Pinnacle Micro CEO, Arnold Fourie, says that, despite the recent minor setback and industry speculations, his company is still on track to fulfilling its plans of selling off of an equity stake.
He was reacting to negative sentiments that were doing the rounds in the industry following the company's withdrawal of a cautionary announcement last week due to the failure by an intended BEE investor to secure sufficient funding for the transaction.
Meanwhile Fourie says that, despite the failure of the initial intention to bring a BEE entity into Pinnacle, the company remains totally committed to the principle of Black Economic Empowerment.
Apparently, the company is currently engaged in preliminary discussions with other BEE entities, and Fourie says details of this could be published within the next two months.
"We are seeking this transaction very vigorously, and are currently considering a different group and our discussions could be concluded in the not too distant future," he says.
He explains that Pinnacle has come out wiser from the failed transaction in that it has first-hand knowledge on how financial institutions handle BEE transactions. "There is keen interest. but some of the principles are not upheld," says Fourie.
He concludes that, over the past five years, a lot of BEE transactions have failed due to the fact that the structures that manage them are not realistic.