Last checked at 6 Mar 2012 07:00
Pinnacle Telecom Group plc
("Pinnacle" or the "Company")
Annual Report & Accounts and AGM
The Company is pleased to announce that the Report and Accounts for the year ended 30 September 2011 have today been posted to shareholders and a copy is available on the Company's website www.pinnacletelecomgroup.co.uk.
AGM
Shareholders are reminded that the Seventh Annual General Meeting of the Company will be held at the offices of Wright, Johnston & Mackenzie LLP, 18 Charlotte Square, Edinburgh, EH2 4DF, on 29 March 2012 at 11.30 a.m.
The Company would like to draw the attention of shareholders to Special Business - Resolution 7 (Change of company name).
By resolution 7, shareholders are asked to approve the proposed change of name of the Company to Pinnacle Technology Group plc.
Rationale for Change of company name;
When Pinnacle Telecom plc was formed in 1998, telecommunications was still at an early stage of breaking away from the monopoly of BT and the duopoly that included Mercury. These days however, telecommunications is evolving into the convergence of multiple technologies - voice, data, WAN, LAN, video, and wireless technologies.
The Company believes that over time, all telecom will eventually migrate onto IP networks and the traditional telecom network as we know it is history, rapidly being transformed into a high-speed IP delivery structure between distribution networks.
As a result of differentiation through technological advantage, Pinnacle has successfully punched above its weight and currently enjoys the benefits of speed to market, with regards to deploying new technologies, relative to the established operators of traditional networks. As Pinnacle continues to evolve its converged managed services model, our dependency on traditional telecom revenues is decreasing and that revenue is being replaced by a broader suite of solutions from emerging technologies in the security, cloud, mobility, data and IP space.
In the year to September 2011, the Company reported that for the first time, the level of net assets invested in its IT market segment, outweighed the combined net assets of those in its telecom and mobile market segments. The Company has also continued to invest in strengthening its IT capabilities, acquiring MacLellan IT Ltd, Online Computer Developments Ltd and RMS Managed ICT Security Limited in the second half of last year. The Directors believe that now is the right time to change the perception of the Company away from a traditional telecom business, into a premier converged managed services provider of high quality cloud based technology solutions, by amending the name of the Company, to reflect this change in technological advancement.
Upon the approval and registration of the change of name;
·; The Company is not intending to issue fresh share certificates, unless specifically requested to do so by an individual shareholder.
·; The ticker (PINN) will not change
·; The date for the change of name is Monday 2 April 2012.
Commenting on the proposed change of name of the Company, Alan Bonner, CEO of Pinnacle Telecom Group plc said, "Dropping Telecom from our name and changing the name of the Company to Pinnacle Technology Group plc, better reflects the current and future direction of the business and moves away from the perception of an old or traditional telecom company. It is expected that in line with this change, for year to September 2012, revenues from our technology solutions in the IT space will eclipse those of traditional telecom by a ratio of nearly 2:1, when compared to the year to September 2011."
06 March 2012
All Company announcements & news can be found on http://www.pinnacletelecomgroup.co.uk
For further information please contact: | |
Pinnacle Telecom Group plc | |
Alan J Bonner, Chief Executive | 0845 180 74 74 |
Zeus Capital Limited | |
Ross Andrews/Paul Horrocks | 0161 831 15 12 |
Rivington Street Corporate Finance Limited | |
Jon Levinson & Peter Greensmith | 0207 562 33 89 |
Notes to editors
About Pinnacle
Pinnacle Telecom Group plc (AIM: PINN) Pinnacle Telecom Group plc focuses on the business market across the UK. Driven by leveraging organic opportunities as well as through targeted acquisitions, we provide a wide range of converged managed solutions including Managed Support Services, Unified Communications and Collaboration, Communications and Mobility, Software as a Service (SaaS) and Infrastructure services.
Pinnacle is a fully licensed Public Telephone Operator, has its own telephone network and interconnects with BT, Virgin Media and THUS. It has its own hosted voice (VoIP) platforms and engineers and owns Scotland's oldest ISP (and a founder member of Nominet), operating from its data centres in Glasgow, London and Brighton.
The Group has grown revenues 740% since 2007 and aims to build a £50m business, by leveraging organic opportunities as well as through targeted acquisitions. We create solutions that join together a company's three core networks (IT network, telephony network and mobile network). Our strategy of cross-selling the five elements of our converged managed services offering is now delivering positive results.