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You've read that the wrong way around Pete, since the huge placing he has been diluted to 1.71% even though he increased his holding to 3.89M. 3.89/227x100=1.71%
Darron Giddens appears to be the Finance Director at Pinn. Today's RNS disclosed that Darron Giddens now holds over 3% of Pinn shares, a total of 3,890,931. I assume that the extra 2,343,312 were picked up at 4.2p in the placing. If so, then surely this should have been mentioned in the Directors Dealing's and Holding's RNS on 12/2/2016 or am I missing something.
I did say what would happen here. Duckworth's punitive buys trying to install confidence after decimating the share holders is disgusting. He's saying yes, we completely shafted you but now that all the boys have the cheap stock lets get behind them. I'm quite sure we will see 4 to 5p very soon.
bugger,all my extra shares have been cancelled and monies returned. boo
His purchase of these 150,000 shares at least caused a temporary rise in the SP enabling some to sell at a higher price. However it's very unlikely that he will keep doing this if the southerly trend continues toward the placing price. 3 weeks ago when the SP was 9p I asked the following question: Does anyone know of any AIM Technology Shares where following the announcement of a placing the SP has remained at more than double the placing price in the weeks and months that followed? No answers were received therefore if PINN can avoid going any lower, it will certainly be a unique AIM share.
Correct, we await then
no juicy rns for 3 months as director is allowed to buy
Duckworth must have read my post yesterday and had a rethink. Sorry but a pathetic 150k from a multi millionaire is a insult to our intelligence. Those who got stock at 4.2p would be wise to get the profits out because this will be revisiting that price very soon.
They'd better rustle up something quick, we need to see some shareholder value and fast !
i mean buys. is there a juicy rns coming?
well, the masses seem to have bought it! plenty bus coming in @ 8.5p
Simon Duckworth invested £20k @ 8p to stop the rot on the cheap shares flooding the market. What a well times strategic attempt at keep control. I seriously don't think anyone will be fooled when a multi millionaire throws £20k in the market. Outrageous. How many millions of shares were created at 4.2p? and the posh boy spunks £20k? epic fail imo.
Pinnacle Technology Group (PINN) has announced valid demand for 345% of its pitiful open offer to existing investors and that it's set for completion of its uber private investor screw… As a reminder, on 22nd January the company announced a placing of 108,392,857 new shares - comparing to a current 59,182,558 shares in issue - at 4.2p each. This included that directors would feast on 14,428,571 of the new shares and that shareholder MXC Capital (in which Pinnacle Executive Chairman Gavin Lyons is a Partner) would increase its holding by 49,697,549 shares to 56,766,275 shares. The prior news flow had included ‘Cloud Security Agreement with Baxters’ (4th September, shares closing at 7.875p), ‘New sales team to drive O2 for business’ (2nd October, shares closing at 7.125p) and “the appointment of Gavin Lyons as Executive Chairman… his experience of buy and builds and track record of achieving transformational growth will be a powerful asset to the company” (7th December, shares closing at 9p and later in the month exceeding 16p). The shares closed 21st January at 12.5p, and so this now tucking into shares at 4.2p would be effectively taking the **** out of those excluded who, influenced by the prior news flow, had bought at the noted much higher prices. But it seemed not to worry as it was stated that “the directors recognise the importance of pre-emption rights”. However, this was then followed with “the company is proposing to raise up to £0.25 million (before expenses) pursuant to the open offer”. This equates to just 5,918,256 shares– making a complete mockery of the ‘recognising the importance of pre-emption rights’ statement! Whilst a scaling back exercise is thus now undertaken in respect of the open offer to ensure that the crony capitalists can take all of the cut-price shares that they want, Gavin Lyons takes the **** in commenting “we are pleased with the support shown by our shareholders through the open offer”. However, the transactions are now set for completion – with Lyons adding “the acquisitions of Ancar-B and Weston conclude the first steps in our buy and build strategy providing 'IT as a service to the UK SME market'. Alongside the board, including Ian Winn who has now joined, I look forward to ensuring the organisation is focused on creating both customer and shareholder value”. So far they’ve just shown they’re focused on taking value for themselves and the p**** out of the small private investor. Disgraceful.
Is there anything in place to prevent the Institutions who participated in the 4.2p placing from selling their shares tomorrow and banking a tidy 90% profit???
well i will know on thursday if iv'e cocked up
You can imagine what will happen though when the 4p shares hit the market. Under these conditions it would be prudent to take an objective view. The mindset will be to take immediate profit imo.
just had a look in my various accounts in which i applied extra shares on top of my 1 for 10 offer. don't think many applied for their offer because iv'e received all that iv'e asked for!
the way mxcp work, don't be surprised that an rns comes soon after this latest issue of shares to give it a kick!
might get 6.5p
I expect to see them test 5p. I agree that 4.2p is unlikely. If 5p is broken however then I don't see any reason why not a test of the placing price would come. The market conditions are worsening and at some point we are in for a shock where the Dow will tank a 1000 pts in one day and the ftse will also tank. When that day comes and by my guesstimate it's coming soon then over inflated stocks like pinn will feel the pain a lot more than companies with more solid fundamentals. The last set of results are horrendous and they results will take a long time to make good on and current cash position is not going to change that. It's the business model that's needing re-evaluated.
crash, i fully agree. but i bet these don't hit 4.2p
The shafting of share holders continues. More for management. Less for share holders.
Think this share has been fully diluted, prior to the share issue?
401,820 shares bought @ 9.45p, costing £37,970. Somebody has faith in Pinnacle. That transaction is a very unusual and very rare high value transaction.
If I am correct the notice to holders indicates that further acquisitions, which will require more funding, may be necessary to put the company on a profitable basis. This could be very long term. As the late Samuel Goldwyn once observed, "Include me out".