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PSV HOLDINGS LIMITED - Update on PSV Asset Company (Pty) Ltd and Renewal of Cautionary announcement
2021/05/04 11:24:00Download PDF Stock report
Update on PSV Asset Company (Pty) Ltd 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 PSV ASSET COMPANY PROPRIETARY LIMITED (“PSVA”) AND RENEWAL OF
CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the previous renewal of cautionary announcement, the last of
which was dated 25 March 2021, in which they were advised, inter alia, that PSVA, which
company held the plant and equipment of the PSV Group, had been placed into business
rescue.
Shareholders are advised that the PSVA business rescue plan has been published and that a
meeting of PSVA creditors in accordance with section 151 of the Companies Act, 71 of 2008
will be held by means of virtual communication on 6 May 2021 at 10h00 for purposes of
considering the business rescue plan.
Shareholders are further advised that there is currently no prospect of recapitalising the
company nor transferring the operations of the trading companies within the group to the
company and the business rescue plan accordingly proposes that the business rescue
practitioners proceed with the controlled winddown of the company in rescue, but subject to
such actions resulting in a better return for creditors over liquidation.
Shareholders are further referred to the renewal of cautionary announcement dated 25 March
2021 wherein they were advised that DNG Energy Limited has provided proof of funding in
respect of the revised proposal for the recapitalisation of PSV as submitted to the business
rescue practitioners in January 2021 and that the business rescue practitioners have forwarded
the proposal and associated proof of funding to Regis Holdings Limited (“Regis”), the largest
creditor of and shareholder in PSV. Further queries on the revised proposal have been raised
by Regis and responses thereto have been provided by the Company. Discussions on the
revised proposal remain ongoing.
Shareholders are accordingly advised to continue to exercise caution when dealing in the
Company’s securities until such time as a further announcement relating to the business rescue
process and the recapitalisation of the Company has been made.
Johannesburg
4 May 2021
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 04-05-2021 11:24:00
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