28 June 2010
Torchlight - Media Release Clarification
On Friday 25 June, PGC announced through the NZX a media release made by a
subsidiary of PGC, Torchlight Investment Group. That media release referred
to a $100m loan that one of the investment funds managed by Torchlight
Investment Group had arranged for South Canterbury Finance.
Certain statements in the print media over the weekend have misreported that
media release by stating or implying that a subsidiary of PGC has made a loan
of $100m to SCF. That is incorrect.
The correct position is that an investment fund managed by Torchlight
Investment Group has arranged the $100m loan to SCF. A number of investors
have invested in this fund which has a variety of investments including a
minority stake in the loan. PGC''s total investment in the fund is $15m.
We note that the Torchlight Investment Group''s media release of Friday
stated:
"Torchlight considers the funding facility an excellent investment for the
Fund. "Our facility, being secured ahead of other charges under the Trust
Deed, is particularly robust, and our investment is well secured and
profitable"."
Jeff Greenslade
CEO
End CA:00196600 For:PGC Type:GENERAL Time:2010-06-28:09:54:35