EGM Statement

    RNS Number : 3642V
  Tadpole Technology PLC
  28 May 2008
   

    Tadpole Technology Plc
    Proposed Fundraising

    Tadpole Technology Plc ("Tadpole" or "Company") is pleased to announce that it has posted to shareholders a circular setting out details
of a proposed loan note instrument to raise up to £5 million for the Company and convening a general meeting to obtain, inter alia, the
necessary authorities to issue the loan notes ("General Meeting")

    The resolutions to be proposed at the General Meeting allow for the creation of the loan notes, but as at the date of this announcement
binding subscriptions for them are yet to be secured, although negotiations are significantly advanced and Tadpole has received indications
of interest for approximately £4.5 million of loan notes.

    In addition, the Company will be seeking shareholders' approval at the General Meeting for the cancellation of the Company's ordinary
shares from the Official List and subsequent admission to trading on AIM and the change of name of the Company to "Endeavors Plc"

    The General Meeting will take place on 20 June 2008 and, assuming the resolutions are passed, the Company will be cancelled from the
Official List with effect from close of business on 18 July 2008 and then admitted to trading on AIM with effect from Monday 21 July 2008.

    The directors of Tadpole are of the opinion that the Company does not have sufficient working capital for its present requirements and
that in order to ensure that adequate working capital, that is sufficient for at least 12 months, is available, a minimum £2.5 million loan
notes will need to be subscribed for by no later than the day preceding the General Meeting.

    The Company is also taking this opportunity to call an annual general meeting, to be held immediately after the aforementioned general
meeting.

    "We have been able to attract considerable interest from both sophisticated private investors as well as a number of financial
institutions", David Lee, Tadpole's Chairman observed, "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"

    Peter Bondar, CEO added "With our focus on SaaS and Application Virtualisation, it's logical that we focus on using the Endeavors name
worldwide. The continued use of the Tadpole name creates a degree of unnecessary confusion, which is why we are simplifying the situation.
In addition, the move to AIM will allow us to operate in a climate that is more flexible, cost effective and adaptable to our changing
needs"
This information is provided by RNS
The company news service from the London Stock Exchange
 
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