LONDON (Thomson Financial) - Tadpole Technology PLC said it currently does
not have sufficient working capital for its present requirements but has now
attracted "considerable interest from both sophisticated private investors as
well as a number of financial institutions".
The software product developer said it has today sent out to its
shareholders the details of a proposed loan note to raise up to 5 million pounds
and has so far received indications of interest for approximately 4.5 million
pounds, although binding subscriptions are yet to be secured.
Tadpole said in order to ensure that adequate working capital, sufficient
for at least 12 months, is available, a minimum of 2.5 million pounds of loan
notes will need to be subscribed for by no later than the day preceding a June
20 general meeting of the company's shareholders.
Tadpole chairman David Lee said: "The level of funding that we are targeting
will give us the time, working capital and resources to execute our expansion
plans in the Software as a Service (SaaS) market."
The company also said it is looking to cancel its main listing with effect
from the close of business on July 18 and then begin trading on AIM from July
21.
tf.TFN-Europe_newsdesk@thomson.com
nes
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|