Tadpole Technology Plc is in trouble again and is trying to raise 2.26m pounds in a bid to carry on trading. The Cambridge, UK- based company has also lost its manufacturing director who resigned on Wednesday following publication of Tadpole’s interim results, which showed pre-tax losses increasing to 2.46m pounds from 1.66m pounds. The company’s shares were suspended at the beginning of the month (CI No 3,132) at its own request, and last November it said it would have to raise new funds to stay in play. At the end of last year, newly appointed group chief executive Bernard Hulme accepted the company had got into deep water following the decision to develop a high-end Pentium-based notebook (CI No 3,054). The company believes it will survive if it manages to cut costs and re-focus its product range. Tadpole will be placing 20 million new ordinary shares and a rights offer of 5.26 million shares at 10 pence on a one-for-five basis. The firm admitted it would not survive without the fundraising. The underwriter for the issue will be Albert E Sharp.
TADPOLE IN TROUBLE AGAIN NEEDS TO RAISE CASH TO STAY AFLOAT
