We may have them worried!!


July 01, 2004 08:30 AM US Eastern Timezone

Citrix Reorganizes Corporate Services and Product Development Organizations

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 1, 2004--Citrix Systems, Inc. (Nasdaq:CTXS), the global leader in access infrastructure solutions, today announced that it has reorganized its corporate services and product development organizations. The internal changes are designed to streamline back-office processes, increase cross-company collaboration across all functions, improve overall customer service and simplify the company's organization. The company also announced that Jeanne M. Moreno, senior vice president, corporate services and chief information officer, and Bob Kruger, senior vice president, product development and chief technology officer, have decided to leave the company. They will continue to support the company during a transition period.

Lots of big buys today, following more big buys on Friday, something starting to brew?

Do you think its an early rise tomorrow then?

M

ML
Not sure about tomorrow ML, but with all these large buys flying about it looks like something is getting ready to burst.

Todays Express


"Whispers of a tie-up with Microsoft and industry accreditation for its software lifted Tadpole Technologies 1/4p to 16p"

Not many more early mornings guys.
Thankfully!

M

New contract for Teldig - let's hope TAD get some royalties

07-05-2004 - CITY OF MADISON IMPLEMENTS TELDIG UTILITY & TELDIG MOBILE

Wisconsin's capital to use TelDig's technology to manage One Call tickets

TelDig Systems, leader of damage prevention solutions for buried infrastructure today announced that Wisconsin's capital, the city of Madison, decided to implement TelDig Utility and TelDig Mobile to manage their locate requests from the One Call.

TelDig's technology will help the city's officers to provide a better service by automating the dispatch of tickets and other processes such as screening and reporting. The city will also implement TelDig Mobile in the field to provide a paperless and more efficient handling of the locate tickets. TelDig's product currently integrates MapInfo's MapX, Microsoft's MapPoint, for usage of street and utility maps. TelDig is also integrating ESRI's MapObjects and will link to Microstation's Fieldview in the upcoming weeks. This will provide more flexibility to users that use different GIS environments.

The city of Madison follows other municipal and government agencies throughout the country that use TelDig's products. TelDig's customer base covers damage prevention one call centers, contract locators and utilities of all sizes. TelDig has been serving the damage prevention industry for 10 years.

Good stuff Dick.
ML
I see buys heavily outweighing sells for the third day running and the mm's still refuse to let the price run free.

"I see buys heavily outweighing sells for the third day running and the mm's still refuse to let the price run free."

;-)

you guys STILL really believe all that conspiracy sh*t then ;-)

you need to get out and about a bit more.

rjs
Perhaps you can explain why the price is level over the past 4 days with buys outweighing sells by more than 3 million.

ML
Good to see Iain isn't having much luck on iii.

RNS Number:5799A
Tadpole Technology PLC
07 July 2004


Tadpole Technology plc
July 07, 2004
Tadpole Technology plc
Acquisition of Stream Theory

Tadpole Technology today announces that it has signed a definitive agreement to
acquire Stream Theory, Inc., a California-based company that designs, develops,
and markets distribution platforms and technology for the centralised deployment
of management of application software over the Internet and across enterprise
networks, principally within the games market.

The acquisition is subject to approval by the shareholders of both companies and
supports Tadpole's vision to become the industry-standard for on-demand
streaming software. Through its Endeavors Technology subsidiary, Tadpole
currently addresses the enterprise market in the US and Europe; with Stream
Theory, it gains access and immediate revenues from the Japanese consumer games
markets, and a platform to penetrate other markets world-wide. The combined
entity will become an industry leader in the development of streaming solutions
for the enterprise and consumer games markets.

Stream Theory has signed an initial $9million exclusive distribution agreement
with a large Japanese broadband Internet provider; who will use Stream Theory's
server technology to distribute games and other software applications over its
broadband network.

Under the terms of the acquisition, Tadpole will buy the entire share capital of
Stream Theory for an initial consideration of $25 million in Tadpole shares at
the strike price of 15.75p. A further consideration will be payable in Tadpole
shares to Stream Theory's owners based on two times new revenues generated from
the Japanese broadband Internet provider, over the next two years.

Furthermore, if the shareholders ratify the agreement, the current CEO and
president of Stream Theory Inc, Mr. Steig Westerberg, will join the board of
Tadpole Technology plc. He will have the role of chief operating officer -
Streaming Technologies Americas and Japan and will report to Mr. Keith Bigsby,
chief executive officer of Tadpole's streaming division. Mr. Westerberg will
have an annual base salary of $275,000 and a commission of 5% on all revenue
from the Japanese broadband Internet provider. In addition, he will receive an
annual performance bonus of up to 90% of his base salary based upon performance
targets set by Tadpole's Remuneration Committee. Mr. Westerberg will also
receive private medical insurance and life assurance and the Board has agreed to
award Mr. Westerberg 4,000,000 options on Tadpole shares on completion of the
acquisition.

Stream Theory is an established instant software distribution solution that
delivers and manages software applications over the Internet and private
networks. Stream Theory's streaming software service was developed for game
publishers and developers, software e-tailers, software portals and application
service providers. Stream Theory streams software applications from its servers
to users' desktops when connected to a web site, corporate intranet or virtual
private network. Applications are delivered securely, and are not installed on a
user's hard drive.

Founded in 1996, Stream Theory is a privately-held company based in Santa Clara,
California. Its software is sold through distributors and software games
publishers. In the year to 31 March 2004, Stream Theory had revenue of
$1.6million with a net loss of $0.4million and the company had net liabilities
of $0.7 million. At 30 June 2004, Stream Theory employed a staff of 10
.
A circular containing further details of the proposed acquisition and convening
an Extraordinary General Meeting to seek the requisite approvals will be sent to
shareholders in due course.

Reasons for and benefits of the acquisition

As part of a strategic review of the streaming software market, Tadpole's Board
identified significant synergies between its Endeavors Technology subsidiary,
which targets the enterprise market, and Stream Theory's offerings for the
consumer games market.

Both Endeavors and Stream Theory develop and sell software that streams
applications on-demand over the network to individual PCs. In addition,
Endeavors has a distribution model for enterprise applications through managed
service providers and telcos in the US, whilst Stream Theory, with its recent
contract from the Japanese broadband Internet provider, has strong inroads into
the Japanese market.

Tadpole sees significant opportunity for the combined companies to expand the
streaming of enterprise software in Asia, initially with Japan, and to expand
games and consumer software streaming with telcos and ISPs (Internet Service
Providers) in the US and Europe.

Stream Theory's technology also complements Endeavors' technology. Stream Theory
holds a key "technology defining" patent whose methods will broaden the scope of
software piracy protection available from Endeavors' products. Stream Theory's
StreamFlow Architecture optimises the delivery of consumer and gaming
applications across lower bandwidth connections. Further, Stream Theory's
software player product, Stream Theory PlayerTM, enables customers to deliver
messages, advertisements, promotions and sponsorships to their end users prior
to the start of the software experience.

ends

Enquiries

Mike Brennan, Evolution Beeson Gregory - Tel 0207 488 4040
Hugh Paterson, Patcom Media - Tel 0207 987 4888



This information is provided by RNS
The company news service from the London Stock Exchange

END

looks exciting - never a dull moment with TAD

It's an interesting deal - not at all sure which way to take it yet. Like the additional exposure, and entry into Japan. Not too keen on the dilution, and very wary of that "... two times new revenues generated from the Japanese broadband Internet provider, over the next two years... " clause - if it does well, that could be an open-ended money pit.

Thinking aloud: Revenue from Japan = $9m. If they manage to grow that to say $10m next year & $12m the year after, then TAD gain $22m turnover, then have to pay out 5% commission on the whole lot = $1.1m, and twice the increase over 9m = 2 x ((10-9) + (12-9)) = $8m. Net gain in turnover is 22m - 1.1m - 8m = $12.9m over 2 years. That's a pretty tidy sum to Endeavours (current posted t/o about 100k pa). Not clears what the COS is, though.

If the sales shot up to say 12m/15m, they'd actually be worse off: 27m - 1.35 - 6 - 12 = 7.65m. They need to be pretty careful how fast that business grows over the next 2 years! Now, there's a new problem for TAD :-)

Still thinking aloud:
Scenario 1
Stream lost $400k on turnover of $1.6, so cost of that business is about $2m. Add in Tad's current loss (excluding any MCI/EDS/M$ effect) of about $6.5m then, if there is no improvement in current performance, and no cost savings from the merger:

Year 1
TAD = -$6.5m
Stream = -$400k

Turnover from Japan = $9m. COS = say 40% (including 5% commission) = $3.6m, so GP = $5.4m

Year Nett = 5.4m - 6.5m - 0.4m = -1.5m

Year 2
TAD = -$6.5m
Stream = -$400k

Turnover from Japan = $10m. COS = say 40% (including 5% commission) = $4.0m, so GP = $6.0m
Subtract double performance of $2m = $4m

Year Nett = 4 - 6.5 - 0.4 = -$2.9m

Yikes - that's not too good. Total loss over 2 years = $4.5m

Scenario 2 TAD finally manage to sell something, and save some of the cost of Stream. Japan sales increase to 10 then 12m

Year 1
TAD = -$4m
Stream = 0

turnover from Japan = $10m - 40% COS = $6m GP. Subtract $2m for Stream payment = $4m

Year Nett = $4m - $4m = 0 Break-even

Year 2
TAD = -$4m
Stream =0

turnover from Japen = $12m - 40% COS = 4.8 = 7.2m. Subtract $4m for Stream = $3.2m

Year Nett = $3.2m - $4m = -.8m

Overall - not that great, but much improved on now, and with "clean" revenue stream in year 3.

All pretty bloody imponderable though - very dependent on what the COS is, how much other revenue TAD make, Stream overheads, rate of increase in Japan, etc etc

zzaxx - there is an IC article today stating that gross margins are 100% and operating margins are 85%

if TAD use all income from the provider to pay the owner his 2 x revenue in years one and two then TAD are only left with the need to fund from cash/shares 1 x revenue - also bear in mind we get the $9m and have 4m in the bank

after that TAD get all the revenue and in any event get all revenues from other deals through stream

agree it will take time to see how successful this is but imho the more successful it is the better for TAD as the share price will increase in anticipation of the free cash flow post year 3 and reduce any amount of shares that have to be issued in years 1 and 2

someone also made the point that if a japanese tleco is paying this much then what are TAD likely to get out of MCI?

hate to be picky - but TAD will not lose $6.5m per year - you are forgetting that Cartesia will make substantial profits in H2

-- dd,

thanks for the extra info re: margins etc.

New Brokers note/Morning update has been released.
Anyone seen it??

M

Evolution Beeson Gregory 100 Wood Street, London, EC2V 7AN www.evbg.com 7 July 2004
Second Helping

In this issue: TAD
(click to view) Reason Action Price/Target

M&A Buy 15p/20p TADPOLE TECHNOLOGY (TAD)

Tadpole has acquired a Californian applications-streaming business similar
to its Endeavors division, but with most of its business in the games industry
to complement Endeavors position in business software
Regular Features (Click to view)
Key to Company Data


Second Helping7 July 2004
Evolution Beeson Gregory 100 Wood Street, London, EC2V 7AN

Tadpole Technology (TAD) Buy (unchanged)

Mkt cap: 47m Net cash: 0m M&A Price/Target: 15p/20p

Tadpole acquires games streaming business in the US
Tadpole has acquired a Californian applications-streaming business
similar to its Endeavors division, but with most of its business in the
games industry to complement Endeavors position in business software.
Tadpole will buy the entire share capital of Stream Theory (ST) for an initial
consideration of $25 million in Tadpole shares at the strike price of 15.75p. At
current forex rates that would be 85.7m new shares. Further Tadpole shares
will be payable based on 2x any new revenues generated over the next two
years from a deal with a broadband ISP. The CEO of ST will join the Tadpole
Board.

ST has just signed an initial $9m exclusive distribution agreement with the
large Japanese broadband Internet provider who will use STs server
technology to distribute games and other software applications over its
broadband network.

In our view the acquisition makes sound business sense. Both companies
develop and sell similar software which streams applications on demand over
a network (usually the Internet) to individual PCs.

Tadpoles Endeavors
subsidiary currently addresses the market for streaming enterprise
applications in the US and Europe through managed service providers and
telcos; with ST, it gains access and revenues from streaming apps in the
Japanese games market, and a platform to penetrate other games markets
world-wide.
These are two of the leading streaming technology companies in the world
and the combined entity becomes an industry leader in the development of
streaming solutions for the enterprise and consumer games markets. The
combined client base will stretch from AutoDesk and Microsoft in the
enterprise market to some of the biggest names in the games market. Each is
likely to retain its own branding to address its own market segment. STs
technology not only complements Tadpoles but it strengthens the patent
protection. It also has a streaming apps player which can deliver messages
and promotions to the end user prior to the applications streaming itself.
In the year to March 2004, ST had revenues of $1.6m and a net loss of $0.4m,
but there is likely to be a step change in the level of revenues this year
following the agreement with the ISP


EVBG is broker to Tadpole Technology


Buying Stream Theory for initial
$25m in stock
Recently signed major ISP deal in
Japan
Similar products to different
markets
Combination creates an industry
leader
ST makes a small loss but that will
change shortly
TADPOLE TECHNOLOGY
FROM 6/4/04 TO 6/7/04 DAILY
APR MAY JUN JUL
14.50
15.00
15.50
16.00
16.50
17.00
17.50
18.00
18.50
19.00
19.50
HIGH 19. 00 2 3/ 4 /04 LOW 1 5.00 20 / 5/0 4 L AST 1 6.0 0 Source: DATASTREAM
Second Helping7 July 2004
Evolution Beeson Gregory 100 Wood Street, London, EC2V 7AN 020 7071 4300 3
Key to Company Data
Target Price Anticipated share price level on a 3 month view
Recommendation Based on Absolute performance
Buy: <10%
Add: up to +10%
Reduce: down to -10%
Sell: > 10%
Net cash Last reported (unless otherwise stated); a net debt position is listed as - cash
Pre-tax and EPS Stated pre goodwill amortisation and exceptionals
Note: This note summarises comments made at our morning meeting TODAY. It is a rapid response to new information and we reserve the right to modify our views accordingly.
This document is issued by Evolution Beeson Gregory Ltd (Evolution Beeson Gregory (incorporated in England, No. 2316630) which is authorised and regulated in the United Kingdom
by The Financial Services Authority for designated investment business and is a member of the London Stock Exchange. This document is for distribution in or from the United Kingdom
only to persons who are authorised persons or exempted persons within the meaning of the Financial Services and Markets Act 2000 of the United Kingdom.This document is for
information purposes only and should not be regarded as an offer or solicitation to buy the securities or other instruments mentioned in it. Expressions of opinion are those of the research
department of Evolution Beeson Gregory only and are subject to change without notice. No representation or warranty, either express or implied, is made nor responsibility of any kind is
accepted by any Evolution Group company, its directors or employees either as to the accuracy or completeness of any information stated in this document. Evolution Beeson Gregory or
persons connected with it may provide or may have provided corporate services to the issuers of securities mentioned in this material. Accordingly information may be known to Evolution
Beeson Gregory or persons connected with it which is not reflected in this material. Evolution Beeson Gregory may make a market or deal as principal or agent in the securities mentioned
in this document. Investors should be aware of the following risks associated with investment in securities: 1. The price, value or income of or from securities may fall against your interests
and you may get back less than you invested. 2. No personal recommendation is being made to you; the securities referred to may not be suitable for you and, if you have any doubts, you
should seek advice from your investment adviser. 3. Changes in rates of exchange may have an adverse effect on the value, price or income of the securities. 4. The past is not necessarily a
guide to future performance.

Evolution Beeson Gregory 100 Wood Street, London, EC2V 7AN www.evbg.com 7 July 2004
Second Helping

In this issue: TAD
(click to view) Reason Action Price/Target

M&A Buy 15p/20p TADPOLE TECHNOLOGY (TAD)

Tadpole has acquired a Californian applications-streaming business similar
to its Endeavors division, but with most of its business in the games industry
to complement Endeavors position in business software
Regular Features (Click to view)
Key to Company Data


Second Helping7 July 2004
Evolution Beeson Gregory 100 Wood Street, London, EC2V 7AN

Tadpole Technology (TAD) Buy (unchanged)

Mkt cap: 47m Net cash: 0m M&A Price/Target: 15p/20p

Tadpole acquires games streaming business in the US
Tadpole has acquired a Californian applications-streaming business
similar to its Endeavors division, but with most of its business in the
games industry to complement Endeavors position in business software.
Tadpole will buy the entire share capital of Stream Theory (ST) for an initial
consideration of $25 million in Tadpole shares at the strike price of 15.75p. At
current forex rates that would be 85.7m new shares. Further Tadpole shares
will be payable based on 2x any new revenues generated over the next two
years from a deal with a broadband ISP. The CEO of ST will join the Tadpole
Board.

ST has just signed an initial $9m exclusive distribution agreement with the
large Japanese broadband Internet provider who will use STs server
technology to distribute games and other software applications over its
broadband network.

In our view the acquisition makes sound business sense. Both companies
develop and sell similar software which streams applications on demand over
a network (usually the Internet) to individual PCs.

Tadpoles Endeavors
subsidiary currently addresses the market for streaming enterprise
applications in the US and Europe through managed service providers and
telcos; with ST, it gains access and revenues from streaming apps in the
Japanese games market, and a platform to penetrate other games markets
world-wide.
These are two of the leading streaming technology companies in the world
and the combined entity becomes an industry leader in the development of
streaming solutions for the enterprise and consumer games markets. The
combined client base will stretch from AutoDesk and Microsoft in the
enterprise market to some of the biggest names in the games market. Each is
likely to retain its own branding to address its own market segment. STs
technology not only complements Tadpoles but it strengthens the patent
protection. It also has a streaming apps player which can deliver messages
and promotions to the end user prior to the applications streaming itself.
In the year to March 2004, ST had revenues of $1.6m and a net loss of $0.4m,
but there is likely to be a step change in the level of revenues this year
following the agreement with the ISP


EVBG is broker to Tadpole Technology


Buying Stream Theory for initial
$25m in stock
Recently signed major ISP deal in
Japan
Similar products to different
markets
Combination creates an industry
leader
ST makes a small loss but that will
change shortly
TADPOLE TECHNOLOGY
FROM 6/4/04 TO 6/7/04 DAILY
APR MAY JUN JUL
14.50
15.00
15.50
16.00
16.50
17.00
17.50
18.00
18.50
19.00
19.50
HIGH 19. 00 2 3/ 4 /04 LOW 1 5.00 20 / 5/0 4 L AST 1 6.0 0 Source: DATASTREAM
Second Helping7 July 2004
Evolution Beeson Gregory 100 Wood Street, London, EC2V 7AN 020 7071 4300 3
Key to Company Data
Target Price Anticipated share price level on a 3 month view
Recommendation Based on Absolute performance
Buy: 10%
Net cash Last reported (unless otherwise stated); a net debt position is listed as - cash
Pre-tax and EPS Stated pre goodwill amortisation and exceptionals
Note: This note summarises comments made at our morning meeting TODAY. It is a rapid response to new information and we reserve the right to modify our views accordingly.
This document is issued by Evolution Beeson Gregory Ltd (Evolution Beeson Gregory (incorporated in England, No. 2316630) which is authorised and regulated in the United Kingdom
by The Financial Services Authority for designated investment business and is a member of the London Stock Exchange. This document is for distribution in or from the United Kingdom
only to persons who are authorised persons or exempted persons within the meaning of the Financial Services and Markets Act 2000 of the United Kingdom.This document is for
information purposes only and should not be regarded as an offer or solicitation to buy the securities or other instruments mentioned in it. Expressions of opinion are those of the research
department of Evolution Beeson Gregory only and are subject to change without notice. No representation or warranty, either express or implied, is made nor responsibility of any kind is
accepted by any Evolution Group company, its directors or employees either as to the accuracy or completeness of any information stated in this document. Evolution Beeson Gregory or
persons connected with it may provide or may have provided corporate services to the issuers of securities mentioned in this material. Accordingly information may be known to Evolution
Beeson Gregory or persons connected with it which is not reflected in this material. Evolution Beeson Gregory may make a market or deal as principal or agent in the securities mentioned
in this document. Investors should be aware of the following risks associated with investment in securities: 1. The price, value or income of or from securities may fall against your interests
and you may get back less than you invested. 2. No personal recommendation is being made to you; the securities referred to may not be suitable for you and, if you have any doubts, you
should seek advice from your investment adviser. 3. Changes in rates of exchange may have an adverse effect on the value, price or income of the securities. 4. The past is not necessarily a
guide to future performance.

moneylender snap impecable timing dont you think