01-02-2023 04:45:00
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