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PSV
PSV
PSV - PSV Holdings Limited - Revised Profit Forecast and Withdrawal of
Cautionary
PSV HOLDINGS LIMITED
(Formerly Elexir Technology Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1998/004365/06)
JSE Share code: PSV & ISIN: ZAE000078705
("PSV" or the "Company")
REVISED PROFIT FORECAST OF PSV FOLLOWING THE UNWINDING OF THE ACQUISITION OF
THREE OF THE SUBSIDIARIES OF COLVIC PETROLEUM PRODUCTS (PROPRIETARY) LIMITED
("COLVIC") AND WITHDRAWAL OF CAUTIONARY
1 INTRODUCTION
Shareholders are referred to the announcement on SENS dated 14 December
2006 in terms of which it was announced that PSV would publish a revised
profit forecast for the year ending 28 February 2007 taking into account
the effect of the unwinding of the acquisition of three of the subsidiaries
of Colvic (the "unwinding") and the final payment to PSV vendors (being AJD
Da Silva, P Robinson and AR Dreisenstock) (the "final payment") in terms of
the addendum to the sale of shares and cession of claims agreement dated 13
December 2006 ("the final payment agreement").
2. PROFIT FORECAST OF THE COMPANY FOLLOWING THE UNWINDING AND FINAL PAYMENT
The forecast income statement of PSV for the financial year ending 28
February 2007, taking into account the unwinding and the final payment, is
set out below. The directors of PSV are responsible for the forecast income
statement. The forecast income statement has been prepared on a basis
consistent with the accounting policies of PSV.
PSV
Forecast
Year ending 28 February 2007
Revenue (Rand `000) 201 997
Gross profit 75 748
Operating expenses 47 728
EBITDA 28 020
Depreciation 5 933
Profit before interest and taxation 22 087
Net interest paid 1 716
Profit before taxation 20 371
Taxation 6 181
Earnings attributable to ordinary 14 190
shareholders
Weighted average shares in issue 186 112 025
Earnings per share (cents) 7.62
Headline earnings per share (cents) 7.62
*Fully diluted earnings per share 7.10
(cents)
*Fully diluted headline earnings per 7.10
share (cents)
*Fully diluted earnings per share and fully diluted headline earnings
per share have been calculated using 199 862 025 shares and include
the full 15 million profit warrant shares to be listed.
Main assumptions:
1. The forecast income statement for the year ending 28 February 2007
includes Colvic`s results for the eight months ended 31 October 2006
as the effective date of the unwinding is 1 November 2006.
2. Operating expenditure will increase in line with the expected rate of
inflation of approximately 6%.
3. An effective rate of taxation of 30% will be achieved.
4. Revenue will increase in accordance with existing organic growth
levels.
5. There will be continuity in PSV`s existing management and trading
policies.
Assumptions 2 and 3 are outside the control of the directors` and
assumptions 4 and 5 are within the directors` control.
3. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
The board of PSV hereby announces that the unwinding is now unconditional
in all respects and caution is no longer required to be exercised by
shareholders when dealing in their securities.
4. DOCUMENTATION
KPMG Inc`s reporting accountants report (conducted in accordance with the
international standards on assurance engagements applicable to the
examination of prospective financial information) on the revised profit
forecast is available for inspection at the registered office of the
company.
Johannesburg
2 February 2007
Designated adviser Exchange Sponsors
Auditors and Reporting accountants KPMG Inc.
Attorneys Fluxmans Inc.
Date: 02/02/2007 15:41:01 Produced by the JSE SENS Department.
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