Pinnacle Technology Holdings has issued a further cautionary notice saying that talks with a potential black economic empowerment (BEE) partner are continuing.
The IT products and services supplier announced in May last year that talks with Rokunda Investment Holdings, a BEE entity that intended to acquire 26% of Pinnacle, fell apart over funding problems, with Rokunda unable to secure the necessary financing.
Other talks, however, continued and the group is now in negotiations with another BEE entity regarding a 20% stake in Pinnacle.
Last month Pinnacle declared a dividend of 4c a share for the year to June after it increased headline earnings 69.8% in the year, from R13.19 million to R22.41 million. This translates into an increase in headline earnings per share from 8.9c to 15.1c.
Revenue rose 43.9% from R497.2 million to R715.47 million.
The Pinnacle share was trading at 132c on the JSE this morning, up 2c from yesterday`s close. Yesterday the share gained 5c to close at 130c.
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