PwC will qualify its audit in relation to the PGC subsidiary Torchlight Group's stake in the Torchlight Fund.
There was a delay in the audit of Australian-based RCL, which is one of the Torchlight Fund’s real estate holdings. This has delayed the completion of the Torchlight Fund audit.
PGC subsidiary Torchlight Group holds about 28% of the Torchlight Fund, which in turn holds 100% of RCL. Both Torchlight Fund and RCL are also audited by PwC.
As the audit of RCL is not yet complete, PwC have advised that they will issue a qualified audit opinion.
PGC managing director George Kerr said PGC believed its shareholders and investors were best served by the release of the full year accounts and annual report with a qualified audit.
“Once the audit of RCL has been completed, this will allow the completion of the Torchlight Fund audit. The impact of those results - if any - on PGC’s balance sheet will be released to the market. We anticipate releasing the PGC annual report this week.”
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