PSV - PSV Holdings Limited - Fulfilment of conditions precedent to the sale
PSV
PSV
PSV - PSV Holdings Limited - Fulfilment of conditions precedent to the sale
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" or "the Group")
FULFILMENT OF CONDITIONS PRECEDENT TO THE SALE OF THE PUMP BUSINESS
Further to the General Meeting held on 31 May 2012 wherein shareholder
approval was granted in relation to the sale of the Pump Business,
shareholders are hereby advised that all the conditions precedent have been
fulfiled with effect from 13 June 2012. The sale of the Pump Business has
therefore become unconditional.
PSV has utilised the consideration to settle all of its debt obligations with
Investec. The balance of the consideration will be used to provide working
capital for PSV and the remainder will be distributed to shareholders by way
of a special once-off dividend.
Over the last eighteen months PSV has received over R110 million in proceeds
from the sale of Groupline and the Pump Business. PSV has now strengthened
its balance sheet and in doing so has the capital structure in place to grow
the Group going forward.
The board of directors of PSV is in the process of finalising the dividend
distribution and a formal dividend declaration will be announced in due
course.
Johannesburg
14 June 2012
Designated Adviser
Merchantec Capital
Date: 14/06/2012 15:20:00 Produced by the JSE SENS Department.
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