PNG - Pinnacle Point Group Limited - Announcement in respect of the specific
PNG
PNG
PNG - Pinnacle Point Group Limited - Announcement in respect of the specific
issue of shares for cash to Lurco Trading 278 (Proprietary) Limited
Pinnacle Point Group Limited
(Formerly Acc-Ross Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2000/000059/06)
Share code: PNG ISIN: ZAE000127122
("Pinnacle" or "the company")
ANNOUNCEMENT IN RESPECT OF THE SPECIFIC ISSUE OF SHARES FOR CASH TO LURCO
TRADING 278 (PROPRIETARY) LIMITED ("LURCO")
Shareholders are referred to the announcements relating to the acquisition of
the Pinnacle Group by the Company ("the acquisition") and specifically to the
specific issue of 250 000 000 shares to Lurco at an issue price of 80 cents per
share ("the shares"), which specific issue of shares formed part of the
acquisition-related transactions.
Shareholders are advised that following the turmoil experienced in the
international financial markets, the finalisation of the funding arrangements in
respect of the R200 million payable by Lurco for the shares ("the subscription
monies") is taking longer than anticipated and is now only expected to be
concluded in the New Year. The shares have accordingly not been and will not be
issued and listed until such time as the subscription monies have been received.
Shareholders will be advised as soon as the subscription monies have been
received and the shares issued.
Johannesburg
18 December 2008
Designated Advisor
Arcay Moela Sponsors
Date: 18/12/2008 15:15:20 Produced by the JSE SENS Department.
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