Last checked at 10 Dec 2012 07:00
10 December 2012
Pinnacle Technology Group plc
("Pinnacle" or the "Company")
Placing to raise £300,000
Pinnacle Technology Group plc, (AIM: PINN) the AIM listed provider of cloud based technology solutions is pleased to announce that it has issued 100,000,000 new ordinary shares of 0.1p each at 0.3p per share to raise £300,000, before expenses. The funds raised will be used to implement the Company's stated growth strategy, through the hiring of new sales staff, and implement further trials of the Company's new high-speed wireless broadband service.
A programme of targeted acquisitions has created an IT services business with a strong base of recurring revenues, operating in niche, high growth markets such as data, multi-site connectivity and IT security. The Company's customer base of 3,000 businesses across the UK represents a significant platform for future growth and these funds will be used to growth the sales team across the UK, with a focus on further cross-sales of the enlarged product suite into this base.
Alan Bonner, Chief Executive said, "We are delighted with the support that we have received from new investors. We believe that our reputation as a trusted provider of complex IT services is increasing and, with an existing customer base of 3000 companies across the UK, our growth opportunity is significant."
The new shares will rank pari passu with other ordinary shares and application has been made for the new ordinary shares to be admitted to trading on AIM, which is expected to be on 13 December 2012.
The Company has been informed that Alan J Bonner, Chief Executive Officer participated in the issue, as follows:
Director Name | Number of new Ordinary Shares acquired | Aggregate interests following completion of the Placing | Following the Placing, Percentage of the enlarged Share Capital |
Alan J Bonner | 3,333,333 | 224,722,483 | 9.72% |
The Director's participation in the Placing is a related party transaction under the AIM Rules. Zeus Capital, the Company's nominated adviser, has advised the independent director that it considers that the terms of the transaction are fair and reasonable insofar as the Company's Shareholders are concerned.
Following the Placing, the issued share capital of the Company will increase by 4.3% to 2,311,474,397 ordinary shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules (as applied to the Company by AIM Rule 17).
For further information please contact:
Pinnacle Technology Group plc | 0845 180 7474 |
Alan J Bonner, Chief Executive | |
Zeus Capital | 0161 831 15 12 |
Ross Andrews | |
Newgate Threadneedle | 0207 653 9850 |
Caroline Evans-Jones/Robyn McConnachie |
About Pinnacle
Pinnacle Technology Group plc (AIM: PINN) 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.
Broad experience, innovation and impartial expertise puts Pinnacle in best place to design and deliver cost effective new technology solutions for its customers. Pinnacle work with some of the most prestigious organisations in the UK, who rely on us to deliver robust technical solutions that deliver value.
The Company has very strong capability in advanced IT Security and is the UK and Ireland McAfee Partner of the Year, the EMEA CA Partner of the Year and a Platinum Partner for Sophos.
Pinnacle is a fully licensed Public Telephone Operator, has its own telephone network and interconnects with BT, Cable and Wireless and Virgin Media. 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 its annual revenues by 740% since Pinnacle's involvement on the Alternative Investment Market in 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.