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Pinnacle Telecom

  • BY: Andrew Hore |
  • POSTED: 13/01/2010 |

Telecoms services provider Pinnacle Telecom is buying Solwise Telephony for up to 500,000 in shares.

The initial consideration is worth 181,000 at 0.57p a share and a further 24,000 will be paid in connection with loans from vendors. The deferred consideration is based on earnings before interest in the year to September 2010 and in the year to September 2011. In the first year 15,000 will be payable for every 10,000 profit above 40,000 and in the second year it is 15,000 for every 10,000 above 60,000. The issue price of the shares will be based on the mid-price at the end of September in each of the years. The maximum payable is 295,000.

Leicestershire-based Solwise brings with it 600 active business customers and a data centre in Brighton. A subsidiary has developed its own voice over IP platform. Pinnacle VoIP customers will move to this platform. Solwise made an operating profit of 18,000 on revenues of 1.03m in the 17 months to September 2009.

At 0.51p a share, down 0.005p on the day, Pinnacle is valued at 8.6m. 

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