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Liquidation of PSV Indutrial (Pty) Ltd, Update on Business Rescue Plan and Renewal of Cautionary Announcement
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”)
LIQUIDATION OF PSV INDUSTRIAL (PTY) LTD, UPDATE ON
PSV BUSINESS RESCUE PLAN AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the announcements published on SENS on 8 July 2020 and
13 August 2020 (“13 August announcement”) in which the pending liquidation application
against the Company’s main trading subsidiary, PSV Industrial (Pty) Ltd (“PSVI”) and the urgent
High Court application by DNG Energy (Pty) Ltd (“DNG Energy”), a material shareholder in PSV,
and, together with the second applicant, Mr Aldworth Mbalati, a related party to PSV in terms
of the JSE Listings Requirements, to have PSVI placed under Business Rescue, were noted (“the
Application”).
Shareholders are advised that notwithstanding the fact that payment of the amount forming
the subject of the liquidation application had been tendered prior to the date of the
Application, the payment was rejected by the applicant, that the Application was
subsequently dismissed on a technicality relating to locus standi and that PSVI has been
placed into final liquidation. DNG Energy has, however, advised the Company that it will be
appealing the decision.
Shareholders are furthermore referred to the 13 August announcement wherein it was noted
that the meeting convened in terms of section 151 of the Companies Act, 71 of 2008
(“Companies Act”) (“section 151 meeting”) had been adjourned to Friday, 14 August 2020
pending the outcome of the Application. At the adjourned section 151 meeting, the
published business rescue plan, as amended, was adopted. The section 143 meeting to
approve additional remuneration for the Business Rescue Practitioners was further adjourned
to 12h00 on Wednesday, 19 August 2020.
Renewal of Cautionary Announcement
Shareholders are advised to continue to exercise caution when dealing in the Company’s
securities until such time as further announcements relating to the proposed appeal of the
decision dismissing the Application and the implementation of the business rescue plan have
been made.
Johannesburg
19 August 2020
Designated Advisor
AcaciaCap Advisors
Date: 19-08-2020 10:09:00
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