By investadvocate

Jan 14 2011 17.08 GMT

 

 

Lagos (INVESTADVOCATE)-Cross Border listed company Pinnacle Point Group Plc is set to offer one cent per share in a proposed Claw Back Offer.

 

This was contained in a Company announcement released by the Nigerian Stock Exchange (NSE) in Lagos Nigeria and made available to investadvocate.

 

The Company notified The Exchange of the agreement it signed with its major shareholder, Trilinear Empowerment Trust on December 21, 2010.

 

Pinnacle Point affirmed that based on the agreement, Trilinear will subscribe for 1.3billion new shares (“Claw Back Shares”) at an issue price of 1 cent per share; which will then be offered to Pinnacle Point (PP) Company shareholders by way of Claw Back Offer at an offer price of 1 cent per share each in the ratio of 18.54197 new Pinnacle ordinary share for every 100 Pinnacle ordinary shares held.

 

The Company further said that Triliner will subsequently subscribe for a placement consideration for the Claw Back Shares valued at R13 million. The share certificate for the above intended offer will be held in trust by the company’s attorneys until the JSE Limited authorise their release for the above claw back offer.

 

“Trilinear’s shareholding in Pinnacle Point Group Plc will increase from 48.4% to approximately 56.55% as a result of the above transaction” the Company said.

 

However, in a Renewal of Cautionary Announcement – The Company advised its shareholders that negotiations are ongoing and that they should exercise caution when dealing in their securities until a further announcement is made.

 

Pinnacle Point Group, a South African firm on Tuesday March 17 2009 listed its shares by introduction on the Floor of the Nigerian Stock Exchange (NSE) in Lagos Nigeria.

 

The Company listed 4,579,782,814 Ordinary Shares of Zaro-0001 (No. 0015) each at Zaro.50 (N7.50 Kobo) per share and would be listed on the Hotel and Tourism Sector of the NSE.