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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”)
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the previous renewal of cautionary announcements, the last
of which was dated 1 October 2020 in which they were advised of the liquidation of the
Company’s main trading subsidiary, PSV Industrial (Pty) Limited (“PSVI”) and advise that
PSVI will no longer be consolidated into the results of PSV for the year ended 29 February
2020.
Shareholders are reminded that PSV Asset Company (Pty) Limited (“PSVAC”), which
company holds the plant and equipment of the PSV Group, has been placed into business
rescue. The business rescue practitioners (“BRP’s”) of the Company were appointed to
PSVAC. The PSVAC BRP’s placed the assets of PSVAC on auction.
The above removes any uncertainty around the accounting for the former subsidiaries of
PSV and will allow the audit to proceed. However, the going concern concept will be
key to the final audit opinion and will be dependent on the recapitalisation of PSV. DNG
Energy Limited (“DNG”), has made various representations to the Business Rescue
Practitioners and the Board regarding the potential recapitalisation of PSV by DNG. In the
interim, DNG has managed to appoint some of the former PSVI employees and
commence new business with former customers in the same area of business as PSVI, with
a view to injecting these businesses into PSV. This is subject to the successful
recapitalisation of the Company.
Renewal of Cautionary Announcement
Shareholders are advised to continue to exercise caution when dealing in the Company’s
securities until such time as further announcements relating to the business rescue process
have been made.
Johannesburg
13 November 2020
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 13-11-2020 03:24:00
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