Business
Result of Placing, Open Offer & Notice of GM
Result of Placing, Open Offer & Notice of GM.
About this update from Cloudcoco Group Plc
[{"type":"text","content":"\n \nRNS Number : 7575M Pinnacle Technology Group PLC 22 January 2016 \n\n22 January 2016\n \nPinnacle Technology Group plc \n(the \"Company\") \n \nResult of Placing, \nLaunch of Open Offer, Directors' Shareholdings\nand Notice of General Meeting\n \n \n \nPinnacle Technology Group plc, the AIM listed provider of converged technology solutions, announces that, following its earlier announcement that the Company had entered into conditional agreements to acquire Ancar-B and Weston (together the \"Acquisitions\") and is conditionally raising £4.55 million through a placing of new ordinary shares in the Company (the \"Placing\"), a total of 108,392,857 new Ordinary Shares (the \"Placing Shares\") have been successfully placed with existing institutional and other investors. As a result the Company is also pleased to announce its intention to launch an open offer to raise up to a further £0.25 million through the issue of 5,918,256 new Ordinary Shares (\"Open Offer Shares\") from existing shareholders at the Placing Price (\"Open Offer\").\n \nThe Placing, cornerstoned by MXC Capital, will raise £4.55 million through the issue of the Placing Shares at a Placing Price of 4.2 pence per Placing Share. The Placing Price represents a discount of approximately 54 per cent. to the weighted average closing price over the last 90 days. The Placing Shares will represent approximately 47 per cent. of the enlarged issued ordinary share capital of the Company, assuming full take under the Open Offer.\n \nThe Directors recognise the importance of pre-emption rights and consequently the Company is proposing to raise up to £0.25 million (before expenses) pursuant to the Open Offer. The proposed open offer price of 4.2 pence per Open Offer Share is the same as the Placing Price.\n \nCertain existing shareholders who are participating in the Placing (including certain of the directors and applicable employees, MXC Capital, Livingbridge and Hargreave Hale) have irrevocably undertaken not to take up their entitlements under the Open Offer to provide those shareholders not participating in the Placing an opportunity to invest at the Placing Price.\n \nDirectors Interests & Significant Shareholdings\n \nThe Company also announces that certain of the Board of Directors are partici...