Ann: GENERAL: PGC: Amendment to previous announcements - clarification

• Release Date: 15/05/15 16:34
• Summary: GENERAL: PGC: Amendment to previous announcements - clarification
• Price Sensitive: No
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					PGC
15/05/2015 16:34
GENERAL
PRICE SENSITIVE
REL: 1634 HRS Pyne Gould Corporation Limited

GENERAL: PGC: Amendment to previous announcements - clarification

NZX ANNOUNCEMENT

15 May 2015

Amendment to previous announcements - clarification

With reference to the announcements dated 27 February 2015, 31 March 2015 and
8 May 2015, Pyne Gould Corporation ("PGC") wishes to clarify that Grant
Thornton's appointment to revalue the consideration amount due to PGC
following the sale of Perpetual Trust Limited did not require Grant Thornton
to independently value the consideration amount or to independently determine
and assess the inputs and assumptions used for the valuation of the
consideration amount. Instead Grant Thornton was appointed to assist PGC's
directors to estimate a fair value of the consideration amount based on the
inputs, expectation and estimates provided by PGC. Grant Thornton therefore
acted as an independent valuer only to the extent that it was able to accept
the engagement without conflict of interest. As previously advised to the
market, should the Perpetual Receivable require further valuation at the end
of June 2015 then this will be undertaken by another valuer as Grant Thornton
will be acting as PGC's auditor.

For more information, please contact: David Lewis  +64 21 976 119
End CA:00264384 For:PGC    Type:GENERAL    Time:2015-05-15 16:34:24