PGC reveals $22m gap in accounts

Pyne Gould Corporation director and major shareholder George Kerr. Supplied picture.

Investment company Pyne Gould Corp has revealed a $22 million gap in their accounts as funds associated with the sale of Perpetual Trust have yet to be paid.

It is not yet known what impact this will have on the company's net profit for the year to June 2014.

In April last year PGC said it was due to receive the funds as future consideration from the sale of Perpetual to Bath Street Capital and Andrew Barnes. The company at the time said that the $22 million would be received around the end of 2014.

PGC said today that no money has yet been received.

"PGC has made an enquiry as to the likely timing of payment, and has now received a response that does not indicate any particular timeframe for receipt of the consideration amount.The outstanding amount and its status will be pursued through the appropriate channels," the company said.

The company said that while the consideration was classed as a receivable in the year to 30 June 2014, it will today be reclassified as "an available for sale financial asset".

"As such it will be measured at fair value by an independent valuer. The impact of this on PGC's NPAT for the year to 30 June 2014 will be reported once this valuation is complete," the company said.