Hi Ged, your interpretation correct, head count diminished, expenses reappraised and probably taken to the bone. Expect new broom to sweep clean again and boil the bones and see what soup is left. Any new broom will examine the reporting procedures and accounting bugets and those in charge. From what i have seen today market not impressed but share stable under the circumstances. But its corporate identity in tatters but that may disappear with its leader. If cashflow under control and it has had some impressive contracts under its belt there is no reason why this share should not move forward, but like you say expect more news.
Just out of interest do you still hold here or do you see it as a buying oppotunity as we both have a view to air.
Be wary of unaudited statements! When a company issues a profits warning, which PINN's announcement today was, be wary of unaudited statements that the company is conditionally break even month on month without any audit confirmation I treat all such statements with caution.
Mr Bonner's interview in which he stated that it was his ambition to turn PINN into a £50mns business was showing up on the webpage and was only removed from thePINN's own FORUM a few months back. The board in particular Mr Bonner should have been aware how misleading that dated interview had become in view of the degrading business model. That FORUM has been filtered that only supporters of PINN and Mr Bonner regulary chatted with each other and spunt PINN's positive corporate spin which probably led unsuspecting punters to buy in heavily. COMS in my opinion has not yet given up in acquiring the outstanding shares in PINN as it is cash rich and hungry for bombed out potential stars, does COMS continue to view PINN as a bombed out potential star? There was some STRONG BUY at 23p recently which seems to suggest that someone was prepared to support the PINN orchestrated hype at that time in which opinions are formed but opinions are fluid in their nature as a corporate listed company evolves or dissolves depending on current events.
[PINN] A further STRONG BUY opinion after a 60,000 share trade @ 23p/share reported. News on available funding for organic and acquisition growth is expected along with a pre close trading update which is well overdue.
Pinnacle Telecoms 25 Oct '13
[PINN] Already having had its first attack at capturing the whole of the issued share cap rebuffed [COMS] may not have abandoned its chances in snapping up [PINN] for a song. A statement from [COMS] recently extracted from [COMS] recently announced 16 October's secondary fund raising news inter alia "....A key consideration in the Board's decision to progress any of these potential transactions will be that any acquisition should be earnings enhancing. Taking into account the net proceeds of the Placing of c.£4.8 million and the net cash balance of c.£3.1million (as at 16 October 2013), the Board believes that the Company will be well placed to pursue these opportunities....." Someone has sufficient available funds to launch a sustained purchses of [PINN]'s shares.
My opinion is that there will now be a secondary fundraising exercise to shore up the balance sheet as Mr Bonner has nothing credible to lose and spin that there is now money in the bank as before. Then a boardroom reshuffle as a sweetner to the fundraising then a further trading update of a corporate reshuffle with certain loss making poorly integrated assets being hived off then an AGM which will be loaded with mixed messages but purporting that the worst is behind PINN. All in my own opinion of course.
I do not see a massive sell of most here are long termers and are not surprised by the latest news. It is right that Bonner goes as GedW demonstrated with immediate effect. As to the numbers Redknight explained all. I am concerned yes phased no, rather have the bad news and move on.
The name of the game now is corporate damage limitation and there will be a distraction by certain quarters attacking the messangers, that often is the case with hard hit bulletin board members, rather than the message PINN has distributed and not go for those responsible for the mess in order to deflect the seriousness of the dire situation PINN finds itself. By all accounts Mr Bonner has "fessed" up that PINN's business model was flawed and he in true political fashion decided to throw himself on his own sword or a smoke screen to hide the full extent of PINN's corporate failings. Either way drastic and swift action needs to be taken now to avoid a meltdown swift or otherwise in the investment and any residual faith PINN has in its long suffering shareholders.
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