Pinpoint -- claw back finalisation

Shareholders are referred to the announcements dated 30 December 2010 and 18 April 2011 detailing the announcement by Pinnacle of its intention to undertake a Claw Back Offer of 1 300 000 000 shares in the ratio of 18.54197 (eighteen point five four one nine seven) new Pinnacle ordinary shares for every 100 Pinnacle ordinary shares held at 1 cent per share.

Conditions precedent
The board of directors of Pinnacle is pleased to confirm that all conditions precedent relating to the claw back offer have been fulfilled and that the claw back offer will be implemented in accordance with the timetable set out in paragraph 3 below.

Salient dates
*Last day to trade in Pinnacle Point shares in order to qualify to participate in the claw back offer (cum entitlement) on -- Friday, 24 June 2011
*Listing of and trading in the Letters of Allocation on the JSE commences at 09:00 on -- Monday, 27 June 2011
*Pinnacle Point shares commence trading ex-claw back rights on the JSE at commencement of trading on -- Monday, 27 June 2011
*Record date for participation in the claw back offer at the close of trade on -- Friday, 01 July 2011
*Claw back offer circular and form of instruction posted to shareholders, where applicable -- Monday, 04 July 2011
*Claw back offer opens at commencement of trading on Monday, 04 July 2011
*Dematerialised shareholders' accounts at their CSDP or broker automatically credited with their entitlement -- Monday, 04 July 2011
*Certificated shareholders' entitlements will be credited to an account held with the transfer secretaries -- Monday, 04 July 2011
*Last day to trade in letters of allocation on the JSE on -- Friday, 15 July 2011
*Trade by dematerialised shareholders in the Claw Back offer shares commences -- Monday, 18 July 2011
*Claw back offer closes - payments to be made and form of instruction in respect of letters of allocation lodged by certificated shareholders by 12:00 on -- Friday, 22 July 2011
*Record date for letters of allocation -- Friday, 22 July 2011
*Dematerialised shareholders` accounts updated with Claw Back shares to the extent accepted and debited with the relevant costs by their CSDP or broker and new Pinnacle Point share certificates posted to certificated shareholders on -- Monday, 25 July
*Results of claw back offer announcement on SENS on or about -- Monday, 25 July 2011

2011-06-17 16:59:36