Pinnacle Staffing Group Plc (PCL:LSE), the troubled healthcare recruitment firm which suspended trading of its shares on AIM earlier this month, has announced that it has been advised by Beever & Struthers, the administrator to the company's subsidiary, PHC Luton Limited, that PHC Luton's 75% shareholdings in Medic International Limited and Holt Doctors Limited have been sold on to Peter Gregory and Tracy Ward for a cash sum of 17,000 Pounds on 9 June 2011.
 
Following the resignation of the company's nominated adviser on 9 June 2011, unless a replacement nominated adviser is engaged, the admission of the company's shares to AIM will be cancelled with effect from 7.00am on 11 July 2011.

The board is exploring opportunities to re-admit the company to AIM as a shell company, following an agreement of a major creditor to a debt for equity swap, which would give them 30,880,777 shares for cancellation of current and future due sums, subject to increasing share capital and shareholder approval. Discussions are taking place with other creditors.

As of last trade, Pinnacle's shares traded at 0.875 Pence, +16.67% above the 52 week low of 0.75 Pence set on 13 May 2011.