PGC
28/10/2014 12:11
ANNREP
REL: 1211 HRS Pyne Gould Corporation Limited
ANNREP: PGC: PGC update on its Annual Report and Full Year Accounts
Tuesday 28th October 2014
PGC update on its Annual Report and Full Year Accounts
Pyne Gould Corporation Limited ("PGC") today said it has asked its auditor,
PwC, to finalise its audit report on the financial statements for the year
ended 30 June 2014.
PGC has taken this step to ensure that the PGC financial statements for the
year ended 30 June 2014 are able to be released without further delay.
The delay has been caused by waiting for the completion of the audit of
Australian-based RCL, which is one of the Torchlight Fund's substantial real
estate holdings. This in turn has delayed the completion of the Torchlight
Fund audit. At 30 June 2014, PGC subsidiary Torchlight Group held
approximately 28% of the Torchlight Fund, which in turn held 100% of RCL.
Both Torchlight Fund and RCL are also audited by PwC.
As the audit of RCL is not yet complete, PwC have advised that they will
issue a qualified audit opinion. The qualification will be specific to the
completion of the Torchlight Fund audit. All other audit processes for PGC
have been completed and are satisfactory.
PGC Managing Director George Kerr said PGC believes its shareholders and
investors are best served by the release of the full year accounts and annual
report with a qualified audit.
"Once the audit of RCL has been completed, this will allow the completion of
the Torchlight Fund audit. The impact of those results - if any - on PGC's
balance sheet will be released to the market. We anticipate releasing the PGC
annual report this week."
For more information, please contact: David Lewis +64-21-976 119
End CA:00256892 For:PGC Type:ANNREP Time:2014-10-28 12:11:04
