PSV HOLDINGS LIMITED - Update on PSV Asset Company (Pty) Ltd and Renewal of Cautionary announcement2021/05/04 11:24:00
Download 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 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.