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Voluntary announcement - Transfer of petrologic to Tokheim International
PSV Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1998/004365/06)
Share code: PSV ISIN: ZAE000078705
("PSV")
VOLUNTARY ANNOUNCEMENT – TRANSFER OF PETROLOGIC TO TOKHEIM INTERNATIONAL
PSV has taken a strategic decision to transfer the business of Petrologic, the company involved in the
petrochemical industry through the supply and manufacture of fuel, pumps and dispensers, bulk fuel meters
as well as service contracts for the maintenance of fuel station forecourts, to Tokheim International, a
principal supplier of pump assembly components to Petrologic.
The contract is effective from 4 September 2012. This contract involves the take-over of all assets, staff and
certain liabilities. The rationale of this initiative for PSV is an immediate reduction in overhead costs and
further potential losses going forward. This transaction is in line with what was conveyed in the 2012 Annual
Report on "Scrutiny of the performance of subsidiaries is a principal focus area and measures are being
taken to improve results of those companies which are not meeting the targets for return on capital and
assets", and in line with this a decision has been taken to transfer Petrologic to Tokheim International.
The financial consequence of this transaction is the impairment of the investment in Petrologic as well as
the write off of the intercompany loan accounts, amounting to approximately R20 million. Please note that
the loss will not affect the cash flow of PSV. The viability and profitability of PSV’s continuing operations
remains unaffected by this transaction.
In terms of the Listings Requirements of JSE Limited, this transaction is not categorised.
Johannesburg
17 September 2012
Designated Adviser
Merchantec Capital
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