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Wed, 24 Nov 2010	Official Announcement [Y]
Pinnacle -- update on acquisition Shareholders are referred to the SENS announcements dated 20 July 2010 and 29 October 2010, where they were advised that Pinnacle had entered into an agreement to acquire 100% of the issued equity of Axiz ("the transaction"), subject to certain conditions precedent being met. The Board of Directors of Pinnacle is pleased to announce that all of the conditions precedent have been met and that the transaction is therefore unconditional and materially completed. For the 12 months ended 31 December 2009, Axiz's audited consolidated Financial Results reflected Revenue of R1 755, 59 531 and Net Profit after Taxation ("NPAT") of R18 287 157. Shareholders are reminded of Pinnacle's stated long term intention to materially increase NPAT as percentage of Revenue for its new subsidiary. The Pinnacle unaudited interim results for the 6 months ending 31 December 2010 will be announced during the week beginning 21 February 2011.
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