Last checked at 14 Oct 2010 07:00
14 October 2010
Crimson Tide PLC
("Crimson Tide" or "the Company")
Issue of Equity
Crimson Tide (AIM: TIDE.L), a leading service provider of mobile data solutions for business, is pleased to announce that it has raised £550,000 (before expenses) through a placing ("the Placing") of 55,000,000 new ordinary shares of 1 pence each (the "Ordinary Shares") at a placing price of 1 pence each (the "Placing Shares").
The proceeds of the Placing will be used for expansion and working capital purposes, specifically to finance anticipated subscription contracts.
Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is expected that admission will become effective and trading in the Placing Shares will commence at 8.00 a.m. on Wednesday 20 October 2010.
Sylvia Ager, the wife of Rowley Ager, a non-executive director of the Company, has subscribed for 5,386,250 Placing Shares, taking their combined holding to 13,000,000 Ordinary Shares, representing approximately 3.35% of the enlarged share capital of the Company.
Following admission, the Company will have 387,986,234 Ordinary Shares in issue with no Ordinary Shares in treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 387,986,234, which may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.
Barrie Whipp, Executive Chairman of Crimson Tide, commented:
"In our recent interim results I stated that finding suitable finance remained our greatest challenge and I am delighted that we have managed to find a solution that offers such an excellent opportunity for both existing and new shareholders. The additional resources will enable us to cater for our strong pipeline of new subscribers and accelerate our growth plans."
Enquiries:
| Crimson Tide plc Barrie Whipp, Executive Chairman
| 01892 542 444 |
| Arbuthnot Securities Limited Tom Griffiths / Ed Groome
| 020 7012 2000 |
| WH Ireland Ruari McGirr
| 020 7220 1666 |
| Threadneedle Communications Josh Royston | 020 7653 9850 |
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