PGC
01/02/2016 09:45
ANNREP
NOT PRICE SENSITIVE
REL: 0945 HRS Pyne Gould Corporation Limited
ANNREP: PGC: PGC audit update
1 February 2016
PGC audit update
Pyne Gould Corporation ("PGC") previously advised the market (21 December
2015) that it was working to finalise the audited accounts for the year ended
30 June 2015 after resolving the technical issue of whether Torchlight Fund
LP ("TLP") should be treated as an associate or subsidiary in 2015.
Having determined that TLP should be treated as a subsidiary in 2015, PGC
initially sought advice from TLP's auditor, Grant Thornton Guernsey. They
indicated that although TLP and PGC's balance dates were non-coterminous (ie.
over different periods - TLP's balance date is 31 March and PGC's is 30 June)
PGC would be permitted to prepare consolidated financial statements without
any further adjustments to TLP's financial statements covering the
intervening period. However, following further consideration on the matter by
Grant Thornton New Zealand, the group auditor has formed a different
conclusion after taking into consideration the requirements of relevant
accounting standards and also the Financial Markets Conduct Act 2013.
Given this, PGC is now in the process of preparing consolidated financial
statements which will fully account for all activity that took place during
the intervening period arising from the non-coterminous balance dates. Given
the nature and extent of the required adjustments, regrettably there will be
a further delay in issuing PGC's group financial statements for the year
ended 30 June 2015.
The Directors of PGC are highly focused on ensuring all necessary adjustments
to the financial statements are made within as short a timeframe as possible.
Once complete, and after they have been fully assessed by the group auditors,
PGC will issue its consolidated financial statements to the market.
For more information, please contact: David Lewis +64 21 976 119
End CA:00277034 For:PGC Type:ANNREP Time:2016-02-01 09:45:09
