PSG GROUP LIMITED - PSG Group Limited/PSG Financial Services Limited - PSG Groups Commentary On Viceroys Report On Capitec

PSG Group Limited/PSG Financial Services Limited -
 PSG Group’s Commentary On Viceroy’s Report On Capitec

PSG Group Limited
Incorporated in the Republic of South Africa
Registration number: 1970/008484/06
JSE Limited share code: PSG
ISIN code: ZAE000013017
(“PSG Group”)

PSG Financial Services Limited
Incorporated in the Republic of South Africa
Registration number: 1919/000478/06
JSE Limited share code: PGFP
ISIN code: ZAE000096079

PSG GROUP’S COMMENTARY ON VICEROY’S REPORT ON CAPITEC

PSG Group is the largest shareholder in Capitec with a 30.7%
interest. Capitec is also PSG Group’s largest investment. We
concur with Capitec management that the Viceroy report is on the
face of it filled with factual errors and misleading information
regarding   Capitec.   Please   refer  to   the   Capitec   SENS
announcements released earlier today.

PSG Group fully supports the Capitec management team and
business model. Capitec’s corporate governance is undoubtedly
world class. Its continued transparency and ability to release
its audited year-end financial results within a month after the
reporting date, bear testimony thereto. Capitec continues to
follow a prudent approach to capital and liquidity management,
and to the granting of credit and related write-offs and
provisioning.

PSG Group is greatly concerned about Viceroy’s intentions with
and the way in which they published their report without prior
consultation   with  Capitec  management   to  gain   a  proper
understanding of their business. Viceroy’s report contains
irresponsible statements creating unwarranted market turmoil.
PSG Group will consequently ensure that an investigation be
launched into such conduct, including trading in both PSG Group
and Capitec shares in the period leading up to the release of
Viceroy’s report.

30 January 2018
Stellenbosch

Sponsor
PSG Capital

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