Forestdale Option Update

RNS Number:3794E
Cobra Capital Limited
22 October 2004



For immediate release                                            22 October 2004



                    Cobra Capital Limited ("Cobra Capital")


                            Forestdale Option Update



At the time of Cobra Capital's admission to AiM details of an option agreement
dated 27 February 2004 between the Company and Forestdale Trading Limited
("Forestdale") were provided. This option agreement entitles both parties to
exercise an option which requires or allows Forestdale to procure subscriptions
by institutional or third party investors of #3.3 million for new ordinary
shares during the one month period following six months after admission to AiM,
failing which itself to subscribe for such shares.


The directors of Cobra Capital are keen to broaden the shareholder base of Cobra
Capital in order to promote liquidity in the shares and provide a more stable
shareholder base. To that end the directors have been facilitating the raising
of funds from institutional and third party investors to satisfy the option in
whole or in part rather than to require Forestdale itself to subscribe for all
the shares. This fund raising exercise is still on-going and, therefore, the
directors believe that it is in the best interests of the Company and its
shareholders to extend the option exercise period in order to provide some
additional time for the fund raising process to be completed. Agreement has
therefore been reached with Forestdale that the option period will now continue
until the 31 December 2004. All other terms and conditions of the option remain
unchanged.



Ends





For further information, please contact:
Peter Griffin
Director
Cobra Capital Limited                 Tel: + 44 (0) 1481 714 161

Jonathan Freeman
Non-Executive Director
Cobra Capital Limited                 Tel: +44 (0) 1600 750432

Jacqui Graves
Binns & Co PR Limited                 Tel: + 44 (0) 20 7786 9600


Editor's Notes

Cobra Capital invests primarily in smaller capitalised companies, which are, or
which are expected shortly to be, quoted on recognised investment exchanges in
Europe.

Investments made by Cobra Capital may be passive or active in nature, with
active investments being where the Directors will seek to influence the board
and management of an investee company in order to maximise the value of its
investment returns.

Cobra Capital will typically seek to make investments and realise gains on a
regular basis by only investing when an exit appears likely to be achievable
over a period of months rather than years; however, it will not engage in day
trading.






                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
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