PNG - Pinnacle Point Group Limited - Cautionary announcement

PNG - Pinnacle Point Group Limited - 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")                                             
CAUTIONARY ANNOUNCEMENT IN RELATION TO CERTIFICATE OF OCCUPATION AND            
WITHDRWAL OF CAUTIONARY IN RELATION TO PINNACLE POINT GOLF AND BEACH RESORTS    
AND RENEWAL OF CAUTIONARY ANNOUNCEMENT                                          
Shareholders are advised that the date for the extension of the Certificate     
of Occupation ("COO") in relation the group`s Nigeria project has passed.       
Whilst the board of directors is in ongoing negotiations with the Lagos         
authorities for the renewal of the COO and under normal circumstances this      
would be a formality, the outcome of the current Business Rescue situation      
may well have a bearing on this renewal.  Accordingly, shareholders are         
advised to exercise caution in dealing in their securities until a further      
announcement is made in this regard.                                            
In addition, shareholders are referred to the SENS announcement dated 08        
July 2011 and are advised that the parties have failed to provide the proof     
of funds and guarantees in relation to the proposed sale of the Pinnacle        
Point Golf and Beach Resorts as previously advised and that no new              
negotiations or extension of dates have been agreed.  Accordingly,              
shareholders are advised that the cautionary announcement in relation to the    
potential sale of PPR is hereby withdrawn.                                      
Johannesburg                                                                    
17 August 2011                                                                  
Designated Advisor                                                              
Arcay Moela Sponsors (Proprietary) Limited                                      
Date: 17/08/2011 09:38:43 Supplied by www.sharenet.co.za                     
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