Issue of Equity

RNS Number : 4870A

Pinnacle Technology Group PLC

19 February 2014

 



Pinnacle Technology Group plc

("Pinnacle" or the "Company")

Placing and directors' dealings

Pinnacle Technology Group plc, (AIM: PINN), the AIM listed provider of converged technology solutions, is pleased to announce that it has raised approximately £449,000, before expenses, from the Company's directors, senior management, CEO designate and certain institutional shareholders, through the issue of 4,608,433 new ordinary shares of 1p each at 9.75 pence per ordinary share, being the closing mid-market price of the Company's shares on the day before this announcement, and a small premium to the closing mid-market price of the Company's shares today. The funds raised will be used for general working capital purposes.

The Company has been informed that the following directors participated in the placing, as follows:

Director Name Number of new Ordinary Shares issued under the Placing Number of Ordinary Shares held following the Placing Percentage of the enlarged issued share capital following the Placing Alan J Bonner               464,841            2,740,065 7.34% Tom Black            1,025,641            1,907,737 5.11% James Dodd            1,025,641            1,272,308 3.41%

The Directors' participation in the Placing is a related party transaction under the AIM Rules for Companies. In the absence of an independent director, N+1 Singer Advisory LLP, the Company's nominated adviser, considers that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

The new shares will rank pari passu with the Company's existing ordinary shares and application will shortly be made for the new ordinary shares to be admitted to trading on AIM, which is expected to be on or around 25 February 2014.

Following the Placing, the issued share capital of the Company will be 37,334,288 ordinary shares of 1p each. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

For further information please contact:

Enquiries:
Pinnacle Technology Group plc Alan Bonner, Chief Executive James Dodd, Non-Executive Chairman	0208 185 6393
N+1 Singer Shaun Dobson / Matt Thomas	020 7496 3000

 

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