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PSV HOLDINGS LIMITED - Change Statement and Notice of Annual General Meeting

Release Date: 28/07/2016 17:17
Code(s): PSV     PDF:  
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Change Statement and Notice of Annual General Meeting

PSV Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1998/004365/06)
Share code: PSV ISIN: ZAE000078705
(“PSV” or “the Company” or “the Group”)


CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING


Change Statement

Shareholders are advised that PSV’s Integrated Annual Report for the year ended 29 February 2016 was
distributed to shareholders today, 28 July 2016 and is also available on the Company’s website,
www.psvholdings.com.

The annual financial statements were audited by the Company’s auditors, Certified Master Auditors Inc., and
their unmodified report is available for inspection at PSV’s registered office.

The segmental report in the audited annual financial statements included in the Integrated Annual Report
contains certain modifications to the provisional condensed consolidated results for the year ended
29 February 2016 released on SENS on 31 May 2016 as a result of reallocations across the Company’s
business segments.

The reallocations mentioned above do not have any impact on earnings per share, headline earnings per
share, net asset value per share or net tangible asset value per share.

The updated segmental report, as it appears in the Integrated Annual Report, is set out as follows:

Segmental report
                                                                                      Shared
                                            Industrial       Specialised        Services and
                                              Supplies          Services               Other           Total
                                                  2016              2016                2016            2016
                                                     R                 R                   R               R
 For the 12 months ended
 29 February 2016
 Total segment revenue                     136 393 978       121 022 489        (13 987 649)     243 428 818
 Inter-segmental revenue                   (6 501 221)       (7 486 428)          13 987 649               -
 Reportable segmental
 revenue                                   129 892 757       113 536 061                   -     243 428 818
 Gross profit                               23 197 678        12 948 280             (2 870)      36 143 088
 Depreciation and amortisation               (795 756)                 -         (3 113 368)     (3 909 124)
 Other operating expenses                 (14 560 798)      (13 907 634)        (16 191 012)    (44 659 444)
 Impairment of goodwill and
 intangibles                                         -                 -        (12 885 252)    (12 885 252)
 Profit/(loss) before tax                    9 519 376       (3 734 958)        (31 397 987)    (25 613 569)
 Capital expenditure                           693 955         2 740 316             377 910       3 812 181
 Total assets                               67 962 514        38 974 654           7 255 668     114 192 836
 Total liabilities                        (29 393 163)      (43 887 371)         (9 266 236)    (82 546 770)
 Continuing operations                    (29 365 149)      (43 887 371)         (9 266 236)    (82 518 756)
 Discontinued operations                      (28 014)                 -                   -        (28 014)
 Revenue per major customer                 27 294 341                 -                   -      27 294 341

 Segmental information by                 South Africa          Botswana               Other           Total
 geographical region                                 R                 R                   R               R
 Revenue (external)                        225 495 281        17 933 537                   -     243 428 818
 Non-current assets                         20 015 446        24 815 257                   -      44 830 703
 Revenue per major customer                 23 478 518         3 815 823                   -      27 294 341




                                                                                      Shared
                                            Industrial       Specialised        Services and
                                              Supplies          Services               Other           Total
                                                  2015              2015                2015            2015
                                                     R                 R                   R               R
 For the 12 months ended
 28 February 2015
 Total segment revenue                     152 390 536        83 924 972           6 025 733     242 341 241
 Inter-segmental revenue                   (4 058 591)       (1 967 142)         (6 025 733)    (12 051 466)
 Reportable segmental
 revenue                                   148 331 945        81 957 830                   -     230 289 775
 Gross profit                               26 113 239         3 977 241           (370 485)      29 719 996
 Depreciation and amortisation             (1 004 050)                 -         (3 863 421)     (4 867 471)
 Impairment of goodwill and
 other intangibles                                   -                 -         (3 959 029)     (3 959 029)
 Other operating expenses                 (12 827 431)      (14 494 885)        (15 897 831)    (43 220 147)
 Profit/(loss) before tax from
 continuing operations                       5 381 286      (19 247 330)        (12 387 802)    (26 253 846)
 Capital expenditure                         1 216 928            41 651             993 586       2 252 165
 Total assets                               68 990 939        35 023 596          50 216 745     154 231 280
 Continuing operations                      45 522 433        35 023 596          50 216 745     130 762 774
 Discontinued operations                    23 468 506                 -                   -      23 468 506
 Total liabilities                        (27 931 699)      (33 483 599)        (20 566 108)    (81 981 406)
 Continuing operations                    (19 463 568)      (33 483 599)        (20 566 108)    (73 513 275)
 Discontinued operations                   (8 468 131)                 -                   -     (8 468 131)
 Revenue per major customer                 68 023 534                 -                   -      68 023 534

 Segmental information by                 South Africa          Botswana               Other           Total
 geographical region                                 R                 R                   R               R
 Revenue (external)                        205 313 781        24 975 994                   -     230 289 775
 Non-current assets                         55 781 930         8 571 118                   -      64 353 048
 Revenue per major customer                 56 381 062        11 642 472                   -      68 023 534


Notice of Annual General Meeting

Notice is hereby given that the Annual General Meeting of shareholders of PSV will be held at 10:00 on
Tuesday, 30 August 2016, at Stoneridge Office Park, 8 Greenstone Place, Building C, 2nd Floor, Greenstone
Hill, to conduct the business stated in the Notice of Annual General Meeting, which is contained in the
Integrated Annual Report.

The board of directors of PSV has determined that, in terms of section 62(3)(a), as read with section 59 of
the Companies Act, 2008 (Act 71 of 2008), the record date for the purposes of determining which
shareholders of the Company are entitled to participate in and vote at the Annual General Meeting is Friday,
26 August 2016. Accordingly, the last day to trade in PSV shares in order to be recorded in the Register to
be entitled to vote at the Annual General Meeting will be Tuesday, 23 August 2016.


Johannesburg
28 July 2016

Designated Adviser
Merchantec Capital

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