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Pinnacle Staffing Group PLC

("Pinnacle" or the "Company")

Statement re: Strategic Review 

The Board of Pinnacle notes the recent movement in the Company's share price and wishes to inform the market that it is currently undertaking a strategic review of its operations to establish how best to deliver shareholder value. This may include the solicitation of offers for the Company. 

There can be no guarantee that any offer for the Company or other transaction will be completed following conclusion of the strategic review.

Further announcements will be made in due course.

For further information, please contact: 

Pinnacle Staffing Group plc
Tom Charlton, Executive Chairman
Tel: 01582 395900
Brewin Dolphin Limited (Nomad)
Matt Davis / Neil McDonald
Tel: 0845 213 1000

In accordance with Rule 2.10 of the Takeover Code, the Company confirms that it has 92,633,070 shares of 10p each in issue and admitted to trading on AIM under the ISIN code GB00B1899T70.

Brewin Dolphin Limited ("BD"), which is authorised in the United Kingdom by The Financial Services Authority, is acting for Pinnacle and is not advising any other person, and accordingly will not be responsible to anyone other than Pinnacle for providing the protections afforded to customers of BD or for providing advice in relation to any potential offer.

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Pinnacle, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Pinnacle, they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Pinnacle by a potential offeror, Pinnacle, or by any of their respective " associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. 

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. 

 

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.

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