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")

QUARTERLY SUSPENSION UPDATE

In terms of paragraph 1.11(c) of the JSE Listings Requirements, the Company is required to provide an update to shareholders regarding the current state of affairs of the Company until the Suspension is lifted.

The Company was suspended for the late publication of its results for the year ended 29 February 2020 and 28 February 2021 and has been in Business Rescue since March 2020. The Company has faced a number of challenges whilst attempts to rescue the Company continue to be made. The Business Rescue Practitioners ("BRPs") have published a business rescue plan, the implementation of which is dependent on the recapitalisation of PSV by one of its shareholders.

DNG Energy Limited ("DNG") a material shareholder 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.

The Company will continue to inform shareholders of the progress in this regard and a monthly update letter will be provided.

Johannesburg

1 June 2022

Designated Advisor

AcaciaCap Advisors Proprietary Limited

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

PSV Holdings Limited published this content on 01 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2022 12:41:16 UTC.