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PSV
PSV Holdings Limited - Black Economic Empowerment transaction
PSV Holdings Limited
(Formerly Elexir Technology Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 1998/004365/06)
(JSE code: PSV)
(ISIN: ZAE000078705)
("PSV" or "the company")
PSV HOLDINGS LIMITED - BLACK ECONOMIC EMPOWERMENT ("BEE") TRANSACTION WITH
BAKWENENG INVESTMENT HOLDING (PTY) LIMITED ("BAKWENENG")
Shareholders are advised that AJD da Silva and P Robinson ("the Vendors"), both
executive directors of PSV, have entered into an agreement to sell 30 000 000
ordinary PSV shares with effect from 21 April 2006 to Bakweneng at an average
price of 90 cents per share, which is a premium to the specific issue of shares
as set out in the circular to shareholders dated 10 March 2006 ("Bakweneng
transaction"). Bakweneng will hold up to 15% in PSV after the Bakweneng
transaction.
Bakweneng was formed by Maureen Shongwe and Vusi Shongwe, a Non-executive
director of PSV, in November 2002, as a vehicle to invest in transactions with
specific emphasis on companies requiring BEE partners. Bakweneng invests in
businesses with clear value add opportunities to enhance the strategic and
transformational imperatives of established businesses.
This agreement is subject to the successful raising of the funds by Bakweneng by
no later than 31 July 2006. 70% of the shares acquired by Bakweneng will be
locked in for a period of two years. Shareholders will be notified once the
Bakweneng transaction becomes unconditional.
Designated Adviser
Exchange Sponsors
Johannesburg
21 April 2006
Warning: The listing of ordinary shares in the company is on ALTx. Investors
are advised of the risks of investing in a company listed on ALTx. Investors are
advised that the JSE does not guarantee the viability or the success of a
company listed on ALTx. In terms of the Listings Requirements, the company is
obliged to appoint and retain a Designated Adviser, which is required to, inter
alia, attend all board meetings held by the company to ensure that all the
Listings Requirements and applicable regulations are complied with, approve the
Financial Director of the company and guide the company in a competent,
professional and impartial manner. If the company fails to retain a Designated
Adviser, it must make arrangements to appoint a new Designated Adviser within 10
business days, failing which the company faces suspension of trading of its
securities. If a Designated Adviser is not appointed within 30 days of its
suspension, the company faces the termination of its listing without the
prospect of an appropriate offer to minority shareholders.
Date: 21/04/2006 08:06:20 AM Produced by the JSE SENS Department
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