Business
Acquisition of Crimson Tide
Acquisition of Crimson Tide.
About this update from Crimson Tide Plc
[{"type":"text","content":"\n Cohen(A.) & Co PLC\n27 July 2006\n\n\nFOR RELEASE 7.00 AM 27 July 2006\n\n\n A.COHEN & CO PLC\n\n ('A.Cohen' or 'the Company')\n\n\n Proposed Acquisition of Crimson Tide Limited\n\n Approval of the waiver to be granted by the Panel on Takeovers and Mergers\n\n Proposed change of name to Crimson Tide plc\n\n Increase of share capital\n\n Placing of 59,975,227 Ordinary Shares of 1p each at 1.5p per share\n\n Proposed issue of Warrants\n\n\n Admission to trading on AIM\n\n by\n\n W.H. Ireland Limited\n\n Nominated Adviser and Broker\n\n\n• Acquisition of Crimson Tide, which offers remote e-mail, CRM and\n mobile field sales and service solutions on a subscription basis \n using handheld computers and smartphones, for approximately £3.01 million\n\n• Placing of 59,975,227 ordinary shares at 1.5p with attached warrants\n raising approximately £0.5 million (net of expenses)\n\n• The market for mobile e-mail access is rapidly expanding.\n\n - Palm forecast a 10-fold increase in Worldwide, mobile e-mail users by \n 2008\n\n - Microsoft believe mobility is set to grow by over 30 per cent. per annum \n to 2007\n\n• Key commercial relationships with Sage, Palm and Good Technology\n\n• In the eighteen months to 31 January 2006, Crimson Tide has:\n\n - Gained over 50 customers for its mobile solutions business\n\n - Provided its services to over 500 mobile data users.\n\n• Rowley Ager, previously with Tesco PLC, joins the Board as\n Non-Executive Director\n\n• Sales since 31 January, 2006 ahead of equivalent period last year\n\n\nGraham Ashley, Executive Chairman of A.Cohen, commented:\n\n'After looking at a number of potential takeover targets, the board believes\nthat Crimson Tide is an excellent acquisition for the shareholders of A.Cohen.\n\nCrimson Tide has a highly experienced management team and is operating in\nmarkets where the demand for mobile data solutions is forecast to grow rapidly\nover the next few years.\n\nWith annualised sales now running at just under £1 million per annum, we believe\nCrimson Tide has an exciting future with good long term growth potential.'\n\n\n\n\n\nCrimson Tide Limited\n\nBarrie Whipp (Executive Chairman) Tel: 01892 542 444\n\n Mobile: 07778 367 999\n\n\nA.Cohen\n\nGraham Ashley (Executive Chairman) Tel: 020 7747 7400\n\n\n\nW H Ireland Limited\n\nTim Cofman-Nicoresti (Dir...