Board Changes, Notice of Results & AGM

RNS Number : 0178V

Pinnacle Technology Group PLC

08 January 2013

 



08 January 2013

Pinnacle Technology Group plc

("Pinnacle" or the "Company")

Board Changes, Notice of Results and AGM

Pinnacle Technology Group plc, (AIM: PINN) the AIM listed provider of cloud based technology solutions, today announces the following board changes, to come into effect from the conclusion of the Company's Annual General Meeting ("AGM"), to be held on 26 March 2013.

Retirements

William Allan, Non-Executive Chairman

William Allan has informed the Company of his intention to retire from the board and will be stepping down from his role as Non-Executive Chairman. Having steered Pinnacle through its successful transition phase, he departs with the Company delivering strong operational performance.

John Anderson, Non-Executive Director

John Anderson, currently Non-Executive Director, has also announced his retirement from the board having successfully served Pinnacle since August 2008.

Appointments

The Company is delighted to announce its intention to appoint Dr Tom Black and Dr James Dodd as new Main Board directors.

Dr James Dodd, Non-Executive Chairman

Dr James Dodd will be appointed as Non-Executive Chairman, succeeding William Allan.

A member of the Securities Institute and the Institute of Physics, James is currently a member of Oriel Securities' Advisory Board, providing advice and assistance to Oriel on developing its business and relationships. James also serves on the Board of the Apollo Submarine Cable System Ltd, the joint venture between Vodafone Group plc and Alcatel-Lucent SA.

James has over 30 years' experience in both public and private equity markets focusing on telecommunications and related technology industries. He has participated in many of the largest TMT financings including the privatisation of BT and other European PTTs, and the IPOs of a host of new operators such as Telewest, COLT, Orange, Energis etc. and a number of smaller IT IPO and venture fundings.

James was the Founder and Chairman of ETT, a data networking company which he led through several financing rounds and which was successfully acquired by Global Telecom and Technology Inc. (OTC BB: GTLT). From 2002 to 2012, James was Co-founder and a Managing Director of Anthem Corporate Finance, which successfully conducted a variety of M&A, and financing transactions in the TMT and other sectors.

Dr Tom Black, Non-Executive Director

Dr Tom Black will be appointed as Non-Executive Director, succeeding John Anderson.

Tom is co-founder and Executive Chairman of Digital Barriers plc, an AIM-listed business focussed on the surveillance sector and which operates in the global Homeland Security Market. Prior to setting-up Digital Barriers in 2009, Tom spent over 20 years with Detica Group plc, following studies at the Universities of Strathclyde and Oxford. He joined the business in 1984 and was appointed Chief Executive in 1995. Tom then led the £12m management buyout of Detica in 1997 and the Group's flotation on the London Stock Exchange in April 2002. He then oversaw the acquisition of Detica by BAE Systems in 2008 for £538m.

In December 2012 the Company announced the appointments of two senior members of the Executive Sales team, and intends to continue recruitment in 2013.

Commenting on the proposed board changes Alan J Bonner, the Company CEO, said, "I would like to thank Bill and John for their many years of service to Pinnacle. They have provided vital support and guidance during the evolution of the business into a provider of cloud based technology solutions and we wish them well in their future endeavours. "

William Allan added: "Having served as Chairman since March 2010, the last three years  have been a period of sustained growth, coupled with the demands of post acquisition integration. Being part of the team has been very rewarding and John and I shall follow the continued progress of the Company with great pride and interest."

Dr James Dodd commented: "I am delighted to be joining Alan and his team at this exciting juncture in the development of Pinnacle. With an extensive customer base, market leading products and a clear strategy for growth, Tom and I believe that Pinnacle has the opportunity to become one of the UK's leading providers of cloud based technology services and we are looking forward to helping the Company achieve its goals."

Disclosures required under the AIM Rules regarding Board appointments will be made in a further announcement at the time of the appointments coming into effect.

Announcement of Preliminary Results & AGM

The Group expects to report Preliminary Results for the financial year ended 30 September 2012, on Monday, 18 February 2013 and hold the AGM on Tuesday 26 March 2013. A copy of the Annual Report and Accounts for the year ended 30 September 2012 will be sent to shareholders at the end of February 2013 and copies will be available from the Company's registered office, or by visiting our website at www.pinn.uk.com

For further information please contact:

Pinnacle Technology Group plc	0845 180 7474
Alan J Bonner, Chief Executive
Zeus Capital	0161 831 15 12
Ross Andrews
Newgate Threadneedle	0207 653 9850
Caroline Evans-Jones/Robyn McConnachie

About Pinnacle

Pinnacle Technology Group plc (AIM: PINN) focuses on the business market across the UK. Driven by leveraging organic opportunities as well as through targeted acquisitions. We provide a wide range of converged managed solutions including Managed Support Services, Unified Communications and Collaboration, Communications and Mobility, Software as a Service (SaaS) and Infrastructure services.

Broad experience, innovation and impartial expertise puts Pinnacle in best place to design and deliver cost effective new technology solutions for its customers. Pinnacle work with some of the most prestigious organisations in the UK, who rely on us to deliver robust technical solutions that deliver value. The Company has very strong capability in advanced IT Security and is the UK and Ireland McAfee Partner of the Year, the EMEA CA Partner of the Year and a Platinum Partner for Sophos.

Pinnacle is a fully licensed Public Telephone Operator, has its own telephone network and interconnects with BT, Cable and Wireless and Virgin Media. It has its own hosted voice (VoIP) platforms and engineers and owns Scotland's oldest ISP and a founder member of Nominet, operating from its data centres in Glasgow, London and Brighton.

The Group has grown its annual revenues by 740% since Pinnacle's involvement on the Alternative Investment Market in 2007 and aims to build a £50m business, by leveraging organic opportunities as well as through targeted acquisitions. We create solutions that join together a company's three core networks (IT network, telephony network and mobile network). Our strategy of cross-selling the five elements of our converged managed services offering is now delivering positive results.

 

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