Tadpole flounders in financial current

Tadpole Technology shareholders have snubbed the ailing notebook vendor?s cash call after it failed to get sufficient interest for its rights issue.

The UK-based company received less than 40 per cent acceptances in a rights issue, which was intended to raise #5 million. The balance of the shares will be paid for by the underwriters.

Tadpole had already raised #2 million through a firm placing of shares. It will use the money to revive its microchip division, and to pump up the marketing budget for its Sparcbook notebooks.

In April, shares in Tadpole Technology were suspended on the UK Stock Exchange after the company failed to file its financial figures on time.

According to the UK Stock Exchange, Tadpole had a six-month deadline of 30 March to file its figures for its financial year ended 30 September 1996. Following its failure to produce the figures, the company was forced to suspend all trading in its shares at the request of the directors at Tadpole (PC Dealer, 9 April).

Tadpole previously suspended share trading following a prolonged period of poor financials. In the year to 30 September 1995, the company made a #4.3 million pre-tax loss on a turnover of #23.9 million.

This month, industry veteran Lars Turndal joined the company as non-executive chairman. His previous jobs include a stint at SCO, where he was chairman, president and CEO.