| Thu 6 Aug 2009, 17:47 | | PNG - Pinnacle Point Group - Proposed Recapitalisation Of Pinnacle And |
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PNG - Pinnacle Point Group - Proposed Recapitalisation Of Pinnacle And
Withdrawal Of Cautionary Announcement
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")
PROPOSED RECAPITALISATION OF PINNACLE AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
The various cautionary announcements released on SENS on 17 March 2009, 28 April
2009, 10 June 2009, 29 June 2009, and in particular, the detailed cautionary
announcement released on SENS on 31 July 2009, in which shareholders were
advised that Pinnacle requires additional capital in the amount of R250 million
to enable the company to meet its working capital requirements and to allow the
company to realise the potential of its property assets as a going concern,
refers.
Shareholders were advised in the SENS announcement released on 31 July 2009 that
Pinnacle had concluded an agreement with Absa Bank Limited ("Absa"), a material
shareholder in Pinnacle, in terms of which Absa has agreed to provide additional
funding of R150 million to Pinnacle subject to certain conditions being
fulfilled, including R100 million equity funding being secured from third
parties. The R55 million bridging debt facility referred to this SENS
announcement has become unconditional in accordance with its terms.
Pinnacle has commenced with work on the proposed rights issue and further
announcements in this regard will be published in due course.
Pinnacle shareholders are advised that as the relevant negotiations have been
concluded, caution is no longer required to be exercised by shareholders when
dealing in their Pinnacle securities.
Johannesburg
6 August 2009
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Financial Advisor
Rothschild
Legal Advisor
Edward Nathan Sonnenbergs Inc.
Date: 06/08/2009 17:47:01 Produced by the JSE SENS Department.
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