Tadpole Technology plc, the Cambridge, UK laptop workstation maker, says that a number of US financial institutions that subscribed for 2.2m pounds ($3.5m) of convertible unsecured debentures in October, have since exercised options to subscribe to a further 1.8m pounds ($2.9m). Of the total 4m pounds raised, 700,000 pounds has already been used to acquire Conic Systems Inc, the San Antonio, Texas mobile geographic information system developer (CI No 3,763).
The debentures give holders the right to convert their investment, plus interest at 4% per annum (accrued daily, but compounded every six months), to ordinary shares within three years of their issue. The debentures in respect of the second tranche of 3.3m pounds will be issued subject to passing of resolutions at an extraordinary meeting scheduled for December 23.
Tadpole chief executive, Bernard Hulme, said the debenture investment by US companies underlines growing awareness of the group by investors outside the UK. The outstanding 3.3 million is earmarked for continued investment in Tadpole-Cartesia, a Tadpole division which develops Java-based mobile mapping applications, and the division in which Tadpole is integrating its Conic acquisition.
