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 announcements, the last of
which was dated 17 June 2021, in which they were advised, inter alia, that the Company and
PSV Asset Company (Pty) Ltd, which company holds the plant and equipment of the PSV
Group, 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”) and the Board regarding the
potential recapitalisation of PSV by DNG, which recapitalisation is key to enabling the audit for
the year ended 29 February 2020 to proceed.
As advised previously, DNG submitted a revised proposal for the recapitalisation of the
Company to the BRPs on 22 January 2021 and this Recapitalisation Proposal was forwarded to
the largest creditor and shareholder in PSV, Regis Holdings Limited (“Regis”) (which shares have
since been transferred to another group entity known as Drill Stem Testing International Limited)
for its consideration as the proposed recapitalisation will only be able to proceed with the
support of Regis. The BRP requested that proof of funding be provided.
DNG provided proof of funding for the proposal presented to the BRPs on 25 February 2021,
which was in turn forwarded to Regis. Further queries were raised by Regis and responses
thereto were provided. The proposal was not accepted as presented to Regis.
A revised offer excluding the matters that concerned Regis was sent on 17 June 2021. A
response has not been received to date. The Business Rescue Practitioners have followed up
with Regis and will continue to press for a reply.
Shareholders are 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.
29 July 2021
AcaciaCap Advisors Proprietary Limited
Date: 29-07-2021 03:10:00
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