3rd Nov 2014 07:55
LONDON (Alliance News) - Pinnacle Technology Group PLC Monday said it has raised GBP0.5 million before expenses in a share placing, money it will use to strengthen its balance sheet and bolster its sales and marketing activities.
In a statement, the company said it placed nearly 7.5 million shares at 6.5 pence each. The placing was conducted by N+1 Singer.
Pinnacle said it will also raise about GBP0.1 million by offering a further 1.8 million shares to shareholders who haven't taken part in the placing.
In a trading update, Pinnacle also said its turnaround is continuing and it is now trading close to "neutral" on a monthly earnings before interest, tax, depreciation and amortisation basis.
"Further improvements are expected as a number of the exceptional costs are diminishing in the coming months. Revenue for the second half of 2014 continues to show a reduction in line with previous periods," it said.
By Steve McGrath; [email protected]; @stevemcgrath1
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