Skip to main navigation or content
You are here:
It looks as though the name change at Tadpole Technology last month has done nothing to change the fortunes of the company, after it announced that the fundraising attached to the name change appears to have failed, causing the shares to be suspended.
Advertising
It is highly possible, in the current anaemic credit situation, that this is the final nail in the coffin for Tadpole, or Endeavors as it is now known.
An initial attempt at a placing and open offer in the first quarter failed to get off the ground so the company rejigged its fundraising plans and started canvassing investors over interest in a fundraising based on a mixture of convertible loan notes and shares. A lead institutional investor was found, but its backing was reliant on other institutions joining in, and this has proved impossible.
Part of the plan for Endeavors included a move from the official list to Aim, but to do so Aim requires a company to display a year's worth of working capital on its books, something Endeavors was unable to do without the fundraising in place. Hence the suspension yesterday, an event described by chairman David Lee as 'deeply disappointing'. There is likely to be little comfort for long suffering investors from Mr Lee's assertion that the company is 'exploring all available options', as what that normally means is that the company could continue as a going concern but shareholders are unlikely to see much value from their paper in the short term at least.
Endeavors could recover but the chances are slim in such tough equity markets. The biggest losers are those private investors who have stuck by the company through think and thin for many years seeing the value of their investments being gradually whittled down to nothing. Management remains confident its application streaming technology still has some value, but realising that value as a quoted company appears unlikely.
Read more SmallWorld columns, devoted to smaller companies and their managers, on the SmallWorld page
Read more articles and share tips for Aim companies on the Aim companies page.
Send us your views using the form on the Your Opinion page.
The UK’s No.1 Stockbroker
Access a selection of share tips, comprehensive company analysis and full financial data on listed companies. Plus portfolio tools with advanced alerts when you register for free here.
Advertorial Feature
Have you ever watched a move in the markets that you saw coming, but you weren't able to exploit?
by Dominic Picarda
Advertorial Feature
With so many big moves in the world's financial markets, there have seldom been more opportunities around for spread traders. Isn't it time you joined them?
by Dominic Picarda
© The Financial Times Limited 2008. All rights reserved. "Investors Chronicle", "FT" and "Financial Times" are trademarks of The Financial Times Limited. No part of these web pages may be reproduced or transmitted to or stored in any other website or other form of electronic retrieval system, without prior permission in writing from the editor.
Warning: Do remember, particularly if you are new to stock market investment that the prices of shares and other investments can fall sharply. You may not get back the money you originally invested. The material here is for general information only and is not intended to be relied upon for individual investment decisions. Take independent advice before making such decisions. This site is aimed at UK residents only. To read more please see our Important Warning
-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
