PNG - Pinnacle Point Group Limited - Clarification announcement
PNG
PNG
PNG - Pinnacle Point Group Limited - Clarification announcement
PINNACLE POINT GROUP LIMITED
(Registration Number: 2000/000059/06)
ISIN code: ZAE000127122 Share code: PNG
("Pinnacle Point" or "the Company")
CLARIFICATION ANNOUNCEMENT
Shareholders are advised that Investec Bank Limited ("Investec") has applied
for the liquidation of certain of Pinnacle Point`s subsidiaries, including
inter alia Festival Bay Trading (Proprietary) Limited, Pinnacle Point Resorts
(Proprietary) Limited (together "PPR") and Clarens Golf and Trout Estate
(Proprietary) Limited ("Clarens"), which subsidiaries had project development
funding facilities with Investec. Investec has also applied for the
liquidation of one other subsidiary which signed as co-principal debtor and
surety for the three facilities. This action is not against the Company.
Shareholders are reminded that the Company signed an agreement for the sale of
the business and assets of PPR, subject to conditions precedent being met, as
mentioned in the detailed cautionary announcement published on 24 December
2010, which sale provides for the full repayment of Investec`s debt in the
relevant subsidiaries.
In addition, the Company is in the process of finalizing an agreement to
provide additional project funding and working capital for the group.
Accordingly, the Company is in the process of negotiating with Investec to
withdraw the applications and to continue supporting the Company by way of
reinstatement of the related secured property development facilities due to
the Group`s improved prospects. It should be noted that no further funding is
required from Investec for these developments as they are substantially
complete and it is expected that Investec will be repaid in full in due
course, either from sale proceeds of stands or through the intended sale of
PPR noted above.
Shareholders will be informed of any further developments in due course.
JOHANNESBURG
17 February 2011
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 17/02/2011 16:41:00 Produced by the JSE SENS Department.
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