Last checked at 2 Sep 2009 07:00
Crimson Tide Plc (the "Company")
(A leading service provider of mobility solutions for business)
Exercise of Warrants and Directors' Dealings
2 September 2009
Crimson Tide plc is pleased to announce that warrant holders, by electing to exercise 13,995,592 warrants before the expiry date of 22nd August 2009, have subscribed for 13,995,592 new ordinary shares of 1p each ("Ordinary Shares") at 1.5p per share raising £200,000 after expenses. These funds will be used to continue the development of the business and for general working capital purposes.
Application has been made for the new Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 7 September 2009. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue.
Following admission, the Company will have 332,986,234 Ordinary Shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company.
The following non-executive directors of the Company, or parties connected to them, have exercised warrants and subscribed for new Ordinary Shares as set out below:
| Director | Number of new Ordinary Shares issued following exercise of warrants | Consideration | Number of Ordinary Shares held following the issue | % of issued share capital held following the issue |
| Graham Ashley | 1,324,718 | £19,870.77 | 18,324,718 | 5.50 |
| Rowley Ager | 1,113,750 | £16,706.25 | 7,613,750 | 2.29 |
Barrie Whipp, Chairman of Crimson Tide plc, commented:
"The continuing support of our shareholders is greatly appreciated. The proceeds from the shares issued pursuant to warrants are welcome and will be prudently managed as we develop our exciting range of mobile data solutions"
Enquiries:
| Crimson Tide Plc Barrie Whipp, Executive Chairman | 01892 542 444 |
| W.H. Ireland Limited Tim Cofman/Katy Birkin | 0121 265 6330 |