PGC
30/01/2015 08:30
GENERAL
PRICE SENSITIVE
REL: 0830 HRS Pyne Gould Corporation Limited
GENERAL: PGC: PGC market update
NZX ANNOUNCEMENT
29 January 2015
PGC market update
During April 2014, Pyne Gould Corporation ("PGC ") announced to the market
that it had finalised a position to participate in future industry
consolidation resulting from its sale of Perpetual Trust Limited ("PTL") to
Bath Street Capital and Mr Andrew Barnes. That release mentioned that a sum
of $22 million, as a consideration amount, would be received approximately by
the end of 2014. That sum was taken up in the year end accounts of PGC as a
profit with notes 18 and 34 of the accounts explaining the position regarding
this consideration amount further.
As at the date of this announcement no money has been received. PGC has made
an enquiry as to the likely timing of payment, and has now received a
response that does not indicate any particular timeframe for receipt of the
consideration amount.
The outstanding amount and its status will be pursued through the appropriate
channels.
In the PGC Accounts to 30 June 2014 the consideration amount was classified
as a receivable and, given the current status of the outstanding amount, as
at today's date it will be reclassified in PGC's accounts to December 31 2014
(due for market release by the end of February 2015) as "an available for
sale financial asset". As such it will be measured at fair value by an
independent valuer. The impact of this on PGC's NPAT for the year to 30 June
2014 will be reported once this valuation is complete.
For more information, please contact:
David Lewis
+64 21 976 119
End CA:00260142 For:PGC Type:GENERAL Time:2015-01-30 08:30:07
