Business
First Day of Dealings
First Day of Dealings.
About this update from Crimson Tide Plc
[{"type":"text","content":"\n Crimson Tide PLC\n22 August 2006\n\n\n\nCrimson Tide Plc ('the Company')\n\n22 August 2006\n\n\n Crimson Tide Plc (AIM: TIDE) (formerly A. Cohen & Co. Plc)\n\n\n First Day of Dealings of Enlarged Share Capital on AIM\n\n Acquisition of Crimson Tide Limited\n\n Change of name from A. Cohen & Co. Plc to Crimson Tide Plc\n\n\nA. Cohen & Co. Plc (now renamed Crimson Tide Plc) is pleased to announce its\nfirst day of dealings on AIM today following its acquisition of Crimson Tide\nLimited ('Crimson Tide').\n\n\nA. Cohen & Co. Plc announced on 27 July that it had conditionally agreed to\nacquire the entire issued share capital of Crimson Tide for a consideration of\napproximately £3.01 million to be satisfied by the issue of 200,759,180 Ordinary\nShares (valued at 1.5p per share) conditional, inter alia, on Admission.\n\n\nAs at the close of business on 26 July 2006, (being the last practicable date\nbefore publication of this announcement) the closing mid market price of an\nOrdinary Share was 1.5p, valuing Crimson Tide at approximately £3.01 million and\nA.Cohen at approximately £0.23 million.\n\n\nThe Company has also raised £0.5 million, net of expenses, by way of a Placing\nof 59,975,227 Placing Shares, undertaken in order to provide working capital for\nthe Enlarged Group.\n\n\nDealings in the Enlarged Share Capital consisting of 59,975,227 Placing Shares\nand 200,759,180 Consideration Shares commence on AIM today in addition to the\n15,160,482 Existing Ordinary Shares.\n\n\nCommenting on the successful completion of the Acquisition and Placing, Barrie\nWhipp, the Company's Executive Chairman, said:\n\n\n'I am delighted that the acquisition of Crimson Tide has received overwhelming\nshareholder support. Considering the amount of executive time taken in preparing\nfor the flotation, Crimson Tide has continued to make good progress. With the\nadditional funds in place, we will now be able to expand the business at a\nfaster pace and take advantage of the many opportunities available to us.\n\nHandheld computers and smartphones are increasingly being recognised as\nessential tools for business and there is clearly growing demand for the\nservices we offer. These include remote e-mail, customer relationship management\nsystems and a range of solutions to improve the effectiveness of key people when\nthey are a...