Mr Bonner should resign now with no loss of office compo, just resign quietly, and the Board appoint a successor from within and so reduce the surplus Board mix and reduce salary and employer national insurance overheads immediately. Unfortunately that is far too simple a scenario for PINN as a listed company as Mr Bonner may want the sympathy vote and stay on until the bitter end! Yes "oh dear" what a sorry state to be in! So many have been let down by failed hope and promises believing in the PINN spin..
Trading Statement and Management Change The Board has now reviewed the management accounts for the year ended 30 September 2013 and today issues the following trading update. As signalled in the interim announcement on 06 June 2013, revenue for the year ended 30 September 2013 is lower than in the previous year, at approximately £10.1m (2012 £12.7m). This result, whilst disappointing, relates in large part to poor performance from the previous acquisition of RMS IT Security and the lack of any major UK high-profile events in the period (compared to the Queen's Diamond Jubilee celebrations and the London Olympic Games contracts, which were delivered in the year ended 30 September 2012). In consequence, both EBITDA and Pre-tax loss when finalised, will show a significant deterioration on the figures for the previous year (2012 adjusted EBITDA £284,554; 2012 Loss before tax (£1,115,558)). It should be noted however, that following the announcement of the Interim Results to 30 March 2013, the Board embarked on a strategic review of the Group and has taken robust actions to reduce on-going costs in recent months. As a result, the Group is now trading close to EBITDA breakeven on a monthly basis. Commenting on the trading update and announcing his intention to seek a successor, Alan J Bonner, the Pinnacle Chief Executive, said :- "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.
The impatient are selling to the patient imho. I'm sure that 50k is a buy, no way the price would have gone up if it was a larger sell. I looked at level2 last week and there were 7 brokers/market makers listed. Maybe MXC are upping their stake but as you say something going on.
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