Pinnacle Technology Group PLC Result of Open Offer (5084X)

TIDMPINN

RNS Number : 5084X

Pinnacle Technology Group PLC

20 November 2014

20 November 2014

PINNACLE TECHNOLOGY GROUP PLC

("Pinnacle" or the "Company")

RESULT OF OPEN OFFER

On 3 November 2014, the Company announced details of a conditional Placing by N+1 Singer to raise GBP0.5 million (before expenses) through the issue of 7,461,535 new Ordinary Shares at a price of 6.5 pence per share and an Open Offer to raise up to a further approximately GBP0.1 million through the issue of up to 1,777,824 new Ordinary Shares at a price of 6.5 pence per share.

The Company is pleased to announce that it has received valid acceptances from qualifying shareholders in respect of 1,222,612 Open Offer Shares. This represents approximately 68.8 per cent of the maximum Open Offer Shares available under the Open Offer.

Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement and all eligible applications under the excess application facility will be allocated their Open Offer Shares as applied for. The Company has therefore raised approximately GBP80,000 through the Open Offer.

Both the Placing and Open Offer remain conditional upon, amongst other things, the approval by Shareholders of the Resolutions at the General Meeting of the Company to be held at 12 p.m. on 20 November 2014.

It is expected that Admission will become effective and dealings in the Open Offer Shares will commence on or around 21 November 2014.

Enquiries:

 
 Pinnacle Technology Group plc 
  Nicholas Scallan, Chief Executive 
  James Dodd, Non-executive Chairman    020 8185 6393 
 N+1 Singer 
  Shaun Dobson 
  Ben Wright 
  Richard Salmond                       020 7496 3000 
 Beattie Communications                 0844 842 5490 
  Chris Gilmour                          07730 415 036 
  Neil McDonald                          01698 787 855 
  David Walker                           01698 787 848 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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