ATUK to be taken over by Pinnacle

ATUK to be taken over by Pinnacle

June 15, 2017

Pinnacle Telecom announced recently that it was planning to acquire ATUK at £0.661 million in shares, which caused a large rise in share valuesto about £ 0.7 million.

In order to purchase the company, Pinnacle Telecom plans to issue about 508.8 million shares priced at .13p per share from ATUK.

The acquisition of ATUK will include the four companies that it holds stakes in as a telecommunications company.

This means that the acquisition will include a network solutions business, two independent resellers, and a VoIP broadband services business.

ATUK offers telecoms services such as fixed line and mobile to businesses via a dealer network. It also owns shares Stripe 21 Ltd and CityXLtd.

As part of the acquisition deal, the founder of ATUK, Darron Giddens, and major shareholder, Paul Goodland, will continue to be employed in the business and advise on business decisions regarding ATUK matters.

Pinnacle Telecom stated that it believes ATUK services complement those offered by Pinnacle quite well and that when used together they will streamline the profitability of both businesses to create recurring income streams of a high level.

The company also said the acquisition will help Pinnacle Telecom group to expand and help broaden the geographic coverage that it is able to provide to its customers, pushing the business to a greater scale of recognition.

ATUK reported that it had an operating profit of £17,484 over the last twelve months leading up to March 21, 2017 with a turnover of £3.52, and £.33 million of net assets.

Tim Yeo

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