Pinnacle Point Group said on Wednesday that the Goldbanc Management Associates Limited underwriting agreement for the conversion of R38.9-million Pinnacle Point debt into equity and the Share for cash issue amounting to R100-million has been successfully implemented and the shares listed on the JSE.

The group also announced that all the legal requirements relating to the transfer of ownership of the Lagos Keys development have been completed which has been acknowledged by Absa (ASA).

Pinnacle said earlier this month that it had become aware that not all of the legal requirements relating to the transfer of ownership of the Lagos Keys development in Nigeria had been completed and had accordingly informed Absa of the situation.

As a result, on Friday, 4 December 2009, Pinnacle Point received a written notice from Absa requesting that it remedy the breaches within seven days of receipt of the notice failing which Absa reserved its rights under the underwriting agreement.

But Pinnacle said on Wednesday: "Shareholders are advised that subsequent to the receipt of aforementioned written notice from Absa, all the legal requirements relating to the transfer of ownership of the Lagos Keys development have been completed which has been acknowledged by Absa."

However, it added that it was still in the process of obtaining certain outstanding documents which it has been given until January 31 to do.

Source: I-Net Bridge