Has Newgate Communications, the Group's global investor public relations division, achieved a number of new business wins throughout the year? in particular in the last quarter increasing international capabilities. Do the Directors believe that Newgate Communications can continue in its role as investor relations in view of the fact that no material contract gains have been announced in over a year? The uncertainty surrounding the lack of independent research and analysis weighs heavy on PINN's share price and the perception that PINN is suffering commercially persists.
Phew! with a mid 14.25 and a pre-market Bid of 13p thought some were doomed! But hey ho panic over and normality resumes, well sort of in PINN share price. As we near publication of Annual results there is bound to be wild speculation and market maker unease as nothing can be taken for granted here not even the recent positiveness contained in the early December update. Whatever the results confidence is hit with a share price being savaged pre opening but I am sure some will explain the nervousness.
PINN is a buy on fundamentals in GedW's opinion in view of the continued support and lack of selling by its substantial shareholders, a positive in its own right. Either the board of PINN are playing a very canny hand in keeping prospective suitors in the dark or are hiding poor performance by not delivering continuing news within their sphere of operations that might influence the share price until the announcement of preliminary numbers due in February.
"I am pleased to report that the Group is now trading close to EBITDA breakeven on a monthly basis. However, I have decided that after 15 years since I started Pinnacle, the time is now right to seek my successor. I am hopeful that we can soon appoint a new Chief Executive who will help us achieve our objectives and I look forward to ensuring a smooth transition in the best interests of our customers, staff and all other stakeholders"
The Company expects to make a Preliminary announcement for its full year results to 30 September 2013, in February 2014. Any further announcements regarding the appointment of Mr Bonner's successor as Chief Executive, will be made in due course.
I still believe that PINN will have a further cash call sooner rather than later.
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