Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      The little-known company disrupting Eskom’s monopoly

      16 June 2025

      TechCentral Nexus S0E2: South Africa’s digital battlefield

      16 June 2025

      AI and the future of ICT distribution

      16 June 2025

      Beijing’s chip champions blacklisted by Taiwan

      16 June 2025

      Chief sub-editor wanted – help shape South African tech media

      16 June 2025
    • World

      Yahoo tries to make its mail service relevant again

      13 June 2025

      Qualcomm shows off new chip for AI smart glasses

      11 June 2025

      Trump tariffs to dim 2025 smartphone shipments

      4 June 2025

      Shrimp Jesus and the AI ad invasion

      4 June 2025

      Apple slams EU rules as ‘flawed and costly’ in major legal pushback

      2 June 2025
    • In-depth

      Grok promised bias-free chat. Then came the edits

      2 June 2025

      Digital fortress: We go inside JB5, Teraco’s giant new AI-ready data centre

      30 May 2025

      Sam Altman and Jony Ive’s big bet to out-Apple Apple

      22 May 2025

      South Africa unveils big state digital reform programme

      12 May 2025

      Is this the end of Google Search as we know it?

      12 May 2025
    • TCS

      TechCentral Nexus S0E1: Starlink, BEE and a new leader at Vodacom

      8 June 2025

      TCS+ | The future of mobile money, with MTN’s Kagiso Mothibi

      6 June 2025

      TCS+ | AI is more than hype: Workday execs unpack real human impact

      4 June 2025

      TCS | Sentiv, and the story behind the buyout of Altron Nexus

      3 June 2025

      TCS | Signal restored: Unpacking the Blue Label and Cell C turnaround

      28 May 2025
    • Opinion

      Beyond the box: why IT distribution depends on real partnerships

      2 June 2025

      South Africa’s next crisis? Being offline in an AI-driven world

      2 June 2025

      Digital giants boost South African news media – and get blamed for it

      29 May 2025

      Solar panic? The truth about SSEG, fines and municipal rules

      14 April 2025

      Data protection must be crypto industry’s top priority

      9 April 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » News » Pinnacle acts on share slump

    Pinnacle acts on share slump

    By Duncan McLeod20 August 2014
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    share-down-640

    Technology group Pinnacle Holdings has moved to reassure its investors following a sharp decline in its share price in recent days.

    Since the company published a trading update on 8 August, in which it warned that its headline earnings per share for the year to end-June could have fallen by as much as 22% compared to a year earlier, its share price has come under sustained selling pressure.

    On Wednesday morning, it fell to a new 52-week low of R7,61/share, a significant decline from the more than R20 it was trading at earlier this year.

    The share rallied by more than 18% on Wednesday afternoon after Pinnacle moved to allay concerns among investors about its future.

    “The company has noted that there has been a substantial weakening in its share price since the trading statement published on 8 August 2014. The company herewith wishes to address some perceived concerns and hopefully lay to rest any rumours that may be circulating in the market,” it said in a statement issued via the JSE.

    “During the last quarter of the financial year, Pinnacle’s revenue grew by a robust 7%, although the benefit of this was negated by lower margins and increased expenses,” it said. “In addition, Pinnacle incurred material once-off charges relating to write downs on large holdings of inventory which were becoming end of life. It is important to note that there has not been any significant diminution in public sector business in the last quarter.”

    Pinnacle’s share price has been under sustained pressure since TechCentral broke the news in March that former director Takalani Tshivhase had been arrested for allegedly trying to pay a R5m bribe to secure a tender with the South African Police Service.

    The share price plummeted as a result of the arrest and amid concerns about the way Pinnacle managed the release of information about the developments. These concerns wiped more than R1,5bn off its market value in a matter of days.

    On Wednesday, Pinnacle reiterated that the case related to the alleged bribery has been postponed until 9 September. “There is no further information to report on this matter at this stage and shareholders will be advised once any new information becomes available,” it said.

    “The group remains focused on its day to day business operations. Its customers, all of its suppliers and financiers remain in place and continue to be supportive of the business. The CEO, the executive and nonexecutive directors remain fully committed to the group and are, as usual, fully focused on the business. The group continues to practice the highest standards of corporate governance and transparency. It is therefore business as usual at Pinnacle.”  — © 2014 NewsCentral Media



    Pinnacle Pinnacle Holdings Takalani Tshivhase
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleDA undermining rule of law, court hears
    Next Article SABC: minister, protector agree on way forward

    Related Posts

    TCS+ | Pinnacle’s Jacques Visagie – AI will transform SA business

    20 November 2024

    Pinnacle CEO: how AI can drive positive societal change

    2 July 2024

    ‘AI Unleashed’: Pinnacle adds value to partners and clients

    11 June 2024
    Company News

    Huawei Watch Fit 4 Series: smarter sensors, sharper design, stronger performance

    13 June 2025

    Change Logic and BankservAfrica set new benchmark with PayShap roll-out

    13 June 2025

    SAPHILA 2025 – transcending with purpose, connection and AI-powered vision

    13 June 2025
    Opinion

    Beyond the box: why IT distribution depends on real partnerships

    2 June 2025

    South Africa’s next crisis? Being offline in an AI-driven world

    2 June 2025

    Digital giants boost South African news media – and get blamed for it

    29 May 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.