| Tue 8 May 2012, 7:05 | | PSV - PSV Holdings Limited - Update to the disposal of The Pump Business |
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PSV
PSV
PSV - PSV Holdings Limited - Update to the disposal of The Pump Business
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
Further to the terms announcement released on SENS on 5 April 2012
relating to the Disposal of the Pump Business, and using the terms defined
therein unless otherwise stated, shareholders are hereby advised that
following the signature of a Reinstatement and Amendment Agreement between
PSV and WPIL, the due dates in respect of the all the suspensive
conditions have been amended as follows:
1) by 31 May 2012, the Boards of PSV and WPIL passing a resolution to
approve the Disposal;
2) by 31 May 2012, PSV providing WPIL with written confirmation that
Investec Bank Limited unconditionally agrees to release all securities
currently held over the Shares and/or assets of the Companies upon receipt
of the Purchase Consideration;
3) by 31 May 2012, WPIL delivering to PSV confirmation from its bankers
that WPIL will have sufficient funds in its bank account at the Closing
Date, being the seventh business day after the effective date, to settle
the Purchase Consideration;
4) by 31 May 2012, PSV delivering to WPIL a signed copy of the
Companies` management accounts for the period ended 28 February 2012;
5) by 31 May 2012, shareholders of PSV in a general meeting passing the
resolutions necessary to give effect to the Disposal in accordance with
the provisions of the Listings Requirements of JSE Limited;
6) by 31 May 2012, the Boards of PSV and WPIL, to the extent required,
obtaining all approvals from the relevant regulatory authorities in South
Africa and India, including if applicable, the Competition Commission; and
7) by 31 May 2012, the PSV group having undergone an internal
restructure in order to transfer all of the assets owned by PSV but which,
as at the date of signature of the Disposal Agreement, are being utilised
by any of the Companies to conduct their business.
The process of finalising the suspensive conditions in relation to the
Disposal of the Pump Business is taking longer than expected as a result
of due processes that have to be adhered to. However, shareholders are
advised that suspensive conditions 1, 2, 4 and 7 have been fulfilled.
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 is in the process of being finalised and approved and is
expected to be distributed shortly. Shareholders will be advised of the
actual date of distribution in due course.
Johannesburg
7 May 2012
Designated Adviser
Merchantec Capital
Date: 08/05/2012 07:05:04 Produced by the JSE SENS Department.
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