Pinnacle Point Group Plc: Proposed Claw Back Offer
Category: Investors NewsBeat
The Company notified The Exchange of the agreement it signed with its major shareholder, Trilinear Empowerment Trust on December 21, 2010. Based on the agreement, Trilinear will subscribe for 1.3billion new shares (“Claw Back Shares”) at an issue price of 1 cent per share; which will then be offered to Pinnacle Point (PP) Company shareholders by way of Claw Back Offer at an offer price of 1 cent per share each in the ratio of 18.54197 new Pinnacle ordinary share for every 100 Pinnacle ordinary shares held. Triliner will subsequently subscribe for a placement consideration for the Claw Back Shares valued at R13 million. The share certificate for the above intended offer will be held in trust by the company’s attorneys until the JSE Limited authorize their release for the above claw back offer. Trilinear’s shareholding in Pinnacle Point Group Plc will increase from 48.4% to approximately 56.55% as a result of the above transaction.
Renewal of Cautionary Announcement – The Company advised its shareholders that negotiations are ongoing and that they should exercise caution when dealing in their securities until a further announcement is made