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Pinnacle Point in new deal

Aug 07 2009 17:25

Drive for show, putt for dough

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Johannesburg - Listed South African leisure and lifestyle property group Pinnacle Point (PNG) on Friday announced the conclusion of an agreement with shareholder Absa as part of a recapitalisation plan that will allow the group to achieve its business plan in Nigeria and South Africa.

Simultaneously, the group has announced the signing of an agreement with the Lagos state government to develop and construct a multi-billion dollar luxury golf estate in Nigeria.

In terms of the Absa deal, Absa current debt facility of R70m is to be capitalised while a further bridging debt facility of R55m will be made available, also to be capitalised in due course.

In addition Absa will underwrite R95m of a proposed rights issue. The underwriting of the rights issue is conditional upon certain conditions being met, primarily the raising of a further R100m in new capital by Pinnacle, Pinnacle said in a statement.

- I-Net Bridge

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NicolaaSmith

CIPPA equals automatic zero erosion in the constant item economy We do not have stable – as in fixed real value – money. The real value of money is generally accepted by the public at large to be stable – as in fixed – in low inflation economies, but this is not true. The be... Read their blog...