PNG - Pinnacle Point Group Limited - Cautionary announcement
PNG
PNG
PNG - Pinnacle Point Group Limited - 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")
CAUTIONARY ANNOUNCEMENT IN RELATION TO CERTIFICATE OF OCCUPATION AND
WITHDRWAL OF CAUTIONARY IN RELATION TO PINNACLE POINT GOLF AND BEACH RESORTS
AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are advised that the date for the extension of the Certificate
of Occupation ("COO") in relation the group`s Nigeria project has passed.
Whilst the board of directors is in ongoing negotiations with the Lagos
authorities for the renewal of the COO and under normal circumstances this
would be a formality, the outcome of the current Business Rescue situation
may well have a bearing on this renewal. Accordingly, shareholders are
advised to exercise caution in dealing in their securities until a further
announcement is made in this regard.
In addition, shareholders are referred to the SENS announcement dated 08
July 2011 and are advised that the parties have failed to provide the proof
of funds and guarantees in relation to the proposed sale of the Pinnacle
Point Golf and Beach Resorts as previously advised and that no new
negotiations or extension of dates have been agreed. Accordingly,
shareholders are advised that the cautionary announcement in relation to the
potential sale of PPR is hereby withdrawn.
Johannesburg
17 August 2011
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 17/08/2011 09:38:43 Produced by the JSE SENS Department.
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