Statement re Possible Offer

RNS Number : 2724N

Pinnacle Technology Group PLC

05 September 2013

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD BE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION (EACH A "RESTRICTED JURISDICTION")

Pinnacle Technology Group plc ("Pinnacle" or the "Company")

Update on possible offer

Pinnacle Technology Group plc (AIM:PINN), the AIM listed, IT Managed Services Provider, notes the announcement made by the Board of Coms plc ("Coms") on 3 September 2013 regarding its consideration of a possible corporate transaction with Pinnacle that could result in an offer by Coms for the entire issued and to be issued ordinary share capital of Pinnacle being made.

The Company's Board confirms that it has since received a non-binding indicative offer for the entire issued and to be issued ordinary share capital of Pinnacle on the expected terms as described in the Coms announcement.

The Board believes that such an indicative offer is opportunistic and significantly undervalues the growth prospects of the Company. As such the Board of Pinnacle is not recommending the offer to its shareholders.

5 September 2013

All Company announcements can be found at: http://www.pinn.uk.com 

For further information please contact:

Pinnacle Technology Group plc                         Tel: [phone]

Alan J Bonner, Chief Executive

N+1 Singer

Shaun Dobson / Matt Thomas                          Tel: [phone]                                                       

Newgate Threadneedle                                    Tel: [phone]                                                               

Caroline Evans-Jones/Robyn McConnachie

 

END

 

 

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