PSG
 
PSG - PSG - Reunert And PSG Undo Joint Ventrue In Quince Capital
 
PSG Group Limited
 
Incorporated in the Republic of South Africa
 
Registration number 1970/008484/06
 
Share code: PSG
 
ISIN code: ZAE000013017
 
("PSG" or "the Company")
 
REUNERT AND PSG UNDO JOINT VENTRUE IN QUINCE CAPITAL
 
Reunert Limited ("Reunert") and PSG Group Limited ("PSG") have agreed to end
 
their joint participation in Quince Capital Holdings (Pty) Limited ("Quince")
 
formed in May 2007.
 
The subprime crisis has the potential of greatly increasing the cost of funding
 
to Quince necessitating exploring alternative ways of financing the business.
 
Such evaluation of funding options has led the partners in Quince to conclude
 
that it would be in the interest of shareholders to undo the joint venture.
 
Consequently, Reunert will acquire all the shares not owned by Reunert in Quince
 
for approximately R420 million, being the original amount invested by the
 
exiting shareholders (including PSG), plus the retained profit in Quince
 
attributable to these shareholders for the period 2 May 2007 to 31 January 2008
 
payable in cash. Simultaneously, PSG, Michiel le Roux and management will
 
purchase their original investments previously sold to Quince, i.e. Quince
 
Property Finance (previously ZS Rational) and Quince Scripfin, from Quince. They
 
shall continue to develop these profitable companies and explore further
 
opportunities.
 
The aforesaid is subject to the finalisation of formal agreements between Quince
 
Shareholders, as well as shareholder and regulatory approvals (to the extent
 
required) and, if approved, will have an effective date of 1 February 2008.
 
Stellenbosch
 
5 February 2008
 
Date: 05/02/2008 16:40:01 Produced by the JSE SENS Department.
 
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