PGC 0.00% 20.0¢ pyne gould corporation limited

Ann: ANNREP: PGC: Audit and Litigation Update

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    					PGC
    19/02/2016 12:32
    ANNREP
    PRICE SENSITIVE
    REL: 1232 HRS Pyne Gould Corporation Limited
    
    ANNREP: PGC: Audit and Litigation Update
    
    19 February 2016
    
    Audit Update
    
    Grant Thornton has completed its first audit of Pyne Gould Corporation
    ("PGC") subsidiary Torchlight Fund LP's ("TLP") financial accounts to 31
    March 2015. The audit opinion is unqualified.
    
    PwC was the auditor to 31 March 2013 and 31 March 2014. In each year, PwC
    also provided an unqualified audit opinion.
    
    Following the completion of the Torchlight audit, the focus is now on
    finalising the impact of consolidation of Torchlight as a subsidiary into PGC
    accounts for the 30 June 2015 financial year.
    
    We are working closely with Grant Thornton to achieve this as expediently as
    possible.
    
    Litigation Update
    
    As previously advised (23 July 2015 release to NZX- "Torchlight Fund legal
    action" ), a Winding Up Petition was filed on 26 June 2015 by certain Limited
    Partners with the Grand Court of The Cayman Islands. The hearing date for
    this petition is yet to be set.
    
    Subsequent to this, the Petitioners sought an injunction preventing the use
    of Local World proceeds. On 22 January 2016 the court declined to grant the
    injunction sought.  Instead the Court granted an injunction limited to
    preventing payment to persons related to the General Partner without the
    consent of the Petitioners or an order by the Court made on application,
    supported by evidence, for prospective validation. On 22 January 2016, the
    Court dismissed a general application for a validation order without
    prejudice to the General Partner's ability to re-apply post release of the
    2015 audited accounts.
    
    The General Partner is robustly opposing the Petition as it is not in the
    best interest of the Partnership for the underlying assets to be liquidated,
    as is being sought by the Petitioners.
    
    The General Partner believes it self-evident that a premature liquidation of
    the assets of TLP will result in substantial value loss for all Limited
    Partners.
    
    For more information, please contact: David Lewis  +64 21 976 119
    End CA:00277969 For:PGC    Type:ANNREP     Time:2016-02-19 12:32:48
    				
 
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