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Is PNC still a good buy long term if the rand stays the same or weakens a little to the dollar?

Surely it does not deserve a 25% drop? do they only have goverment contracts & director resigns? or am I missing something. Anycase bought 100% for comp. let's see what happens.

Talk to me please .....   

Pinnacle Holdings Limited
(Previously Pinnacle Technology Holdings Limited)
Registration number 1986/000334/06
Share Code: PNC
ISIN: ZAE000184149
(“Pinnacle” or “the Company”)


ANNOUNCEMENT

The Company hereby informs its shareholders that Mr Takalani Tshivhase, an executive director of
Pinnacle, has been charged with alleged attempted bribery of a Lieutenant General of the South
African Police Service, with R5 million. This alleged incident occurred some 14 months ago, around
16 January 2013.

Mr Tshivhase denies all allegations of attempted bribery, and will defend the charges.

From the evidence thus far available to the Company, the Company is satisfied that there is no
reason to doubt the veracity of Mr Tshivhase’s denial of the allegations.

 The Company will review the matter as further information becomes available and will inform
shareholders accordingly.

Midrand
25 March 2014

If you already own the share I think you have to ride this wave.  Banking a 25% loss makes no sense seeing that the expectation is that the market over reacted and that the price will recover. If and when it will recover the total fall of yesterday nobody knows. Might even consider adding to holdings at lower price to reduce average cost of investment.  I don't own any and plan to stay away.  Surely any purchase now must be speculation and not investing??

South African tech firm Pinnacle extends rout on bribery charge
Electronic board displaying movements in major indices is seen at Johannesburg stock exchange in SandtonJOHANNESBURG (Reuters) - Shares of mid-cap South African technology firm Pinnacle Holdings extended their slide into a second day on Wednesday, tumbling 21 percent after a company director was arrested this month for allegedly trying to bribe a senior police official.

The hardware and software distributor lost a quarter of its market value on Tuesday, when police said they had charged Executive Director Takalani Tshivhase with allegedly offering a 5 million rand ($464,400) bribe to a police lieutenant general to secure a contract. [ID:nL5N0MM25N]

Tshivhase has denied the charges.

The Johannesburg Stock Exchange also told Reuters it was investigating whether Pinnacle violated rules on timely disclosure by waiting 20 days to announce Tshivhase's arrest.

The 59-year-old was arrested on March 5 and released on bail the same day. On March 19, days before the company announced the charges, Tshivhase sold 4 million rand of Pinnacle shares, according to a regulatory filing.

The JSE has declined to comment on whether it was investigating the share sale.

Chief executive Arnold Fourie told Reuters the charges against Tshivhase were a "huge misunderstanding." Fourie also said he did not believe the company had breached rules on timely disclosure.

Fourie said he knew of Tshivhase's plans to sell shares "way before" his arrest and did not believe it constituted insider trading.

Shares of Pinnacle were down 21 percent at 11.85 rand at 0856 GMT, bringing their losses over the last two days to 40 percent and valuing the company at just over 2 billion rand. ($1 = 10.7657 South African Rand)

This looks like a con to me, opinions???
(Reporting by David Dolan; Editing by Ed Cropley)

Dir. dealings ..

and, hey, even more undervalued now. (see pdf)

I initially thought panic selling, oversold, climb in and buy.

But know I.m getting to think, the directors sold out and anyone not thinking that is insider trading must be voting eff. They delayed the knowledge to the market to give themself  time to sell.

Knowing there would be an investigation??? Bailing out and running for the hills?.

This could be our shares buyers Oscar P case

I even bought some today when I noticed a turn and got greedy, at least I got greedy later than Jadeb

I agree with you Orca. If the financials are good, why abandon the shares, but we live in a country where corruption is everywhere and people are fed-up. I would caution this situation. The company that I work for would distance itself from a company where the directors are involved in criminal activity. If PNC's partners (suppliers or resellers) jump ship, it could destroy the company.