Further Cautionary Announcement
(Incorporated in the Republic of South Africa)
(Registration number: 1970/008484/06)
JSE Limited (“JSE”) share code: PSG
ISIN code: ZAE000013017
LEI code: 378900CD0BEE79F35A34
(“the Company” or “PSG Group”)
Shareholders are referred to the Company’s cautionary announcement dated 23 April 2020,
advising that the Company is considering a corporate action/transaction, which, if
implemented, may have a material effect on the price of the Company’s securities.
Following requests from interested parties and to curtail speculation and uncertainty, the
Company confirms that the PSG Group board of directors is in the process of investigating,
and is seriously considering, the potential unbundling of some or all of its shareholding in
Capitec Bank Holdings Limited (“Capitec”), subject to certain conditions being fulfilled.
The rationale for the potential unbundling is that: certain new legislation may potentially deem
PSG Group (as a material shareholder in Capitec) to be a financial conglomerate, which will
substantially increase the administrative burden on PSG Group (in relation to regulatory
compliance), and that, given the substantial discount at which PSG Group shares trade to its
sum-of-the-parts value, the board believes such an unbundling may unlock value for PSG
Group shareholders.
Accordingly, shareholders are advised to continue exercising caution when dealing in the
Company’s securities until a detailed announcement is made in due course.
29 April 2020
Transaction advisor and sponsor
PSG Capital
Date: 29-04-2020 08:00:00
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