Last checked at 17 Oct 2011 07:00
17 October 2011
Pinnacle Telecom Group plc ("the Company")
Conversion of Loan Notes
Pinnacle Telecom Group plc (AIM: PINN) the provider of cloud-based technology solutions announced on 30 September 2009 that it had entered into 2-year Convertible Loan Agreements in respect of £125,000 ("Loan Notes").
Pursuant to the terms of the Loan Notes, the Company has received notices from a number of Loan Note holders who wish to convert £105,000 of Loan Notes into ordinary shares of the Company ("Ordinary Shares").
In accordance with the terms of the Loan Note agreement, the Company will issue 36,332,180 new Ordinary Shares at the conversion price of 0.289p per new Ordinary Share, representing a 15% discount to the closing mid-market of 0.34p per share on 11th October 2011, in satisfaction of this conversion of Loan Notes.The Company does not hold any shares in Treasury and therefore following the issue of the 36,332,180 new Ordinary Shares; the Company's capital will consist of 2,089,807,730 ordinary shares with voting rights.
The above figure of 2,089,807,730 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 Company, under the FSA's Disclosure and Transparency Rules.
The new shares are expected to be admitted to trading on AIM on 21st October 2011.
Commenting today Alan J Bonner, Chief Executive of Pinnacle Telecom Group plc, said: "I am delighted the note holders, including myself, have elected to convert the Loan Notes for Ordinary Shares, which preserves cash and shows confidence in the Company."
Enquiries:
Pinnacle Telecom Group plc | |
Alan J Bonner, Chief Executive | Tel: 0845 180 7474 |
Zeus Capital Limited | |
Ross Andrews/Paul Horrocks | Tel: 0161 832 1512 |
Rivington Street Corporate Finance Limited | |
Jon Levinson/Peter Greensmith | Tel: 0207 562 3389 |
All Company announcements can be found at: | www.pinnacletelecomgroup.co.uk
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About Pinnacle
Pinnacle Telecom Group plc (AIM: PINN) is a value added, solutions based provider of integrated telecommunications services including IP solutions. It focuses on the SME market across the UK, where it provides a wide range of communications solutions including telecommunications calls, access and consultancy, IT support, mobile solutions - both voice and data and hosted broadband voice 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.
Pinnacle's strategy is to be a SME focused, value added, solutions based provider of next generation, cloud-based IP solutions, driven by leveraging organic opportunities as well as through targeted acquisitions. Pinnacle is seeking to acquire and grow businesses to bring together the four main elements of; traditional telephony, hosted cloud-based services, IT support and data centres. A particular target area is data centres, where the combination of recurring revenue and a platform to expand its hosted cloud-based services, would create a compelling earnings-enhancing proposition. A strategic acquisition in this area would potentially be transformational and as data centres are worldwide, it is widening the search parameters.