PINNACLE HOLDINGS LIMITED - General repurchase of shares

General repurchase of shares

PINNACLE HOLDINGS LIMITED
(Registration number: 1986/000334/06)
Share code: PNC
ISIN: ZAE0000184149
(“the Company” or “Pinnacle” or “the Group”)

GENERAL REPURCHASE OF SHARES

1. INTRODUCTION

The board of directors of Pinnacle (“the Board”) hereby advises
shareholders that Pinnacle has cumulatively repurchased 4 493 492 ordinary
shares, representing 2.7% of the Company’s issued share capital(excluding
treasury shares), in terms of the general authority granted by shareholders
at the annual general meeting (“AGM”) held on 3 December 2015
(“Repurchase”).

2. DETAILS OF THE GENERAL REPURCHASE

Details of the Repurchase are as follows:
Dates of repurchases:                            4 July 2016 to 28September
2016
Number of shares repurchased:                   4 493 492

Lowest repurchase price per share:              R 14.64
Highest repurchase price per share:             R 16.05
Total value of shares repurchased:              R 70 601 804

All of the shares repurchased were done so during a closed period and were
effected pursuant to a repurchase programme put in place prior to the
commencement of the closed period, in accordance with the JSE Listings
Requirements.

Application will be made to the JSE for the delisting and cancellation of
the ordinary shares. It is expected that the delisting and cancellation
will become effective on or about 17 October 2016.

The Repurchase was effected through the order book operated by the JSE and
done without any prior understanding or arrangement between the Company and
the counter parties.

Pinnacle holds 12 069 974 shares as treasury shares, representing 6.75 % of
the Company’s issued share capital. The Repurchase had no effect on the
number of treasury shares.

Following the Repurchase, the extent of the general authority to repurchase
shares outstanding is 26 691 003 ordinary shares, representing 17.12 % of
the total issued share capital of Pinnacle, at the time the authority was
granted.

3. OPINION OF THE BOARD

The Board has considered the effect of the Repurchase and is of the opinion
that, for a period of 12 months following the date of this announcement:

-   the company and the Group will be able, in the ordinary course of
business, to repay their debts;
-   the assets of the company and the Group will be in excess of the
liabilities of the company and the
Group;
-   the company and the Group’s ordinary capital and reserves will be
adequate for ordinary business
purposes; and
-   the company and the Group will have adequate working capital for
ordinary business purposes.

4. FINANCIAL INFORMATION PERTAINING TO THE GENERAL REPURCHASE

The impact of the Repurchase has been calculated and the Board can confirm
that the implementation of the Repurchase is limited only to a reduction in
cash of R70 601 804 as the Repurchase was funded from the Company’s
available cash resources.


Johannesburg
3 October 2016

Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd

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