PSV - PSV Holdings Limited - Update to the disposal of The Pump Business

PSV - PSV Holdings Limited - Update to the disposal of The Pump Business        
PSV Holdings Limited                                                            
Incorporated in the Republic of South Africa                                    
(Registration number 1988/004365/06)                                            
Share code: PSV     ISIN: ZAE000078705                                          
("PSV")                                                                         
UPDATE TO THE DISPOSAL OF THE PUMP BUSINESS                                     
Further  to  the  terms  announcement released on SENS  on  5  April  2012      
relating to the Disposal of the Pump Business, and using the terms defined      
therein  unless  otherwise stated, shareholders are  hereby  advised  that      
following the signature of a Reinstatement and Amendment Agreement between      
PSV  and  WPIL,  the  due  dates in respect  of  the  all  the  suspensive      
conditions have been amended as follows:                                        
1)    by  31 May 2012, the Boards of PSV and WPIL passing a resolution  to      
   approve the Disposal;                                                        
2)    by  31  May 2012, PSV providing WPIL with written confirmation  that      
   Investec Bank Limited unconditionally agrees to release all securities       
   currently held over the Shares and/or assets of the Companies upon receipt   
   of the Purchase Consideration;                                               
3)    by 31 May 2012, WPIL delivering to PSV confirmation from its bankers      
   that WPIL will have sufficient funds in its bank account at the Closing      
   Date, being the seventh business day after the effective date, to settle     
   the Purchase Consideration;                                                  
4)    by  31  May  2012,  PSV  delivering to WPIL a  signed  copy  of  the      
   Companies` management accounts for the period ended 28 February 2012;        
5)    by 31 May 2012, shareholders of PSV in a general meeting passing the      
   resolutions necessary to give effect to the Disposal in accordance with      
the provisions of the Listings Requirements of JSE Limited;                  
6)    by  31 May 2012, the Boards of PSV and WPIL, to the extent required,      
   obtaining all approvals from the relevant regulatory authorities in South    
   Africa and India, including if applicable, the Competition Commission; and   
7)    by  31  May  2012,  the  PSV  group  having  undergone  an  internal      
   restructure in order to transfer all of the assets owned by PSV but which,   
   as at the date of signature of the Disposal Agreement, are being utilised    
   by any of the Companies to conduct their business.                           
The  process  of finalising the suspensive conditions in relation  to  the      
Disposal  of the Pump Business is taking longer than expected as a  result      
of  due  processes  that have to be adhered to. However, shareholders  are      
advised that suspensive conditions 1, 2, 4 and 7 have been fulfilled.           
The  Circular containing full details of, inter alia, the Disposal of  the      
Pump  Business,  as well as a notice to convene a general meeting  of  PSV      
shareholders  is  in the process of being finalised and  approved  and  is      
expected  to be distributed shortly. Shareholders will be advised  of  the      
actual date of distribution in due course.                                      
Johannesburg                                                                    
7 May 2012                                                                      
Designated Adviser                                                              
Merchantec Capital                                                              
Date: 08/05/2012 07:05:04 Supplied by www.sharenet.co.za                     
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