Pinnacle Holdings: Fourie family trusts snap up shares

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Various trusts in the Fourie family name had snapped up shares worth millions of rands in Pinnacle Holdings by Friday, taking advantage of the price, which had slumped more than 40 percent during the week. Investors dumped the stock on news that executive director Takalani Tshivhase had been charged for allegedly trying to bribe a police official with R5 million in January last year, according to a Pinnacle statement on Tuesday. He has denied the allegations. On Friday, the technology hardware and software provider stated that the Louis Fourie Trust had bought shares worth R1.9m in 12 trades totalling 160 000 shares, the Elandre Fourie Trust had bought 300 000 shares for R3.6m and the family trust in chief executive Arnold Fourie’s name had acquired 1 million shares worth R13.2m by Thursday. Pinnacle traded up 2.8 percent to close at R13.96 on Friday. – Asha Speckman

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