PINNACLE Technology Group has revealed that MXC Capital, the investment and corporate advisory group, has acquired a 3.66% stake in the Scottish communications specialist.
The company told the Alternative Investment Market (AIM) that MXC had acquired 1,197,778 shares in Pinnacle. Based on the 19.25p closing price of Pinnacle's shares following yesterday's session, the MXC stake would be valued at £230,572.
Pinnacle, which listed on AIM in 2006, has an issued share capital of 32,725, 855 ordinary shares. It has a market capitalisation of £5.91 million.
The move by MXC comes after the Pinnacle board rejected a £6.7m takeover attempt by London-based Coms in September.
The board dismissed the Coms bid as opportunistic and said the indicative 21p per share offer significantly undervalued its growth prospects.
Coms said at the time it had no intention of launching a higher bid for the company.
London-based MXC, founded by managing partners Ian Smith and Toney Weaver in 2009, invests in a range of technology companies, providing capital for refinancing and start-ups.
It could not be reached to comment on its proposed Pinnacle investment yesterday.
Pinnacle, which is a fully licensed public telephone operator, is led by chief executive Alan Bonner. It has used acquisitions to build a group of IT support and communications businesses.
Pinnacle provided telephony services for the Royal Wedding in 2011.
Its shares closed up 0.75p at 19.25p.
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