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Pinnacle -- update on acquisition
Shareholders are referred to the SENS announcement dated 7 December 2007 and interim results announcement dated 19 February 2008 wherein they were advised that Pinnacle has entered into an agreement to acquire 100% of the issued share capital and shareholders' loans of Tri Continental Distribution S.A. (Pty) Ltd, subject to Competition Commission approval and certain conditions precedent. As announced, Tricon distributes internationally recognized IBM and Lenovo notebooks, personal computers, printers and servers in South Africa. The acquisition of Tricon is considered strategic as it grants the group access to marketing channels, market segments and product sets not available to it previously. Shareholders are hereby advised that all the conditions precedent, including Competition Commission approval have been fulfilled and that the acquisition therefore is unconditional.
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