Elexir in reverse takeover

Johannesburg, 08 Feb 2006

The Elexir Technology Holdings cash shell has been acquired in a R187.5 million reverse takeover by industrial group PSV Holdings.

Elexir will issue 150 million shares at R1 a share to the PSV vendors, resulting in PSV owning 98.5% of the company.

A further 37.5 million shares will be issued to PSV-owned companies Colvic and Groupline.

Elexir will now apply for a transfer of its listing from the JSE`s main board to AltX, and on 21 April will cease trading as Elexir and begin trading as PSV.

PSV is a supplier of pumps, valves and electromechanical solutions to the mining, petrochemical and water and waste management sectors.

"Elexir Technology has disposed of all its assets to become a cash shell, which will now purchase the entire share capital of PSV for R187.5 million," says Wessel van der Merwe, director of designated advisor Exchange Sponsors.

Elexir incurred a R3.89 million loss for the six months to end-August, compared with the year-earlier loss of R2.24 million. This was on revenue of R10 000, compared with revenue of R4.91 million previously.

It has also reported a headline loss of R1.50 per share, compared with a previous headline loss of R22.