Suspension of Shares (1582I)

TIDMPCL

RNS Number : 1582I

Pinnacle Staffing Group PLC

09 June 2011

Pinnacle Staffing Group plc ('the Company')

9 June 2011

SUSPENSION OF SHARES

Pinnacle Staffing Group plc announces that, at the request of the Company, trading of its shares on AIM has been suspended with immediate effect pending clarification of its financial position.

Since the previous announcement on 8 April 2011 the Company had succeeded in reducing the Company's overheads. It had also made significant progress in reaching in principle agreement with certain major creditors of the PLC to either convert outstanding liabilities into equity, or to agree to pay debts over a longer time period.

However discussions which the Company had been having with a third party investor to effect a reverse takeover of the business and which would have allowed the introduction of capital to the business have ended. Notwithstanding that the doctors recruitment subsidiaries, Holt Doctors Ltd and Medic International Ltd (owned 75% by the Company's principal subsidiary, PHC Luton Ltd) continue to trade acceptably, they still require further capital. The Board announces that it intends to appoint an administrator to PHC Luton Ltd.

Further announcements will be made as appropriate.

For further information please contact::

 
Pinnacle Staffing Group 
 plc: 
Peter Gregory, Chief Executive  Tel: 0845 508 6074 
 
Brewin Dolphin Limited 
 (Nomad) 
Neil Baldwin                    Tel: 0845 213 4726

This information is provided by RNS

The company news service from the London Stock Exchange

END

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