PINNACLE HOLDINGS LTD - Conclusion of the investigation regarding charges of alleged attempted bribery against an executive director

Conclusion of the investigation regarding charges of alleged attempted bribery against an executive director

Pinnacle Holdings Limited
(Previously Pinnacle Technology Holdings Limited)
Registration number 1986/000334/06
Share Code: PNC
ISIN: ZAE000184149
(“the Company” or “Pinnacle”)


CONCLUSION OF THE INVESTIGATION REGARDING CHARGES OF ALLEGED ATTEMPTED BRIBERY
AGAINST AN EXECUTIVE DIRECTOR

Shareholders are referred to the previous SENS announcements dated 25 and 26 March 2014, as
well as 24 April 2014, 2 July 2014 and 20 August 2014, regarding the charges of alleged attempted
bribery brought against an executive director, Mr Takalani Tshivhase.

Mr Tshivhase has today received written notification from the Specialised Commercial Crime Unit of
the National Prosecuting Authority of South Africa (SCCU), that after careful consideration of the
evidence at their disposal and consultation with, and evaluation of the reliability of all the state
witnesses, the SCCU has come to the conclusion that the evidence presented is insufficient to
provide a reasonable prospect of a successful prosecution. The charges against Mr Tshivhase will
accordingly be withdrawn.

The Company welcomes the decision. The conclusion and decision of the SCCU corroborates the
Company’s own investigation into the matter and confirms the Company’s initial statement that
from the evidence available to the Company, the Company was satisfied that there was no reason to
doubt the veracity of Mr Tshivhase’s denial of the allegations.

After what has been a most trying time for the Company, as well as Mr Tshivhase and his family, the
Board re-assures all of its stakeholders that the Company continues to practice the highest standards
of corporate governance and transparency. Mr Tshivhase, who was on leave of absence from the
Company pending the outcome of the case, will now resume his duties.

The Board thanks the many stakeholders that have shown faith and support in Pinnacle during this
difficult period and now refocuses its energy on executing on its strategy.

Midrand
25 August 2014

Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd

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