Disposal (9213I)

TIDMPCL

RNS Number : 9213I

Pinnacle Staffing Group PLC

22 June 2011

Pinnacle Staffing Group plc ('the Company')

22 June 2011

DISPOSAL

Pinnacle Staffing Group plc announces that it has been advised by Beever & Struthers, the Administrator to the Company's subsidiary, PHC Luton Limited, that PHC Luton's 75% shareholdings in Medic International Limited and Holt Doctors Limited have been sold on to Peter Gregory and Tracy Ward for a cash sum of GBP17k on 9 June 2011.

Following the resignation of the Company's nominated adviser on 9 June 2011, unless a replacement nominated adviser is engaged, the admission of the Company's shares to AIM will be cancelled with effect from 7.00am on 11 July 2011.

The Board is exploring opportunities to re-admit the Company to AIM as a shell company, following an agreement of a major creditor to a debt for equity swap, which would give them 30,880,777 shares for cancellation of current and future due sums, subject to increasing share capital and shareholder approval. Discussions are taking place with other creditors.

For further information please contact::

 
Pinnacle Staffing Group 
 plc: 
Peter Gregory, Chief Executive  Tel: [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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