PNG - Pinnacle Point Group Limited - Clarification announcement in relation to
PNG
PNG
PNG - Pinnacle Point Group Limited - Clarification announcement in relation to
an emphasis of matter
PINNACLE POINT GROUP LIMITED
(Registration Number: 2000/000059/06)
Share code: PNG ISIN code:ZAE000127122
("Pinnacle Point" or "the Company")
CLARIFICATION ANNOUNCEMENT IN RELATION TO AN EMPHASIS OF MATTER
Shareholders are referred to the reviewed results announcement for the year
ended 28 February 2011 dated 30 June 2011, which advised that the reviewed
results were qualified by the auditors and details of which were set out in the
said announcement. The Board of Directors advise that the qualification
referred to is actually an Emphasis of Matter opinion, the text of which opinion
is set out below:
"Emphasis of matter
Without qualifying our opinion we attention to the information set out under the
heading "Going Concern" in the attached condensed consolidated results, which
indicates the existence of material uncertainty which may cast significant doubt
on the company`s ability to continue as a going concern.
Qualification
Management has informed us of various matters which indicate the existence of
material uncertainties relating to potential results of negotiations to obtain
finance in order to complete current developments and thereby realise its
inventory in the ordinary course of business. These matters are discussed at
length under the heading "Going Concern" in the attached condensed consolidated
results for the year ended 28 February 2011. The failure to conclude these
negotiations could impact on the valuation at which inventory is carried on the
statement of financial position."
Johannesburg
05 July 2011
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 05/07/2011 09:19:24 Produced by the JSE SENS Department.
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