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Correction of Statement of Financial Position for the Six Months Ended 31 August 2019 & Update on Subsequent Events
PSV Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1998/004365/06)
Share code: PSV ISIN: ZAE000078705
(“PSV” or “the Company”)
CORRECTION OF STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHS ENDED 31 AUGUST
2019 AND UPDATE ON SUBSEQUENT EVENTS
Shareholders of the Company (“Shareholders”) are referred to the Unaudited Condensed
Consolidated Interim Results for the Six Months Ended 31 August 2019, published on Stock
Exchange News Service (“SENS”) on 29 November 2019 (the “Results Announcement”).
Shareholders are advised that omissions, casting errors and reallocations, have been
identified in the Statement of Financial Position and the corrections are detailed below:
Condensed Statement of Financial Position
31 August 2019 31 August 2019
Restated Published Difference
R’000 R’000 R’000
ASSETS
Non-current assets 45 556 24 294 21 262
Current assets 39 199 42 978 -3 779
Inventory 13 977 13 977 0
Trade and other receivables 23 181 23 181 0
Loans receivable – Short term 231 0 231
Current assets held for sale 0 4 010 -4 010
Cash and cash equivalents 1 810 1 810 0
Right of use for lease assets 29 171 31 977 -2 806
Assets held for sale 10 466 6 342 4 124
Total assets 124 392 105 591 18 801
EQUITY AND LIABILITIES
Equity 19 310 19 310 0
Non-current liabilities 11 364 11 873 -509
Non-current Lease liabilities 29 766 29 766 0
Current liabilities 53 600 53 600 0
Trade and other payables 30 977 30 977 0
Bank overdraft 19 299 19 299 0
Current portion of lease liabilities 835 835 0
Provisions 2 489 2 489 0
Liabilities associated with assets held for
sale 10 352 10 352 0
Total liabilities 105 082 95 239 9 843
Total equity and liabilities 124 392 105 591 18 801
No errors were identified in the Statement of Comprehensive Income and there is
accordingly no impact on the previously published loss and headline loss per share
information.
However, there are a number of substantial events post the publication of the above
correction, which will be dealt with in the results for the year ended 29 February 2020,
including the impairment of the assets held for sale. The above correction has been
published to correctly reflect what would have been published had the Statement of
Financial Position been correct at that time and shareholders attention is drawn to the
various subsequent events below that were mentioned in the interim results announcement.
Subsequent Events
The Results Announcement disclosed the following, under the Subsequent Events section:
“Turbo Agencies Botswana (“TAB”) is in the process of being sold. A sale agreement has
been signed and the conditions are in the process of being fulfilled. TAB will not form part of
the Group by year end “First Disposal”).
Shareholders are advised that the intended First Disposal of TAB was not finalised as the
suspensive conditions relating to, inter alia, the settlement of the First National Bank (“FNB”)
Loan facility (“FNB Loan Facility”) granted to TAB were not able to be fulfilled.
Proposed Related Party Disposal (“Second Disposal”)
As announced on SENS on 26 February 2020, the Company subsequently entered into
another agreement for the disposal of TAB to DNG Energy (Pty) Ltd (“DNG”) (“Second
Disposal”), a material shareholder in and a related party to PSV, in terms of which and,
subject to the approval of FNB, DNG would take over the responsibility for the sureties
previously signed by PSV in relation to the FNB Loan Facility (“FNB Security”) in settlement of
any and all amounts owed by DNG to the Company and its wholly owned subsidiary, PSV
Industrial (Pty) Ltd.
Shareholders are advised that following the placing of PSV into business rescue, FNB advised
the PSV Business Rescue Practitioners that it will be lodging a claim against PSV in terms of the
FNB Security, although to date no formal claim has been received. The Practitioners consider
the Second Disposal to be a potentially voidable transaction or would give undue
preference to FNB. The PSV business rescue practitioners accordingly declined to proceed
with the Proposed Disposal.
As a result, and in light of the fact that TAB had previously been classified as a discontinued
operation, it will be accounted for as an abandoned asset in the financial results for the year
ended 29 February 2020.
By order of the Board
Johannesburg
30 October 2020
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 30-10-2020 08:00:00
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