A combined offer of 6,747,134 shares, marking a 25.95 per cent stake in Crimsonwing plc, was fully subscribed within an hour of opening to the public on Tuesday morning. The shares, each of a nominal value of e0.10, have been sold at e0.50.

The combined offering consisted of an offer by the major shareholder David Walsh of 2,600,000 shares and the exercise of the employee share options of 2,147,134 shares coupled with an issue of 2,000,000 new shares.

According to Pierre Zammit, Operations Director of Crimsonwing (Malta) Limited and responsible for the overall Project Management of the Initial Public Offering: “Given the interest that Crimsonwing experienced during the last few weeks, the extraordinary demand for shares did not really come as that much of a surprise. Crimsonwing staff members alone took up almost two million shares during their preferred pre-allocation stage, that’s close to 30% of the entire offering! Given that we are a company whose key assets are its skilled Human Resources, such a great expression of loyalty by staff could not have come at a better time. The whole process had been running for over 18 months and throughout this time we took the advice that was being given to us very seriously”.

Following the combined offering, CEO David Walsh will hold just over 50 per cent of the total share capital of the company while Chairman Philip Crawford will own 24 per cent of Crimsonwing plc.

Delighted at the enthusiastic take-up, CEO David Walsh and Chairman Philip Crawford would like to thank the investing public for their confidence in Crimsonwing. The allocation policy will be announced on 18 December 2007.

The successful IPO would not have been possible without the help and enthusiasm shown by the Crimsonwing IPO team and the professionalism and great experience of its advisors. HSBC acted as Manager, Registrar and Joint Sponsoring Stockbroker along with Charts Investment Management Service Ltd, financial advisors KPMG and legal advisors Camilleri Preziosi.

It is anticipated that this public offer will further facilitate the Group’s acquisitions strategy thereby accelerating its growth by identifying companies operating within the Microsoft technology market. Through the effective use of its business model and the various strategic investments and acquisitions, the group has already consolidated its position within the UK and the Netherlands and has opened up new business opportunities in the DACH market (Germany, Austria and Switzerland).

Although Crimsonwing has been firmly established in Malta for almost 10 years now, listing the parent company on the Malta Stock Exchange further proves the company’s commitment towards Malta. This new share offering has given investors an opportunity to gain exposure with one of the leading IT services companies based in Malta. Given the strong emphasis being placed on ICT by government to make Malta a centre of excellence in ICT by 2015, the offer has been incredibly well received.

For further information please visit www.crimsonwing.com