PNG - Pinnacle Point Group Limited - Update on Pinnacle Point Golf and Beach

PNG - Pinnacle Point Group Limited - Update on Pinnacle Point Golf and Beach    
Resorts and renewal of cautionary announcement                                  
PINNACLE POINT GROUP LIMITED                                                    
(Incorporated in the Republic of South Africa)                                  
(Registration Number 2000/000059/06)                                            
JSE Share code:  PNG                                                            
NSE Share code: PNG                                                             
ISIN: ZAE000127122                                                              
("Pinnacle Point" or the "Company")                                             
UPDATE ON PINNACLE POINT GOLF AND BEACH RESORTS AND RENEWAL OF CAUTIONARY       
ANNOUNCEMENT                                                                    
Shareholders are referred to the SENS announcement dated 09 June 2011 and are   
advised that the proof of funds and guarantees in relation to the proposed sale 
of the Pinnacle Point Golf and Beach Resorts were not presented by 30 June 2011 
as agreed. The parties have approached the Company to enter into renewed        
negotiations to change the terms and conditions and time limits imposed in      
relation to this sale. The Board is in the process of considering its options in
this regard and other offers that are being formulated by other interested      
parties.                                                                        
Accordingly, and further to the cautionary announcements dated 24 December 2010,
04 February 2011, 18 March 2011, 29 April 2011 and 28 June 2011 respectively,   
shareholders are advised that these negotiations are ongoing and are advised to 
continue to exercise caution until a full terms announcement is made.           
Johannesburg                                                                    
08 July 2011                                                                    
Designated Advisor                                                              
Arcay Moela Sponsors (Proprietary) Limited                                      
Date: 08/07/2011 17:15:01 Supplied by www.sharenet.co.za                     
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