First Day of Dealings

22 Aug 2006 07:00

Crimson Tide PLC22 August 2006 Crimson Tide Plc ("the Company") 22 August 2006 Crimson Tide Plc (AIM: TIDE) (formerly A. Cohen & Co. Plc) First Day of Dealings of Enlarged Share Capital on AIM Acquisition of Crimson Tide Limited Change of name from A. Cohen & Co. Plc to Crimson Tide Plc A. Cohen & Co. Plc (now renamed Crimson Tide Plc) is pleased to announce itsfirst day of dealings on AIM today following its acquisition of Crimson TideLimited ("Crimson Tide"). A. Cohen & Co. Plc announced on 27 July that it had conditionally agreed toacquire the entire issued share capital of Crimson Tide for a consideration ofapproximately £3.01 million to be satisfied by the issue of 200,759,180 OrdinaryShares (valued at 1.5p per share) conditional, inter alia, on Admission. As at the close of business on 26 July 2006, (being the last practicable datebefore publication of this announcement) the closing mid market price of anOrdinary Share was 1.5p, valuing Crimson Tide at approximately £3.01 million andA.Cohen at approximately £0.23 million. The Company has also raised £0.5 million, net of expenses, by way of a Placingof 59,975,227 Placing Shares, undertaken in order to provide working capital forthe Enlarged Group. Dealings in the Enlarged Share Capital consisting of 59,975,227 Placing Sharesand 200,759,180 Consideration Shares commence on AIM today in addition to the15,160,482 Existing Ordinary Shares. Commenting on the successful completion of the Acquisition and Placing, BarrieWhipp, the Company's Executive Chairman, said: "I am delighted that the acquisition of Crimson Tide has received overwhelmingshareholder support. Considering the amount of executive time taken in preparingfor the flotation, Crimson Tide has continued to make good progress. With theadditional funds in place, we will now be able to expand the business at afaster pace and take advantage of the many opportunities available to us. Handheld computers and smartphones are increasingly being recognised asessential tools for business and there is clearly growing demand for theservices we offer. These include remote e-mail, customer relationship managementsystems and a range of solutions to improve the effectiveness of key people whenthey are away from their offices and factories. The fact that we offer theseservices on a subscription basis is proving attractive to our customers and willenable us to increase our recurring revenue base, which will give us increasedvisibility of future earnings. The business has established excellent partnerships with Sage, Palm and GoodTechnology. It is the strength of these relationships, our team and our growingcustomer base that gives us confidence in the long term prospects for thebusiness." Full details of the Proposals were set out in the Admission Document toshareholders dated 27 July 2006. For further information please contact: Crimson Tide plcBarrie Whipp (Executive Chairman) Tel: 01892 542 444Graham Ashley (Non Executive Director) Tel: 020 7747 7400Former Executive Chairman of A. Cohen & Co. PLC W H Ireland LimitedTim Cofman-Nicoresti / Katy Birkin Tel: 0121 616 2101 Cubitt ConsultingAllison Reid / Nia Thomas Tel: 020 7367 5100 This information is provided by RNS The company news service from the London Stock Exchange END