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Pinnacle Technology completes placing and open offer

Wed, 10th Feb 2016 14:46

(ShareCast News) - Shareholders in Pinnacle Technology were proving their loyalty to the firm on Wednesday, with the company revealing its previously-announced open offer had been significantly oversubscribed.On 22 January, the AIM-traded provider of converged technology solutions announced it had conditionally raised £4.55m before expenses, through the issue of 108,392,857 new ordinary shares by way of a placing.It also revealed it was raising up to a further £0.25m through the issue of up to 5,918,256 new ordinary shares, by way of an open offer to qualifying shareholders on the basis of one open offer share for every 10 existing ordinary shares.The open offer closed for acceptances at 1100GMT on Tuesday, and on Wednesday Pinnacle said the offer was oversubscribed, having received 20,413,207 applications, representing 345% of the shares available.Excess applications represented 86% of the total acceptances received, the company's board confirmed."We are pleased with the support shown by our shareholders through the open offer," said executive chairman Gavin Lyons."These additional funds will provide further working capital to support Pinnacle to become the leading provider of 'IT as a service' to the UK SME market," he added.Pinnacle's board said all valid applications in respect of basic entitlements under the open offer had been met in full, and a scaling back exercised had been undertaken in line with the Excess Application Facility in respect of the excess applications.
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26 Jul 2010 10:31

Small caps round-up: Pinnacle Telecom, Plant Health Care...

Shares in Pinnacle Telecom jumped after said it has completed contracts to provide temporary voice and data networks for the Latitude and T in the Park music festivals. Plant Health Care (PHC) is also in demand. The biological fertiliser group signed an agreement for the agricultural products gian

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26 Jul 2010 08:19

Pinnacle Telecom Has Further Supply Jobs In August

LONDON (Dow Jones)--Pinnacle Telecom Group PLC (PINN.LN), a provider of integrated telecommunications solutions, said Monday that it has further contracts in August to supply The Big Chill Festival, V Festivals, Leeds Festival and Shambala Festival. MAIN FACTS: - The company has successfully

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13 Jul 2010 10:52

Small caps round-up: Gooch & Housego, Pinnacle Telecom, Clyde Process Solution

Shares in Gooch & Housego jumped after the optical components and systems maker upped its expectations for revenues and profits for the year ending 30 September. Investors cheered news that Pinnacle Telecom has been awarded a £750,000 one-year contract to supply integrated telecommunications for Gr

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13 Jul 2010 07:36

Pinnacle Telecom Signs One Year Grass Roots Contract

LONDON (Dow Jones)--Pinnacle Telecom Group Plc (PINN.LN)), an AIM listed provider of integrated telecommunications solutions, announced Tuesday it has been awarded a one-year contract to supply integrated telecommunications for Grass Roots Group PLC. MAIN FACTS: -No financial details disclos

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5 Jul 2010 07:50

Pinnacle Telecom Completes Several Contracts

LONDON (Dow Jones)--Pinnacle Telecom Group PLC (PINN.LN), a provider of integrated telecommunications solutions, said Monday it has successfully completed several contracts to provide temporary voice and data networks for major U.K. outdoor events including the Glastonbury contract and a voice and d

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24 Jun 2010 08:30

Pinnacle Telecom 1H Loss Narrows 73%, To Seek New Acquisitions

LONDON (Dow Jones)--Pinnacle Telecom Group PLC(PINN.LN), a provider of IP focused unified communications to the SME market, reported Thursday pretax loss narrowed by 73% for first half of fiscal 2010 and said it will continue to seek out new acquisitions. MAIN FACTS: -Revenue for the six mon

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1 Oct 2009 17:46

Faroe non-exec tops up

Tim Read, non-executive director of Faroe Petroleum, has topped up his holding despite a surge in the share price over the past two months on a stream of good news. Read bought 25,000 shares at 137p each, marking the first significant buy by a director for some time. Faroe, which is controlled by

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10 Jul 2009 17:17

Man non-exec builds holdings

Dugald Eadie, non-executive director at fund manager Man Group, has acquired nearly £100,000 worth of shares in the firm Eadie bought 40,000 shares at a price of 241.75p per share, taking his stake to 360,000. Yesterday, the fund manager reported a slight dip in assets under management in the firs

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23 Jun 2009 09:04

Small caps round-up: Veris, Hightex, Inion ...

Property services group Veris posted a pre-tax loss of €6.7m versus the €4.8m profit last year due to the €11.3m write off of assts in the Moving and Storage division. Turnover grew by 29% in the year to €84.3m. "We anticipate that any new business wins in the short term will be offset to a greater

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11 Jun 2009 15:02

Small caps round-up: Maple Energy, Braemore Resources, Leed Petroleum...

Peru-focused Maple Energy's net loss for 2008 widened to $7.1m from $2m the year before, largely due to $3.9m of administrative costs and a loss on the Aguaytia investment. But chairman Jack Hanks reported an 18% increase in revenue to $95.3m and said Maple is "on the cusp of company-changing resul

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