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Renewal of Cautionary
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”)
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the previous renewal of cautionary announcement, dated
11 April 2022, in which shareholders were advised, inter alia, that the Company had been
placed into business rescue; that the Company’s main trading subsidiary, PSV Industrial (Pty)
Limited (“PSVI”) had been liquidated and that DNG Energy Limited (“DNG”), a material
shareholder in and related party to the Company, has made various representations to the
Business Rescue Practitioners (“BRPs”) during 2021 and the Board regarding the potential
recapitalisation of PSV by DNG, which recapitalisation is key to enabling the audits for the years
ended 29 February 2020 and 28 February 2021 to proceed.
On 3 May 2022 an amended proposal was sent to the BRPs to consider and discuss with Regis
Holdings Limited (“Regis”), which shares have since been transferred to another Regis group
entity known as Drill Stem Testing International Limited (“DSTI”) for its consideration, as well as
other creditors. Should the amended proposal be acceptable to the major role players, then
the proof of funding will be provided
The Business Rescue is dependent on the recapitalisation of PSV, failing which it will likely face
liquidation with no prospect of any payment to shareholders.
Shareholders are accordingly advised to continue to exercise caution when dealing in the
Company’s securities until such time as further announcements relating to the business rescue
process and the recapitalisation of the Company have been made.
Johannesburg
30 May 2022
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 30-05-2022 08:10:00
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