PSG - PSG - Reunert And PSG Undo Joint Ventrue In Quince Capital

PSG - PSG - Reunert And PSG Undo Joint Ventrue In Quince Capital                
PSG Group Limited                                                               
Incorporated in the Republic of South Africa                                    
Registration number 1970/008484/06                                              
Share code: PSG                                                                 
ISIN code: ZAE000013017                                                         
("PSG" or "the Company")                                                        
REUNERT AND PSG UNDO JOINT VENTRUE IN QUINCE CAPITAL                            
Reunert Limited ("Reunert") and PSG Group Limited ("PSG") have agreed to end    
their joint participation in Quince Capital Holdings (Pty) Limited ("Quince")   
formed in May 2007.                                                             
The subprime crisis has the potential of greatly increasing the cost of funding 
to Quince necessitating exploring alternative ways of financing the business.   
Such evaluation of funding options has led the partners in Quince to conclude   
that it would be in the interest of shareholders to undo the joint venture.     
Consequently, Reunert will acquire all the shares not owned by Reunert in Quince
for approximately R420 million, being the original amount invested by the       
exiting shareholders (including PSG), plus the retained profit in Quince        
attributable to these shareholders for the period 2 May 2007 to 31 January 2008 
payable in cash.  Simultaneously, PSG, Michiel le Roux and management will      
purchase their original investments previously sold to Quince, i.e. Quince      
Property Finance (previously ZS Rational) and Quince Scripfin, from Quince. They
shall continue to develop these profitable companies and explore further        
opportunities.                                                                  
The aforesaid is subject to the finalisation of formal agreements between Quince
Shareholders, as well as shareholder and regulatory approvals (to the extent    
required) and, if approved, will have an effective date of 1 February 2008.     
Stellenbosch                                                                    
5 February 2008                                                                 
Date: 05/02/2008 16:40:01 Supplied by www.sharenet.co.za                     
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