ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

PINN Pinnacle Tech

6.875
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pinnacle Tech LSE:PINN London Ordinary Share GB00B8GRBX01 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 6.875 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Pinnacle Technology Group PLC Disposal of RMS Managed IT Security Limited (9241W)

03/05/2016 7:01am

UK Regulatory


Pinnacle Telecom (LSE:PINN)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Pinnacle Telecom Charts.

TIDMPINN

RNS Number : 9241W

Pinnacle Technology Group PLC

03 May 2016

Pinnacle Technology Group plc

(the "Group" or "Pinnacle")

Disposal of RMS Managed IT Security Limited

Pinnacle Technology Group plc, the AIM listed provider of converged technology solutions, is pleased to announce further progress with the review of the business which involves positioning the Group firmly as a provider of 'IT as a Service' targeting provision of higher margin services in order to maximise earnings.

On 10 October 2011 the Group acquired the entire share capital of RMS Managed IT Security Limited ("RMS") (and its wholly owned subsidiary Aware Distribution Limited), a provider of IT security software and consultancy solutions to the mid-market and public sector. Throughout the Group's period of ownership RMS' revenues and margins have steadily declined due to an intensely competitive market landscape for the resale of third party IT Security products as well as RMS' lack of differentiation within the market. Furthermore, there has been little or no cross-selling of the Group's other products and services to RMS' customer base which for the most part falls outside Pinnacle's target customer base. In the year to 30 September 2015 the business unit generated an EBITDA loss of GBP149,000 on revenues of GBP1.2m and had net liabilities of GBP2.2 million.

It was therefore decided that in order to obtain the best outcome for RMS' staff and customers, the Board would seek a trade sale of the business to an appropriately skilled and resourced purchaser. Pinnacle is today pleased to announce that it has entered into an agreement to sell the entire issued share capital of RMS to Intronovo Limited for GBP1.

Gavin Lyons, Executive Chairman, commented:

"As part of our review of the business, it became apparent early on that RMS would not be core to our strategy going forward. We have, however, been keen to ensure an outcome which is to the benefit of all stakeholders in that business and we believe this sale achieves this. Our strategy remains focussed on creating a strong 'IT as a Service' business with a simplified organisational structure and I am pleased to be able to share the progress we are making in this respect."

 
For further information please contact: 
Pinnacle Technology Group plc 
 Gavin Lyons, Executive Chairman 
 Ian Winn, Finance Director and Chief Operating Officer   0208 185 6393 
 
  N+1 Singer (Nominated Adviser and Broker) 
  Shaun Dobson 
  Jen Boorer                                                020 7496 3000 
MXC Capital Markets LLP 
 Marc Young 
 Charlotte Stranner                                       020 7965 8149 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

DISILMLTMBMTBIF

(END) Dow Jones Newswires

May 03, 2016 02:01 ET (06:01 GMT)

1 Year Pinnacle Telecom Chart

1 Year Pinnacle Telecom Chart

1 Month Pinnacle Telecom Chart

1 Month Pinnacle Telecom Chart

Your Recent History

Delayed Upgrade Clock