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Pinnacle -- update announcement
Shareholders are referred to the previous SENS Announcement dated 25 March 2014 (the SENS Announcement) in which it was announced that an executive director, Mr Takalani Tshivhase, had been charged with an offence relating to alleged attempted bribery. In response to public interest, the Company can now further address certain aspects of the matter.
Timing of the SENS Announcement
The Company, acting on legal advice, made the announcement immediately that a charge was formally made against Mr Tshivhase. The making of the charge on Monday, 24 March 2014, was the moment at which criminal proceedings were initiated and was the first appropriate time for the Company to report thereon. Prior to the bringing of the charge, it was a matter of speculation whether any charge would, indeed, be brought.
Sale of shares in the Company prior to the SENS Announcement
Prior to the SENS Announcement the following sales had been reported on SENS:
- Sale by Carmen Fourie Family Trust of 1.2 million shares;
- Sale by Mr Tshivhase of 200,000 shares; and
- Sale by Mr George Wiehahn of 80,000 shares.
These sales occurred prior to the bringing of any charge against Mr Tshivhase and therefore prior to
the SENS Announcement. Further, it is to be noted in regard to these transactions, that:
- in regard to the first said transaction, same was occasioned by the exercise of an option by a bank (as referred to in a SENS announcement of 14 December 2012) and was therefore a forced sale on the part of the Family Trust of the CEO of the Company;
- in regard to the sale by Mr Tshivhase, permission to trade had been requested on 27 January 2014 but on the basis that the trade would only occur after the closed period, which permission was then granted on 10 March 2014, and that sale represents a very small percentage of Mr Tshivhase’s holdings and was related to the need to fund a specific transaction of a personal nature; and
- in regard to the sale by Mr Wiehahn he obtained permission in the normal course.
Purchase of shares in the Company following the SENS Announcement
The Company has received requests from various of its directors to purchase shares in the Company and has granted permission for such purchases.
The position of Mr Tshivhase in the Company
In the light of the bringing of the charge, Mr Tshivhase has requested the Company, and the Company has agreed, to grant Mr Tshivhase leave of absence with immediate effect until the criminal proceedings have been concluded at which time Mr Tshivhase’s association with the Company can be reviewed.
Comment on the likely outcome of any prosecution
The Company has previously noted that on the evidence thus far available to it, it has no reason to doubt the veracity of Mr Tshivhase’s denial of the allegations of any impropriety. The matter is now sub judice and the Company has been advised that it would not be proper to elaborate further on this aspect of the matter.
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Pinnacle bribery announcement
The Company informed its shareholders that Mr Takalani Tshivhase, an executive director of Pinnacle, has been charged with alleged attempted bribery of a Lieutenant General of the South African Police Service, with R5 million. This alleged incident occurred some 14 months ago, around 16 January 2013.
Mr Tshivhase denies all allegations of attempted bribery, and will defend the charges. From the evidence thus far available to the Company, the Company is satisfied that there is no reason to doubt the veracity of Mr Tshivhase's denial of the allegations. The Company will review the matter as further information becomes available and will inform shareholders accordingly.
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