PSV - PSV Holdings Limited - Fulfilment of conditions precedent to the sale

PSV - PSV Holdings Limited - Fulfilment of conditions precedent to the sale     
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" or "the Group")                                                          
FULFILMENT OF CONDITIONS PRECEDENT TO THE SALE OF THE PUMP BUSINESS             
Further to the General Meeting held on 31 May 2012 wherein shareholder          
approval was granted in relation to the sale of the Pump Business,              
shareholders are hereby advised that all the conditions precedent have been     
fulfiled with effect from 13 June 2012. The sale of the Pump Business has       
therefore become unconditional.                                                 
PSV has utilised the consideration to settle all of its debt obligations with   
Investec. The balance of the consideration will be used to provide working      
capital for PSV and the remainder will be distributed to shareholders by way    
of a special once-off dividend.                                                 
Over the last eighteen months PSV has received over R110 million in proceeds    
from the sale of Groupline and the Pump Business. PSV has now strengthened      
its balance sheet and in doing so has the capital structure in place to grow    
the Group going forward.                                                        
The board of directors of PSV is in the process of finalising the dividend      
distribution and a formal dividend declaration will be announced in due         
course.                                                                         
Johannesburg                                                                    
14 June 2012                                                                    
Designated Adviser                                                              
Merchantec Capital                                                              
Date: 14/06/2012 15:20:00 Supplied by www.sharenet.co.za                     
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