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Pinnacle investigation announcement
The Company advised shareholders that the Financial Services Board ("FSB") has registered an investigation in terms of section 84 of the Financial Markets Act, Act 19 of 2012 ("FMA"), relating to a possible contravention of section 78 of the FMA (insider trading) ("the investigation"). The investigation relates to share transactions in the Company executed during March 2014 and may be extended, if necessary. It should be noted that the investigation is not into the affairs of the Company. The FSB have advised that when the investigation is completed it shall be reported to the Directorate of Market Abuse who will then decide whether to close the investigation, or proceed with enforcement action. Shareholders will be informed in this regard. The Company will cooperate fully with the FSB in respect of the investigation.
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Pinnacle update announcement
Shareholders are referred to the previous SENS announcements dated 25 and 26 March 2014 regarding the charges against an executive director, Mr Takalani Tshivhase.
Mr Tshivhase appeared in court this morning, 24 April 2014, where the matter was postponed until the 2nd July 2014.
The company will review the matter as further information becomes available and will inform shareholders accordingly.
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Pinnacle -- clarification of director's dealing
Shareholders are referred to the SENS announcements of 18 December 2013, 22 January 2014, 14 February 2014, 14 March 2014 and 15 April 2014 wherein disposals of securities in terms of a zero cost collar originally entered into on 12 December 2012 were made by Arnold Fourie, the Chief Executive Officer, through The Carmen Fourie Family Trust. The trades were reported as having been made ‘on market’ whereas these should have been reported as having been made ‘off market’ due to the mechanics of the relevant option exercise.
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