Pyne Gould late accounts to be tagged by auditor

Tuesday 28th October 2014

Pyne Gould Corp, whose shares have been suspended from trading over the late filing of its annual accounts, says its annual report will be tagged by its auditor, which is still going through the asset management firm's books and its related entities.

The Guernsey-based firm, which is controlled by managing director George Kerr, has asked its auditor PwC to finalise its audit report to speed up the release of the accounts. PwC will qualify its audit in relation to Pyne Gould subsidiary Torchlight Group's 28 percent stake of the Torchlight Fund, which itself has been delayed by the audit of Australian real estate investor RCL, which the fund fully owns.

"As the audit of RCL is not yet complete, PwC have advised that they will issue a qualified audit opinion. The qualification will be specific to the completion of the Torchlight Fund audit," Pyne Gould said in a statement. "All other audit processes for PGC have been completed and are satisfactory."

Last week Pyne Gould sold its stake in UK motorway investor Equity Partners Infrastructure Co No 1 after failing to win control of that firm's board, and separately settled a fee dispute.

Kerr said he anticipates publishing the annual report this week, and will announce any impact on Pyne Gould's balance sheet from the RCL and Torchlight Fund audits.

Shares of Pyne Gould last traded at 38 cents before the Oct. 9 suspension.

BusinessDesk.co.nz

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