5 Sep 2013 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD BE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION (EACH A "RESTRICTED JURISDICTION")
Pinnacle Technology Group plc ("Pinnacle" or the "Company")
Update on possible offer
Pinnacle Technology Group plc (AIM:PINN), the AIM listed, IT Managed Services Provider, notes the announcement made by the Board of Coms plc ("Coms") on 3 September 2013 regarding its consideration of a possible corporate transaction with Pinnacle that could result in an offer by Coms for the entire issued and to be issued ordinary share capital of Pinnacle being made.
The Company's Board confirms that it has since received a non-binding indicative offer for the entire issued and to be issued ordinary share capital of Pinnacle on the expected terms as described in the Coms announcement.
The Board believes that such an indicative offer is opportunistic and significantly undervalues the growth prospects of the Company. As such the Board of Pinnacle is not recommending the offer to its shareholders.
5 September 2013
All Company announcements can be found at: http://www.pinn.uk.com
For further information please contact:
Pinnacle Technology Group plc Tel: +44 845 180 7474
Alan J Bonner, Chief Executive
N+1 Singer
Shaun Dobson / Matt Thomas Tel: +44 20 7496 3000
Newgate Threadneedle Tel: +44 207 653 9850
Caroline Evans-Jones/Robyn McConnachie