The Faraj List of Exploding Stocks Part 3.04 (FAR3)

LONDON (AFX) - Warthog PLC, an AIM-listed cash shell which sold all its
operating businesses to Tiger Telematics Inc (TGTL) on Nov 3, said it currently
owns 497,866 shares in TGTL but declined say how much the shares are worth
because they are currently being held in escrow.
The company, formerly the Interactive Entertainment Software Group, said as
of today's date the mid price of the TGTL stock was approximately 24 usd a
share, which places a value on its stock of 6.29 mln stg assuming an exchange
rate of 1.9 usd to the sterling.
"The value of Warthog PLC is therefore directly linked to that of TGTL but
as we are not able to trade TGTL stock it is not possible to predict what its
value will be when we are in a position to deal in that stock," the company
said, adding it is encouraged by the stock's performance to date.
Warthog posted a largely flat pretax loss for the 6 months to September of
2.62 mln stg but chairman Ian Templeton said the results are of historical value
only and declined to comment on them except to say they underline the
difficulties Warthog was facing at the time.
Templeton added: "We are in the process of finalising the PLC's affairs
following which we estimate that the PLC will have in excess of 150,000 stg of
cash plus the TGTL stock but with no actual or contingent liabilities."
Warthog's shares in TGTL can only be traded on or after the first
anniversary of the TGTL transaction. During this period TGTL is effectively
allowed to offset any claim it may have arising from various items in the
completion accounts of Warthog's businesses.
Warthog said it is too early to say at this stage whether or not TGTL will
have any claims.
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