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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”)
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the previous renewal of cautionary announcement, dated
26 August 2022, in which shareholders were advised, inter alia, that the Company had been
placed into business rescue. 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.
The recapitalisation is dependent on approval by Regis Holdings Limited (“Regis”), the
Company’s majority shareholder, which shares have since been transferred to another Regis
group entity known as Drill Stem Testing International Limited (“DSTI”). On 3 May 2022 an
amended proposal was sent to the BRPs and to DSTI to consider. DSTI reverted on 1 June 2022
with proposed amendments to some of the terms and also requested proof of funds by
14 June 2022. At the time, DNG had received credit approval from a financial institution for
various facilities and the relevant legal agreements were near finalisation.
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 requested that the BRPs withdraw the CIPC submission
due to the imminent draw down of facilities as DNG was intent on completing recapitalisation
of PSV, including the reintroduction and rebuilding of some of the original businesses. The BRPs
agreed to a short delay but subsequently proceeded with the liquidation application. In the
interim, DNG secured its facilities and provided proof thereof to the BRPs.
On 27 October 2022, the liquidation application appeared in the Johannesburg High Court
and the application was removed from the roll. DNG had opposed the application and was
ordered to pay the BRPs legal costs occasioned by the removal and deliver its Affidavit in
November 2022.
The Company will continue to inform shareholders of the progress in this regard.
Johannesburg
15 November 2022
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 15-11-2022 03:45:00
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