19th Feb 2014 17:38
LONDON (Alliance News) - Pinnacle Technology Group PLC Wednesday said it has raised about GBP449,000 before expenses from its directors, senior management, next Chief Executive Nicholas Scallan and certain institutional shareholders.
It issued about 4.6 million new shares at 9.75 pence each to raise the funds, which will be used for general working capital purposes.
Pinnacle Technology Tuesday said its loss widened and revenues fell sharply in its last financial year, as it appointed a new chief executive to complete the company's restructuring and set it back on a growth path.
The technology company has grown quickly through acquisitions in recent years, but that had left it with a high cost base, large liabilities and a stretched balance sheet with significant amounts outstanding to creditors.
It therefore set out to cut operating costs in 2013, trimming headcount and closing a number of offices, and to refinance. It successfully refinanced by issuing new shares in December 2012 and February 2013, ending the last financial year with gross cash balances of GBP687,651.
The company said it has been informed that the following directors participated in the placing, as follows:
Director Name | Number of new Ordinary Shares issued under the Placing | Number of Ordinary Shares held following the Placing | Percentage of the enlarged issued share capital following the Placing |
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Chief Executive Alan J Bonner | 464,841 | 2,740,065 | 7.34% |
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Non-Executive Director Tom Black | 1,025,641 | 1,907,737 | 5.11% |
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Chairman James Dodd | 1,025,641 | 1,272,308 | 3.41% |
Pinnacle shares Wednesday closed at 9.7 pence, down 0.05 pence, or 0.5%.
By Samuel Agini; [email protected]; @samuelagini
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