| Wed 2 Sep 2009, 12:46 | | PNG - Pinnacle - Audited Results Balance Sheet Reclassification Change To |
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PNG - Pinnacle - Audited Results, Balance Sheet Reclassification, Change To
Auditors Opinion And Notice Of Annual General Meeting
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")
AUDITED RESULTS, BALANCE SHEET RECLASSIFICATION, CHANGE TO AUDITORS OPINION
AND NOTICE OF ANNUAL GENERAL MEETING
Shareholders are advised that the audited results of the company have been
finalised and there are minor reclassifications on the balance sheet which
represent a change from the reviewed results as published on SENS on 29 June
2009.
The SENS announcement dated 29 June 2009, differs from the finalised financial
statements for the following reasons:
1. Reclassification between current and non-current inventory.
2. Reclassification between deferred tax assets and liabilities.
3. Reclassification between borrowings and other lease arrangements.
4. Reclassification of property, plant and equipment to intangible assets.
The difference between the SENS announcement and the finalised financial
statements are as follows:
Financial SENS
Statements Announcement Difference
R`000 R`000 R`000
Balance sheet
Inventory non-
current 854 160 854 403 (243)
Inventory current 398 569 393 326 243
Deferred tax assets 85 261 84 967 294
Deferred tax
liabilities (235 192) (234 898) (294)
Borrowings non-
current (165 473) (177 786) 12 313
Borrowings current (247 000) (250 436) 3 436
Finance leases and
other arrangements
non-current (15 983) (3 670) (12 313)
Finance leases and
other arrangements
current (7 344) (3 908) (3 436)
There is no effect on the income statement.
In addition, there was a change from a qualified review opinion in relation to
the going concern of the company, which is dependent on an intended partly
underwritten rights issue, to a modified audit opinion which includes an
emphasis of matter as to the going concern of the company.
Shareholders are referred to the announcements dated 3 and 6 August 2009 and
are advised that the intended rights issue referred to in those announcements
is progressing well and that a formal terms announcement will be made in due
course.
Shareholders are furthermore advised that annual reports have been posted to
shareholders and the annual general meeting will be held at 10h00 on Friday,
02 October 2009 at Arcay House II, Number 3 Anerley Road, Parktown,
Johannesburg.
Johannesburg
01 September 2009
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 02/09/2009 12:46:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
