PNG - Pinnacle Point Group Limited - Notice of termination of development
PNG
PNG
PNG - Pinnacle Point Group Limited - Notice of termination of 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 TERMINATION OF DEVELOPMENT AGREEMENT IN NIGERIA AND RENEWAL OF
CAUTIONARY ANNOUNCEMENT
Further to the SENS announcement dated 16 February 2012. Shareholders are
advised that a letter addressed to Pinnacle Point West Africa Limited ("PPWA")
from the Lagos State Government, dated 19 March 2012, was received and stated
that notice has been given of the termination of the Development Agreement dated
14 July 2009 between the PPWA and the Lagos State Government in respect of the
Pinnacle Point Project, known as Lagos Keys. This termination comes as a result
of the alleged breach of its terms and conditions. Further notice was given that
the Certificate of Occupancy issued in favour of PPWA has lapsed due to its
inability to commence the project within the stipulated period. The Certificate
of Occupancy is consequently deemed invalidated and the land has since reverted
to the State Government and they will communicate with PPWA regarding necessary
refunds/damages to which PPWA may be liable to in respect of the Agreement
Shareholders are reminded that this project`s carrying value in the most recent
published preliminary financial statements of Pinnacle Point group 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 22 August 2011, 4 October 2011, 15
November 2011, 3 January 2012 and 16 February 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
30 March 2012
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 30/03/2012 09:40:12 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
