By Ify Onye InvestAdvocate

Lagos (INVESTADVOCATE) – There are strong indications that South African Firm, Pinnacle Point Group may be finalising its moves to delist from the Nigerian Stock Exchange (NSE).

This was contained in a Notice dated October 10 2011 to the Nigeria’s Exchange and obtained by www.investadvocateng.com in Lagos Nigeria.

The Notice with the title “Notice Winding Up” reads thus “The Nigerian Stock Exchange has received a Notice of Winding-Up Order instituted at High Court of South Africa (Western Cape High Court, Cape Town). Having heard Counsel for the Business Rescue Practitioner, the Applicant and the Intervening Party, the Court has ordered by agreement that a rule nisi be issued calling upon any interested party to appear and to show cause, if any, to the Honourable Court on Friday, 4th November, 2011 at 10.00 a.m. or as soon thereafter as counsel may heard as to: Why the Company should not be placed under final liquidation” the Notice said.

The Order was signed in Johannesburg on October 06, 2011.

In late September 2011, Pinnacle Point Group notified the Nigeria’s Exchange that its Directors have applied to the NSE for suspension of its Securities with immediate effect following the notice of motion received by the company on Monday, 26 September 2011 as announced on SENS.

Following this, Shareholders were advised that provisional liquidation was granted the Company on Tuesday, 27 September 2011.

According to Pinnacle Point, certain Creditors and Shareholders are of the opinion that business rescue continues to be in the best interests of Creditors and Shareholders and will be considering a further application for business rescue.

This came on the heels of a notice of motion given to all Shareholders of Pinnacle Point Group Ltd of a winding-up application in terms of Section 132 (2)(a)(ii) of the Companies Act, 71 of 2008 (“the Act”).

On Tuesday March 17 2009, Pinnacle Point Group listed its shares by introduction on the Floor of the Nigeria’s Exchange.

Pinnacle Point which had a cross border listing is a fully fledged Company listed on the Johannesburg Stock Exchange (JSE)

The Firm listed 4,579,782,814 Ordinary Shares of Zaro-0001 (No. 0015) each at Zaro.50 (N7.50 Kobo) per share and was listed on the Hotel and Tourism Sector of the NSE.

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