Crimson Tide PLC
22 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 its
first day of dealings on AIM today following its acquisition of Crimson Tide
Limited ('Crimson Tide').
A. Cohen & Co. Plc announced on 27 July that it had conditionally agreed to
acquire the entire issued share capital of Crimson Tide for a consideration of
approximately £3.01 million to be satisfied by the issue of 200,759,180 Ordinary
Shares (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 date
before publication of this announcement) the closing mid market price of an
Ordinary Share was 1.5p, valuing Crimson Tide at approximately £3.01 million and
A.Cohen at approximately £0.23 million.
The Company has also raised £0.5 million, net of expenses, by way of a Placing
of 59,975,227 Placing Shares, undertaken in order to provide working capital for
the Enlarged Group.
Dealings in the Enlarged Share Capital consisting of 59,975,227 Placing Shares
and 200,759,180 Consideration Shares commence on AIM today in addition to the
15,160,482 Existing Ordinary Shares.
Commenting on the successful completion of the Acquisition and Placing, Barrie
Whipp, the Company's Executive Chairman, said:
'I am delighted that the acquisition of Crimson Tide has received overwhelming
shareholder support. Considering the amount of executive time taken in preparing
for the flotation, Crimson Tide has continued to make good progress. With the
additional funds in place, we will now be able to expand the business at a
faster pace and take advantage of the many opportunities available to us.
Handheld computers and smartphones are increasingly being recognised as
essential tools for business and there is clearly growing demand for the
services we offer. These include remote e-mail, customer relationship management
systems and a range of solutions to improve the effectiveness of key people when
they are away from their offices and factories. The fact that we offer these
services on a subscription basis is proving attractive to our customers and will
enable us to increase our recurring revenue base, which will give us increased
visibility of future earnings.
The business has established excellent partnerships with Sage, Palm and Good
Technology. It is the strength of these relationships, our team and our growing
customer base that gives us confidence in the long term prospects for the
business.'
Full details of the Proposals were set out in the Admission Document to
shareholders dated 27 July 2006.
For further information please contact:
Crimson Tide plc
Barrie Whipp (Executive Chairman) Tel: 01892 542 444
Graham Ashley (Non Executive Director) Tel: 020 7747 7400
Former Executive Chairman of A. Cohen & Co. PLC
W H Ireland Limited
Tim Cofman-Nicoresti / Katy Birkin Tel: 0121 616 2101
Cubitt Consulting
Allison Reid / Nia Thomas Tel: 020 7367 5100
This information is provided by RNS
The company news service from the London Stock Exchange
MSCDGGZRNMVGVZM