Coolabi plc ('Coolabi' or the 'Company')

Appointment of New Chief Executive

The Company is pleased to announce the appointment of Mr Jeremy Banks as Chief Executive with immediate effect.

Jeremy Banks aged 35, was Group Commercial Director (and before that Group Finance Director) of Chorion plc until January of this year, having been with that company since 2001. Mr Banks has extensive business development experience, having been closely involved with the acquisition by Chorion of the Roger Hargreaves estate (Mr Men), the Raymond Chandler estate and Silver Lining Productions Limited. Chorion was acquired by 3i in May 2006 for approximately �111m, compared to a market capitalisation of �53m after the business was demerged and relisted on AIM in May 2002.

Roger Holmes, who today stands down as a Director of the Company, co-founded Coolabi in 1999 and has been Chief Executive throughout its life. Having successfully steered the Company through a number of transitions, to ensure its survival in turbulent times, and laid the foundations for the present business, Roger feels the time is right for someone new to lead the Company through its next stages.

Mr Banks has agreed to subscribe for �100,000 worth of shares of 1 penny each in the Company at a proposed price of 1 penny each. This placing to Mr Banks is a related party transaction under the AIM Rules. Accordingly, the directors of Coolabi (with the exception of Mr Banks) consider, having consulted with Grant Thornton Corporate Finance, the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

On 8 September 2006, the Company approved the grant to Mr Banks of an aggregate of 4 million share options over new shares of 1 penny each in the Company as part of his remuneration. The options have an exercise price of 3.25 pence and are exercisable until five years from the date of the grant. 2 million of the options are also subject to share price performance criteria.

Shareholder approval will be sought for an increase in share authorities and a notice calling an Extraordinary General Meeting will be despatched to shareholders in due course.

Chairman, William Harris, said, 'I am delighted that Jeremy has joined us. He has a proven track record of delivering growth and enhancing shareholder value and is highly regarded in the industry. Jeremy's drive and experience will enable Coolabi both to grow organically and to find suitable acquisitions.

'I'd like to thank Roger Holmes for the enormous contribution he has made to the Company over the past seven years and for the support he has given me personally. We wish him well.'

Jeremy Banks said 'I am delighted to be joining Coolabi at this important time for the Company and look forward to working closely with William and the Board to achieve our collective ambitions of growing Coolabi into a successful international media business.'

Mr Banks does not have any other current directorships. Below is a list of past directorships in the previous five years for Jeremy Loch Mansell Banks:

Chorion PLC
Chorion (IP) Limited
Chorion Music Limited
Chorion Trading Limited
Chorion Trustee Limited
Agatha Christie Limited
Black Cab Productions Limited
Enid Blyton Limited
EB Distribution Limited
Georges Simenon Limited
Liontrack Limited
Mister Films Limited
Mister Men Limited
Raymond Chandler Limited
Rights Limited
Robert Bolt (1973) Limited
Silver Lining Productions Limited
St Clares Productions Limited
Taxi Productions Limited
THOIP Limited
Chorion (Asia) Limited
Enid Blyton (Asia) PTE Limited

No further information falls to be disclosed as required by Schedule 2(g) of the AIM Rules

For further information contact:

William Harris Coolabi plc 020 7258 7080
Laurence Read Conduit PR 020 7429 6666
Luke Ahern Corporate Synergy Plc 020 7448 4400
Gerry Beaney Grant Thornton UK LLP 0870 991 2790

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

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