| Thu 5 Apr 2012, 7:21 | | PSV - PSV Holdings Limited - Update to the disposal of the pump business and |
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PSV
PSV
PSV - PSV Holdings Limited - Update to the disposal of the pump business and
withdrawal of cautionary announcement
PSV Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1988/004365/06)
Share code: PSV ISIN: ZAE000078705
("PSV")
UPDATE TO THE DISPOSAL OF THE PUMP BUSINESS AND WITHDRAWAL OF CAUTIONARY
ANNOUNCEMENT
Further to the terms announcement released on SENS on 22 February 2012 relating
to the Disposal of the Pump Business, and using the terms defined therein unless
otherwise stated, shareholders are hereby provided with an update thereto.
1. Pro forma financial effects
The unaudited pro forma financial effects, set out below, have been prepared to
illustrate the impact of the Disposal of the Pump Business on the reported
financial information of PSV for the six months ended 31 August 2011, had the
Disposal of the Pump Business occurred on 1 March 2011 for statement of
comprehensive income purposes and 31 August 2011 for statement of financial
position purposes. The financial effects are presented for illustrative purposes
only and because of their nature may not fairly reflect PSV`s results or
financial position going forward.
The unaudited pro forma financial effects have been prepared using accounting
policies that are consistent with International Financial Reporting Standards
and with the basis on which the historical financial information has been
prepared in terms of the accounting policies adopted by PSV.
The Board is responsible for the compilation, contents and presentation of the
financial effects contained in this announcement and for the financial
information from which it has been prepared. Their responsibility includes
determining that: the unaudited pro forma financial effects have been properly
compiled on the basis stated; the basis is consistent with the accounting
policies of PSV; and the pro forma adjustments are appropriate for the purposes
of the unaudited pro forma financial effects disclosed in terms of the Listings
Requirements of the JSE.
Before1 After the Percent
Pump age
Business change
Disposal2 (%)
Basic earnings per share 0.92 (2.45) (366.3)
(cents)3
Headline earnings per share 0.61 (0.64) (204.9)
(cents)3
Net asset value per share 58.62 52.07 (11.2)
(cents)4
Net tangible asset value per 34.77 28.88 (16.9)
share (cents)4
Weighted average number of 247 210 247 210 -
shares in issue (000`s)
Total number of shares in issue 247 962 247 962 -
(000`s)
Notes
1. The amounts in the "Before" column relate to the published unaudited
interim results of PSV for the six month period ended 31 August 2011.
2. The amounts in the "After the Pump Business Disposal" column relate to
the unaudited results of PSV for the six month period ended 31 August
2011 and are based on the assumption that:
- the trading results of the Pump Business for the six months ended
31 August 2011 have been excluded from PSV`s published unaudited
results for the six months ended 31 August 2011;
- the Pump Business has been sold for a total consideration of R54
million;
- R44 million of consideration received from the Pump Business
Disposal will be utilised to settle interest bearing debt,
resulting in an interest saving of 11.04% per annum which will
have a continuing effect on PSV; and
- Expenses of R1 240 000 have been incurred to effect the Pump
Business Disposal.
3. The effects on basic earnings per share and headline earnings per
share are calculated based on the assumption that the Pump Business
Disposal and was effected on 1 March 2011.
4. The effects on net asset value per share and tangible net asset value
per share are calculated based on the assumption that the Pump
Business Disposal was effected on 31 August 2011.
2. Further documentation
The Circular containing full details of, inter alia, the Disposal of the Pump
Business, as well as a notice to convene a general meeting of PSV shareholders
in order to consider and, if deemed fit to pass, with or without modification,
the resolutions necessary to approve and implement, inter alia, the Disposal of
the Pump Business, is in the process of being finalised and approved.
Shareholders are advised that the Circular to PSV shareholders is expected to be
distributed in due course. Shareholders will be kept updated with regards to the
actual date of distribution of the Circular.
3. Withdrawal of cautionary announcement
Further to the cautionary announcement dated 22 February, shareholders are
advised that as the pro forma financial effects of the Disposal of the Pump
Business have been disclosed in paragraph 1 above, caution is no longer required
to be exercised when dealing in the Company`s securities.
Johannesburg
5 April 2012
Designated Adviser
Merchantec Capital
Date: 05/04/2012 07:21:57 Produced by the JSE SENS Department.
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