PNG - Pinnacle Point Group Limited - Director`s Dealing in Securities
PNG
PNG
PNG - Pinnacle Point Group Limited - Director`s Dealing in Securities
Pinnacle Point Group Limited
(Formerly Acc-Ross Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2000/000059/06)
Share code: PNG & ISIN: ZAE000127122
("Pinnacle" or "the company")
DIRECTOR`S DEALING IN SECURITIES
In compliance with rules 3.63 to 3.74 of the JSE Listings Requirements,
shareholders are advised of the following trade by a director.
Background:
The trade has arisen following the recent drop in the share price, which
resulted in a large margin call not being timeously met. This resulted in the
forced close out in the director`s position in respect of 200 000 single stock
futures contracts ("SSFs"), representing the equivalent of 20 000 000 Pinnacle
shares. The sale price of 13 cents per share (R13.00 per SSF contract) reflects
the effect of the forced close out.
Clearance to deal in SSFs and shares had been obtained in accordance with Rule
3.66 of the JSE Listings Requirements in order to address margin requirements.
Details of trade:
Name of Director: W Robinson
Date of Transaction: 19 December 2008
Class of Securities: SSFs
Nature of Transaction: Sale
Number of SSF Contracts 200 000 SSF contracts
(representing 100 shares per SSF representing 20 000 000 shares
contract):
Price per SSF Contract: R13.00
Effective price per share: R0.13
Total value of transaction: R2 600 000
Nature of interest: Indirect beneficial
Extent of interest disposed of: 0.44%
Johannesburg
22 December 2008
Designated Advisor
Arcay Moela Sponsors
Date: 22/12/2008 17:30:23 Produced by the JSE SENS Department.
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