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Pinnacle -- repurchase of ordinary shares
Shareholders are hereby advised that Pinnacle has acquired 2 112 000 ordinary shares in the issued share capital of Pinnacle on the open market for a purchase consideration in aggregate of R29 046 610.60 (the general repurchase). The general repurchase was effected in terms of a general authority to Pinnacle’s directors (the directors), which was granted in terms of a special resolution passed by the members at Pinnacle’s Annual General Meeting (AGM) held on 25 October 2013 and comprises 1.24% of the total issued ordinary shares of Pinnacle at the date of the AGM. There are 12 069 974 treasury shares held by Pinnacle Treasury Services Limited, a subsidiary of Pinnacle.
Implementation
The general repurchase commenced on 14 April 2014 and continued on a day-to-day basis as market conditions allowed and in accordance with the JSE Limited (JSE) Listings Requirements until 2 May 2014. The Company confirms that the repurchases were effected through the order book operated by the JSE and done without any prior understanding or arrangement between the Company and the counter parties. The highest and lowest prices paid by Pinnacle for the ordinary shares were 1455.70 cents and 1298.89 cents per share respectively.
Extent of general authority outstanding
The extent of the general authority outstanding for the current financial year is 31 908 889 ordinary shares, representing 18.76% of the total issued ordinary shares of Pinnacle.
Sources of funds
The general repurchase has been funded from available banking facilities.
JSE listing
The ordinary shares that have been repurchased have been cancelled and de-listed
Conclusion
Pinnacle may consider repurchasing securities as and when opportunities arise.
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Pinnacle announce changes to the board
In line with the King III requirement that a board of directors should comprise a balance of power, with a majority of non-executive directors, the majority of whom should be independent, the Board has commenced the process of identifying appropriate candidates for appointment as additional independent non-executive directors. Shareholders will be advised in due course once such appointments have been made.
Remuneration Committee
The Remuneration Committee of the Company has been reconstituted and will now comprise of Mr A Tugendhaft (Chairman), Mr Erhard van der Merwe and Ms Daphne Mashile-Nkosi. Due to the size of the Board a separate Nominations Committee is not required. Procedures for appointment of directors to the Board will in future be handled by the Board of Directors.
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