PNG - Pinnacle Point Group Limited - Notice of intention to terminate the
PNG
PNG
PNG - Pinnacle Point Group Limited - Notice of intention to terminate the
land ownership and development agreement in Nigeria 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")
NOTICE OF INTENTION TO TERMINATE THE LAND OWNERSHIP AND DEVELOPMENT
AGREEMENT IN NIGERIA AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are advised that a letter from the Lagos State Government,
dated 8 February 2012, was received and stated that notice be given of the
intention to terminate the Land Ownership and Development Agreement dated 14
July 2009 between the Pinnacle Point West Africa Limited ("PPWA") and the
Lagos State Government in respect of the Pinnacle Point Project, known as
Lagos Keys. This intended termination comes as a result of the breach in
terms of clause 14(c), 14(d), 14(e) and 14(g) of this Agreement. PPWA has in
terms of the agreement 30 days to remedy the breach failing which the
agreement will be terminated. This project`s carrying value in the most
recent published preliminary financial statements amounted to R398 118 966,
which represents a material component of the Company`s total assets.
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Further to the SENS announcements dated 26 September 2011, 6 October 2011,
11 October 2011, 15 November 2011 and 03 January 2012, shareholders are
advised to continue to exercise caution when dealing in the Company`s
securities until a full announcement in regard to the final liquidation and
potential delisting of the Company is made.
Johannesburg
16 February 2012
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 17/02/2012 07:30:01 Produced by the JSE SENS Department.
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