http://www.warthog.co.uk
Daily Execution Price and Volume

Major Shareholders
( 4 Nov 04) 367.48m 1p Ords - Evo Noms Ltd 9.12%, Broughton Ltd 8.16%, Chase Nominees Ltd 4.76%, Barclayshare Noms Ltd 4.71%, Goldman Sachs Secs (Noms) 4.18%, HSBC Global Cust Noms (UK) 3.81%, Gartmore Inv Ltd 3.09%, A J Hall 2.05%, Other Dirs 1.34%.
http://www.hemscott.com/internet/custom/whog/
Trades over 90,000 shares are delayed in reporting by 1 hour.

03 November 2004
WARTHOG PLC
DISPOSAL OF SUBSIDIARIES

The board of Warthog plc (the 'Company') announces that it has today completed
the sale of all of the Company's subsidiaries to Tiger Telematics, Inc ('TGTL')
together with the transfer to TGTL of certain intra-group indebtedness due to
the Company. The total consideration including assumed indebtedness is $8.11
million of which $1,113,000 will be paid in cash and $7 million satisfied by way
of an allotment of 497,866 shares of common stock in TGTL at $14.06 per share,
being the average mid market closing price of a TGTL common share over the 14
days preceding completion. These shares are restricted stock and as such can
only be traded on or after the first anniversary of completion (the
'Anniversary') in accordance with U.S. securities laws. Up to the Anniversary,
these shares will be held in escrow against any claim arising under certain
warranties, tax indemnities and completion account net asset value adjustments
set out in the sale and purchase agreement. 150,000 of the cash consideration
will also be held in escrow until the Anniversary, pending specific warranties.
The Company has waived the balance of all other amounts due to it by its former
subsidiaries.

Upon completion of the transaction, the executive directors Ashley Hall, Steven
Law and Simon Elms together with one other remaining employee of the Company
will transfer employment to TGTL leaving Ian Templeton FCA and David Robinson as
non-executive Directors of the Company. The Company has also undertaken to
change its name and will be calling an EGM to effect such a change in due course
and will at that time update shareholders further.

The board of Warthog plc has sought to complete this transaction as rapidly as
possible (and therefore did not elect to seek shareholder approval) because the
group has continued to face difficult trading conditions within the games
development industry, as reported in the Company's Final Results on 28 September
2004, which has put the group under ongoing financial pressure. In addition,
TGTL required the transaction to be consummated as expeditiously as possible, in
conjunction with the commencement of shipping of its Gizmondo product into the
UK. The transaction leaves the Company having discharged substantially all of
its liabilities and with a valuable shareholding in TGTL which will be capable
of realisation in a year's time. The realisable value of this shareholding
depends entirely upon the commercial success of TGTL and the performance of the
TGTL shares on the financial market.

The board considers, in conjunction with its advisers, that this transaction
represents the best available outcome for the Company and its shareholders.

Tiger Telematics, Inc is listed on the 'NASDAQ Other OTC Market' under symbol
'TGTL'. TGTL's publicly stated intention is to apply for a listing on the
'NASDAQ National Market' in December 2004. TGTL is a designer, developer and
marketer of mobile telematics systems and services that combine global GPS
functions and voice recognition technology to locate and track vehicles and
people down to street level in countries throughout the world. The systems are
designed to operate on GPS and are currently being marketed to GSM current and
potential subscribers, primarily by the company's United Kingdom based
subsidiary, Gizmondo Europe Limited ('GEL'). GEL is a wholly owned subsidiary of
TGTL and is the maker of the Gizmondo, a next-generation mobile entertainment
device which includes games, built-in music, video, messaging and picture
functions and GPS. On 29 October, TGTL began shipping its first generation
product as part of a strategic retail roll out in the UK.

The transaction gives GEL access to existing games content and porting
technology to enable the transfer of titles developed for use on other platforms
on to the Gizmondo handheld device. Warthog plc shareholders will therefore
benefit from continued investment in TGTL as it seeks to exploit the games
content and technical capabilities that the Company has developed over the past
few years.

As previously announced on 12 October 2004, GEL is interested in 8.62 per cent.
of the Company's current total issued ordinary share capital.

About the Gizmondo device
The Gizmondo is powered by a Microsoft Windows CE.net platform, boasts a
2.8-inch TFT colour screen with a Samsung ARM9 400Mhz processor and incorporates
the GoForce 3D 4500 Nvidia graphics accelerator. It provides cutting-edge
gaming, multimedia messaging, an MP3 music player, MPEG4 movie playing
capability, a digital camera and a GPRS network link to allow wide-area network
gaming. Additionally, it contains a GPS chip for location based services, is
equipped with Bluetooth for use in multi-player gaming and accepts MMC card
accessories.

The Gizmondo device and its games are due for launch in the UK in the fourth
quarter 2004 and in North American markets from the first quarter 2005.

Further information on TGTL, GEL and the Gizmondo device can be found at:
www.tigertelematics.com
www.gizmondo.com
Enquiries:
Ian Templeton
Chairman - Warthog plc
Tel: 0870 122 5420

6 November 2004.
Daily Mail Newspaper : Page 80.

DEALERS believe that Warthog, 0.11p dearer, could be a good recovery punt. More than 52m shares in the computer games developer changed hands on hopes that the worst is over. Tiger Telematics, a leading European games console maker grabbed it by the tusks in October when it bought its subsidaries, intellectual properties and assests. In return Warhog acquired a stake in TT which is now worth at least 3p per share.

A quick calculation:

WHOG holds 497,866 shares in Tiger Telematics

Last nights closing price for Tiger Telematics = $21.25

Value to WHOG of Tiger Telematic shares is therefore $10,579,652

At current exchange rate of /$ = 1.942, value to WHOG = 5,447,812

Weighted average number of shares in issue in WHOG = 73,135,755

This is equivalent to 7.45p per WHOG share!!!!!!


Need I say more.

anyone see the gizmondo commercial on channel 4 last nite... I had the sound off
and missed it ? I thought they were not available till 05 ?

sorry it was channel 5 during the footy

retrospeed - Gizmondo was launched in UK and Europe this October. Not going to be launched in US market until first quarter 2005.

Starfrog.
Plus the company has cash.

iturama - and a large tax credit that they can carry over.

After Pet, Pre and PCI the good old pig looks very safe.

Starfrog - could you explain how you arrived at 73,135,755 shares in issue. On Digitallook it states 328,260,000 shares in issue giving a Market Capitislation of 3.77 million. This works out at 1.66p per share.

I am not saying whose sums are correct but Shares Mag last week said that the value of Tiger shares owned by Warthog was worth 6 million or 3 times Warthogs stock market valuation. I have to say this makes Starfrogs assessment somewhere in the right ballpar ie 6P a share. IMHO

What sort of time scale do people think we are looking at for a big take-off in the share price?

It would be intersting to know how things are going in the UK and Europe as it is not launcched in the US until the new year. I think the answer to your question lies in the initial feedback on sales. We should know soon ,as i guess a picture will develop over the next two months.As the article in Shres Mag says if this takes off in the States it could be a retiremnet fund( prefer not to mention outcome if eceryone thinks product is pants, had enough with PET lately so need this)

Agree with you Willfagg. There is enough of a discount in the present price to make a loss very unlikely over the next (max) 10 months. I bought another 350,000 yesterday at a bargain price. Only bright spot on an otherwise pretty awful day.

couldnt agree more . Blood all over the walls........bad news was most of it was mine!!

lol

I have read a number of the reviews on the Gizmondo, most from the US, and the ratings are very encouraging, at least 2:1 in favor on all the sites I looked at.
Although it is a multifunctional device, some think that its ultimate success will lie with the quality of its games. Suppose that's where the old Warthog crew will earn its corn.

I was looking to increase my stake and i just wondered about the timing, is now a good time to buy more or will there be some short-term weakness in the share price- thoughts?

That is always a possibility. Yesterday was an example when a buy at 1.0p was probably the best to expect.
It is always difficult to get in at rock bottom because the opportunity is often fleeting. It doesn't take a lot of sells to drop the price for a while. The momentum at the time seems more important.
If you can spend a lot of time in front of a pc, you have a fair chance of getting a better price than now. However, since the price is a combination of the share price, tax and dealing costs, the potential benefit may be very marginal unless you are dealing with large quantities.

cheers

Iturama/chad
I think my point was that it would only take a comment like"initial sales of Gizmondo are going well" and we will not see a cheap price again. IMO and the product is released and i think its January for its USA launch

Hi there folks,

I started looking at this after the Shares write up.

Ive looked a bit into Tiger and the Gizmondo and also Wharthog. The thing that stops me investing is this:

The reviews of the Giz is that it is perhaps jack of all trades and master of none, ie. it has a phone but not a good one, it has a camera, but not a good one, etc.
In terms of price it appears a winner. I see that you can pre-order/buy them on the web-site at 229 which is a lot cheaper than an IPAQ, (which also has a 400 MHz processor). Does the Giz have PDA qualities? Presumably so, but does it tie in with MS Outlook / office, etc.
If the stake that Whog holds in Tiger is worth 2-3x the entire co. even excluding the shell of tax losses that will be left afterwards, why is the market discounting the whog stake by so much if there is only a so say 10 month wait to unlock it? The market can be irrational but it cant be stupid can it ?
Does the company have to sell after 10 months and does it then have to return it to shareholders or can they invest it in something else?
If Microsoft take over Tiger, as was the rumour last week, does that mean that the Whog stake is cashed sooner ?

I guess what Im trying to overcome is the adage that if something looks too good to be true, it usually is.

Any thoughts / help please gratefully received

Paul