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Update on Business Rescue Proceedings 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”)
UPDATE ON BUSINESS RESCUE PROCEEDINGS AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the previous renewal of cautionary announcement, dated
30 May 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 2022 regarding the potential
recapitalisation of PSV by DNG, which recapitalisation is key to enabling the audits for the years
ended 29 February 2020, 28 February 2021 and now 28 February 2022 to proceed. Various
initiatives were interrupted as previously announced on SENS.
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. DSTI reverted on 1 June 2022 with proposed amendments to some of the terms
and also requested proof of funds by 14 June 2022, which timing constraint could not be met
due to the normal timeframes of the financial institution. DNG has received credit approval
from a financial institution for various facilities and the relevant legal agreements are near
finalisation. The BRPs were regularly informed of the progress, including the recent credit
committee approval.
As previously advised, the Business Rescue is dependent on the recapitalisation of PSV, failing
which it will face liquidation with no prospect of any payment to creditors or shareholders.
On 6 July 2022, the BRPs filed a notice with Companies Intellectual Property Commission
(“CIPC”) terminating the business rescue proceedings with the intention to take steps to place
the company into liquidation. DNG has request that the BRPs withdraw the CIPC submission
due to the imminent approval of facilities as DNG is intent on completing the rescue. The BRPs
have agreed to a short delay..
Shareholders are accordingly advised to continue to exercise caution when dealing in the
Company’s securities until such time as a further announcement has been made.
Johannesburg
15 July 2022
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 15-07-2022 02:55:00
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