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Update announcement
Pinnacle Holdings Limited
(Previously Pinnacle Technology Holdings Limited)
Registration number 1986/000334/06
Share Code: PNC
ISIN: ZAE000184149
(“Pinnacle” or “the Company” or “the Group”)
UPDATE ANNOUNCEMENT
The Company has noted that there has been a substantial weakening in its share
price since the trading statement published on 8 August 2014. The Company
herewith wishes to address some perceived concerns and hopefully lay to rest any
rumours that may be circulating in the market.
Shareholders are referred to the trading statement published on SENS on 8 August
2014 where it was stated that the Company is reasonably certain that its results for
the year ended 30 June 2014 will reflect a headline earnings per share (“HEPS”) of
between 160 and 175 cents per share and earnings per share (“EPS”) of between 165
and 180 cents per share. This compares to HEPS of 205.6 cents in the comparative
period to 30 June 2013, a decline of between 15 and 22%, and to EPS of 205.8 cents,
a decline of between 13 and 20%.
During the last quarter of the financial year, Pinnacle’s revenue grew by a robust 7%,
although the benefit of this was negated by lower margins and increased expenses.
In addition, Pinnacle incurred material once-off charges relating to write downs on
large holdings of inventory which were becoming end of life. It is important to note
that there has not been any significant diminution in public sector business in the
last quarter.
Shareholders are referred to the matter pertaining to alleged bribery charges against
an executive director, Mr Takalani Tshivhase. As announced on SENS on 2 July 2014
this matter has been postponed until 9 September 2014. There is no further
information to report on this matter at this stage and shareholders will be advised
once any new information becomes available.
The Group remains focussed on its day to day business operations. Its customers, all
of its suppliers and financiers remain in place and continue to be supportive of the
business. The CEO, the executive and non-executive directors remain fully
committed to the Group and are, as usual, fully focussed on the business. The Group
continues to practice the highest standards of corporate governance and
transparency. It is therefore business as usual at Pinnacle.
Shareholders will be informed as and when any further relevant information
becomes available.
The above information has not been reviewed or reported on by the Company`s
auditors.
Midrand
20 August 2014
Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd
Date: 20/08/2014 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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