|
|
Pinnacle appoints non-executive director
Further to the announcement released on SENS on 24 June 2014 and in compliance with paragraph 3.59 of the Listings Requirements of the JSE, shareholders are hereby notified of the following changes to the board of directors of the company which became effective on 29 August 2014.
Ms Ndumi Medupe has been appointed as an independent non-executive director and chairperson of the Audit and Risk Committee. In compliance with principal 3.2 of King III Report on Corporate Governance, which requires that all members of the Audit Committee must be independent non- executive directors, Mr A Tugendhaft, who served as Chairman of the Committee has stepped down from the Committee, but will continue to attend Audit and Risk Committee meetings as a permanent invitee.
Subsequent to the aforementioned changes, the Audit and Risk Committee will comprise: Ndumi Medupe CA (SA) (Independent Non-executive director) - Chairperson, Mr E van der Merwe CA (SA) (Independent-Non-executive director) and Ms S Chaba (Independent Non-executive director).
|
|
Click here for original article
|
| |
Pinnacle conclusion of investigation
Shareholders are referred to the previous SENS announcements dated 25 and 26 March 2014, as well as 24 April 2014, 2 July 2014 and 20 August 2014, regarding the charges of alleged attempted bribery brought against an executive director, Mr Takalani Tshivhase.
Mr Tshivhase has received written notification from the Specialised Commercial Crime Unit of the National Prosecuting Authority of South Africa (SCCU), that after careful consideration of the evidence at their disposal and consultation with, and evaluation of the reliability of all the state witnesses, the SCCU has come to the conclusion that the evidence presented is insufficient to provide a reasonable prospect of a successful prosecution. The charges against Mr Tshivhase will accordingly be withdrawn.
The Company welcomes the decision. The conclusion and decision of the SCCU corroborates the Company's own investigation into the matter and confirms the Company's initial statement that from the evidence available to the Company, the Company was satisfied that there was no reason to doubt the veracity of Mr Tshivhase's denial of the allegations. After what has been a most trying time for the Company, as well as Mr Tshivhase and his family, the Board re-assures all of its stakeholders that the Company continues to practice the highest standards of corporate governance and transparency. Mr Tshivhase, who was on leave of absence from the Company pending the outcome of the case, will now resume his duties.
|
|
Click here for original article
|
| |
Pinnacle update announcement
The Company has noted that there has been a substantial weakening in its share price since the trading statement published on 8 August 2014. The Company herewith wished to address some perceived concerns and hopefully lay to rest any rumours that may be circulating in the market.
Shareholders are referred to the trading statement published on SENS on 8 August 2014 where it was stated that the Company is reasonably certain that its results for the year ended 30 June 2014 will reflect a headline earnings per share ("HEPS") of between 160 and 175 cents per share and earnings per share ("EPS") of between 165 and 180 cents per share. This compares to HEPS of 205.6 cents in the comparative period to 30 June 2013, a decline of between 15 and 22%, and to EPS of 205.8 cents, a decline of between 13 and 20%.
During the last quarter of the financial year, Pinnacle's revenue grew by a robust 7%, although the benefit of this was negated by lower margins and increased expenses. In addition, Pinnacle incurred material once-off charges relating to write downs on large holdings of inventory which were becoming end of life. It is important to note that there has not been any significant diminution in public sector business in the last quarter.
Shareholders are referred to the matter pertaining to alleged bribery charges against an executive director, Mr Takalani Tshivhase. As announced on SENS on 2 July 2014 this matter has been postponed until 9 September 2014. There is no further information to report on this matter at this stage and shareholders will be advised once any new information becomes available.
The Group remains focussed on its day to day business operations. Its customers, all of its suppliers and financiers remain in place and continue to be supportive of the business. The CEO, the executive and non-executive directors remain fully committed to the Group and are, as usual, fully focussed on the business. The Group continues to practice the highest standards of corporate governance and transparency. It is therefore business as usual at Pinnacle. Shareholders will be informed as and when any further relevant information becomes available.
|
|
Click here for original article
|
| |
Pinnacle anticipating lower earnings
Pinnacle provided guidance to the market regarding the anticipated headline earnings per share ("HEPS") and earnings per share ("EPS") ranges for the year ended 30 June 2014.
Shareholders are advised that the company is reasonably certain that its results for the year ended 30 June 2014 will reflect a HEPS of between 160 and 175 cents per share and EPS of between 165 and 180 cents per share. This compares to HEPS of 205.6 cents in the comparative period to 30 June 2013, a decline of between 15 and 22%, and to EPS of 205.8 cents, a decline of between 13 and 20%.
The company's audited financial results for the year ended 30 June 2014 are expected to be published on or about 5 September 2014.
|
|
Click here for original article
|
| |
| |
|
| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
| |
|
|
