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PNG
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PNG - Pinnacle Point - Update On Announcement To Shareholders Regarding The
Underwriting Agreement Between Pinnacle Point And ABSA Bank Limited ("Absa") And
Renewal Of Cautionary Announcement
PINNACLE POINT GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2000/000059/06)
JSE Share code: PNG
NSE Share code: PNG
ISIN: ZAE000127122
("Pinnacle Point" or the "Company")
UPDATE ON ANNOUNCEMENT TO SHAREHOLDERS REGARDING THE UNDERWRITING AGREEMENT
BETWEEN PINNACLE POINT AND ABSA BANK LIMITED ("Absa") AND RENEWAL OF CAUTIONARY
ANNOUNCEMENT
Shareholders are referred to the announcement released by the Company on SENS on
30 December 2009 in which shareholders were advised that Pinnacle Point had
received a written notice from Absa alleging, inter alia, that the Company was
in breach of the underwriting agreement in that Pinnacle Point`s Nigerian
subsidiary did not have certain regulatory approvals necessary for the
development of the Lagos Keys project. Pinnacle Point was provided until 17h00
on 31 January 2010 to remedy these alleged breaches.
Notwithstanding the view of the Pinnacle Point Board that there is no breach,
Pinnacle Point undertook to use its best endeavours to secure the necessary
regulatory approvals by 31 January 2010.
The Company can now confirm that it has been granted access to develop the site
of the Lagos Keys project and has been advised that the issuing of the
Certificate of Occupancy for the site, which is considered by Absa to be part of
the required regulatory approvals, is imminent. The Company and Absa continue
to engage to try to resolve these outstanding issues and, in this regard, Absa
has advised the Company that it has extended the date for securing the
outstanding approvals to 17:00 on Friday, 05 February 2010.
Accordingly, shareholders are advised to continue exercising caution when
dealing in their Pinnacle Point securities until a further announcement is made.
Cape Town
02 February 2010
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Financial Adviser to Pinnacle Point in South Africa
NM Rothschild & Sons (Proprietary) Limited
Financial Adviser to Pinnacle Point in Nigeria and Co-underwriter
Goldbanc Management Associates Limited
Legal Adviser to Pinnacle Point
Edward Nathan Sonnenbergs Inc
Independent Reporting Accountants
Mazars Moores Rowland
Underwriter
Absa Bank Limited
Financial adviser to Absa Bank Limited
Absa Capital, a division of Absa Bank Limited
Legal Adviser to Absa Bank Limited
Werksmans Incorporating Jan S De Villiers
Date: 02/02/2010 14:01:02 Produced by the JSE SENS Department.
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