PGC
07/07/2015 16:25
GENERAL
PRICE SENSITIVE
REL: 1625 HRS Pyne Gould Corporation Limited
GENERAL: PGC: PGC 2013/14 audit
NZX ANNOUNCEMENT
7 July 2015
PGC 2013/14 audit
At the point of completing the audit of Pyne Gould Corporation's ("PGC")
annual accounts for the 12 months to 30 June 2014, the audited accounts of
Torchlight Fund LP ("Torchlight"), an associate of PGC's at 30 June 2014,
were not yet available. The audit of Torchlight's annual accounts for the 12
months to 31 March 2014 has now been completed.
As was noted when PGC released its 2014 Annual Report, the final audit was
qualified specifically - and only - to the extent that an audit of some
Torchlight investments for the 12 months to 31 March 2014 needed to be
completed. This involved a requirement to fully value at 31 March 2014 a
number of real estate assets.
This process has now been completed and has shown that PGC's net assets and
Profit and Loss should have been reduced by approximately GBP7 million.
As a result, we will be re-stating the comparatives for 2014 within the 2015
financial statements.
For more information, please contact: David Lewis +64 21 976 119
End CA:00266734 For:PGC Type:GENERAL Time:2015-07-07 16:25:26
