Profile's ShareDataOnline

Thu, 30 Sep 1999	Official Announcement [-]
Pinnacle acquisition/disposal announcement Pinnacle has sold its entire interest amounting to 70% of its shares in and claims against Pinnacle Zimbabwe to Gavin Briant, the director of Pinnacle Zimbabwe. The disposal has been made due to the constant depreciation of the Zimbabwe dollar against the rand and the strict policy of the Zimbabwean government to the transfer of foreign currency. The disposal consideration is R6 977 777m and is effective from 1 July 99. R2 277 777 will be paid on the date the disposal agreement becomes unconditional; R2 500 000 within six months from that date; and The balance of R2 200 000 is to be settled in twelve equal monthly instalments of R183 334 commencing on 30 Sep 99. Pinnacle Zimbabwe has entered into a distribution agreement with Pinnacle whereby it will purchase a minimum of R6m over the next 12 months. The disposal has decreased Pinnacle's HEPS by 26.01% to 5.12c (6.92c) and increased its NAV by 16.36% to 28.24cps (24.27cps) In addition, Pinnacle has acquired the shares in and claims against Pinnacle Holdings not already held by the company. This amounts to 30 million shares. The acquisition has been made to enable it to consolidate 100% of Pinnacle Holdings. The consideration has been settled by the issue of 30 million new ordinary shares in Pinnacle at 40cps. The acquisition has increased Pinnacle's HEPS by 19.08% to 8.24c (6.92c) and decreased its NAV by 3.91% to 23.32cps (24.27cps).

Fri, 3 Sep 1999	Official Announcement [c_]
Pinnacle issues cautionary Pinnacle is involved in negotiations, relating to the disposal of one of its operating subsidiaries, that may effect its share price.

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