How much lower is this going to go - I'm down 35% already!

The bottom will be no lower than 0.

How much is it really worth? Surely not 40 odd million?

I work in the construction industry and have pretty good experience of Autocad and similar modelling sytems for construction end users (those at the `workface`) and what is, or has been, developed by Tadpole is just what many of us have been expecting to see for a few years now with regard to simplified, quick application of part models being sent to those actually building a project on the ground and the advances made in developing avi presentations of
3D construction models has a fantastic potential throughout the industry. I am a
great supporter of this technology and see the eventual potential to be almost limitless as Tadpole appear to be able to offer a reasonably priced applications system for a lot less up front cost than full blown software purchasing, a good deal of which may not be needed by particular types of companies. I`m in and staying in.

http://www.citywire.co.uk/instrument/default.asp?vid=66742&kid=155&uid=&cid=&ctid=1&sid=&fid=&iid=&type=&dateEnd=13/07/2004%2023:59:59&rurl=/instrument/default.asp




Tadpole acquisition marks a defining moment - really
Published: 12:58 Tue 13 July 2004
By Joanne Wallen, Associate Editor
Email to a friend | Printable Version


Tadpole Technology's shares have fallen since its acquisition of Stream Theory, but management says this is a defining moment and for long-suffering investors it does not come a moment too soon.

The 43 million Tadpole (TAD) is paying an initial $25 million (13.5 million) for Stream in shares at a strike price of 15.75p, and there is a further consideration in shares based on two times new revenues generated from Stream's major Japanese broadband Internet customer over the next two years.


Tadpole chief financial officer Keith Bigsby told Citywire that the earn out was 'specifically related to cash generated from the Japanese contract' so the deal should be 'accretive to shareholders' he said.


Stream has a similar technology to that of Tadpole's US-based Endeavors business. The technology enables software applications to be streamed on demand over a network in a highly efficient and secure manner.


Endeavors had been focusing on the enterprise market, where its AppExpress technology enables a company to distribute software either to its staff or to customers. Stream has focused more on the consumer market, particularly enabling the downloading of games over the internet or to mobile phones.


The real attraction is that Stream has signed an initial $9 million exclusive distribution agreement with a large Japanese broadband Internet provider, which will use Stream's technology to distribute games and other software applications over its broadband network.


Bigsby said the acquisition strengthens Tadpole's intellectual property and the Japanese deal gives Tadpole a strong entr into the Japanese and Asian markets.


He said the deal is really significant. 'It cements our business in streaming, which we believe will be a very significant technology for the future,' he said.


The idea is that people will no longer need to load software onto a PC from a CD ROM. They will be able to download it over their company network or the public internet, as and when they need a particular application or game. (continued...)

Endeavors also recently confirmed that the major telco it signed in January was MCI. MCI will be offering customers games and applications on demand using the technology, and for Tadpole the contract includes some advanced payments for the technology and a subsequent share of MCI's monthly streaming revenues.

I like this bit:
MCI will be offering customers games and applications on demand using the technology,


M

From another BB in case you missed it

Hi guys

Just to remind you'll that MCI is approaching 1 month of usin TADs On-Demand Application Service - take a peek at the number of Countries an Subscribers MCI deal with on their home page, the 200+ user quoted below is now history......even at a dime a customer per usage, there are a lotta dollars starting to go into TADS coffers! The word exponential springs to mind....

[June 15, 2004]

MCI Launches On-Demand Application Service

MCI introduced its On-Demand Application Service to help businesses distribute software to end-users via MCI's global IP network. Companies will now be able to distribute software releases and patch updates, better control software licenses and track software usage under a pay-as-you-go model.

With a connection to MCI's IP network, companies can utilize MCI's streaming application delivery platform to centrally deploy and locally execute Windows-based software. As a result, On-Demand Application Service customers can benefit from several new capabilities, including automated software entitlement, compliance, license tracking and extensive monitoring, metering and reporting capabilities.

Hosted at an MCI data center and centrally streamed over the company's global IP network to user desktops, the service enables companies to support corporate-wide usage of applications to geographically dispersed users and the "extended" enterprise, resulting in better performance and faster download rates than more traditional methods. MCI is utilizing the latest technology from Endeavors Technology, a provider of on-demand software tools.

This service has an array of license compliance and usage tracking capabilities that provide businesses with valuable statistical information at the desktop level. With these features, MCI customers can log all usage and check for compliance each time an application is requested using a Web-based interface. This provides the ability to create a software audit of licenses in use and to assess users by specific application. Offering customers a way to plan for software purchases, MCI's On-Demand Application Service also provides strong anti-piracy and license management control features.

Enabling the distribution of six different software application deployments initially to 200+ users, MCI has stopped shipping CD-ROMS to corporate users and eliminated the time and effort spent installing the software. Now MCI can push the software simultaneously to end users quickly, easily and securely with the ability to monitor application usage, helping the department to become more efficient in managing software licenses and better informed when making software-purchasing decisions. As a result, MCI is reducing operating expenses and improving overall efficiencies through automation.

MCI's On-Demand Application Service can be integrated with the company's Remote Access, Wide Area Networking, Data Center, Security and Content Delivery services.

----------------------------------------------------------------------------

for the investors out there note that MCI has stopped shipping CD-ROMS and the message is that all of the recent contracts are in a similar growth phase and TAD will be makin SERIOUS $s very soon

I hold so don't take this as advice to buy, DYOR

$

MCI are advetising us!

http://global.mci.com/news/news2.xml?newsid=11190&mode=long〈=en&width=530&langlinks=off



M

ML
Shame they don't mention our name though, although that would help competitors.

Re: Keith Bigsby in Interview with The Wall Street Reporter

Please be advised that The Wall Street Reporter (TWSR), a premier source of information for professional investors, has today interviewed Mr. Keith Bigsby, Tadpole Technology's CFO and CEO of subsidiary Endeavors Technology.

The focus of the interview is applications on-demand.

An audio of the interview can be accessed from TWSR's website - please use the following link:

http://www.wallstreetreporter.com/profiles/TadpoleTechnology.html

Sincerely,

Hugh Paterson
Patcom for Tadpole Technology
July 16, 2004

Tadpole-Cartesia and VELOCITIE Team to Provide Unique Enterprise ArcGIS
Solution

Utility, municipality, and communication industries will be able to better
deploy GIS in support of field operations

Carlsbad (CA), July 20, 2004 - Tadpole-Cartesia today announced that it has
partnered with VELOCITIE Integration to provide its enterprise ArcGIS data
management solution to the utility, municipal government, and communication
industries. The intent is to unite Tadpole-Cartesia's Enterprise Data
Management system with VELOCITIE's world-class implementation services and
for both companies to offer the new solution to existing and prospective
clients.

Under this agreement, VELOCITIE is now a value added reseller of
Tadpole-Cartesia's flagship product GO! Sync and is providing implementation
and support services. By extending Tadpole-Cartesia's reach throughout the
United States, VELOCITIE has the capability to offer a superior data
management solution to its customers in the utility, municipal, and
communications industries.

Bart Koenig, president of VELOCITIE, comments: "GO! Sync is the only product
that bridges the gap between enterprise ArcSDE and mobile ArcGIS. This
relationship gives us a key ingredient in GO! Sync, necessary for our
clients to realize the capabilities and benefits of an enterprise GIS. By
combining Tadpole-Cartesia's products and data management experience with
VELOCITIE's GIS deployment and systems integration expertise, our customers
will be able to more efficiently deploy and use GIS in support of their
field operations."

Tadpole-Cartesia develops turnkey infrastructure software that supports the
management, replication, and distribution of enterprise GIS data within and
between organizations. By extending GIS in their business processes, organiz
ations can integrate and access up-to-date data virtually on demand from any
location, at any time.

About VELOCITIE
VELOCITIE Integration, Inc. (www.velocitie.com) provides integrated GIS
solutions for utilities, municipalities and telecommunication companies.
With offices in Green Bay and Milwaukee, Wisconsin and Denver, Colorado, the
team at VELOCITIE brings over 180 years of combined experience in serving
the GIS industry.

VELOCITIE has the knowledge, insight, experience, and proven success to
ensure that its clients have a clear path for implementing GIS with their
business needs in mind. Our objective is for clients to realize the true
benefits and cost savings of integrating GIS technology with their IT and
core business practices while implementing a wide array of industry leading
products.

About Tadpole-Cartesia
Tadpole-Cartesia, a software business unit of Tadpole Technology plc, is a
strategic partner of ESRI, the world's leading GIS company. Further
information on Tadpole-Cartesia's businesses on 760-929-8345 (US), +44 131
6680200 (UK), by email sales@us.tadpole.com, and at www.tadpolecartesia.com.

M,

It's gone south and looks like further moves south are on the cards.

S

Ugly reading

Shares in issue (m)	296.772	Dividend per share DPS (p)	0
Market Cap (m)	37.096	Dividend Yield (%)	0
PE Ratio	-2.907	Dividend Cover	0
Operating Margin (%)	-78.921	Dividend PS Growth Rate %	0
Profit Margin (%)	-179.955	EPS Diluted (p)	-4.3
Return on Equity (ROE) (%)	0	EPS Undiluted (p)	-4.3
Turnover per share (p)	0.018	NAV (p)	1.011
PEG Factor	0.118	Price to Sales	6.976

Profit and Loss Account	30-Sep-2003	30-Sep-2002	30-Sep-2001	30-Sep-2000	30-Sep-1999	30-Sep-1998
Average Shares In Issue	0	192.735	179.072	133.912	118.045	56.598
Turnover (m)	5.318	16.724	24.607	16.838	13.688	9.391
Operating profit (m)	-4.197	-11.179	-8.008	-1.381	-3.083	-3.419
Pre Tax Profit (m)	-9.57	-11.14	-7.776	-1.467	-3.154	-3.718
Earnings After Tax (m)	-9.596	-10.923	-7.776	-1.467	-3.154	-3.717
Profits Available for Dividend	0.0	0.0	0.0	0.0	0.0	0.0
Preference Dividends	0.0	0.0	0.0	0.0	0.0	0.0
Ordinary Dividends	0.0	0.0	0.0	0.0	0.0	0.0
Retained Profit	-9.596	-10.923	-7.776	-1.467	-3.154	-3.718
Adj EPS Undiluted	-4.3	-5.7	-4.3	-1.1	-2.7	-6.6
Adj EPS Diluted	-4.3	-5.7	-4.3	0.0	0.0	0.0
Dividends per share (whole year)	0.0	0.0	0.0	0.0	0.0	0.0

Balance Sheet	30-Sep-2003	30-Sep-2002	30-Sep-2001	30-Sep-2000	30-Sep-1999	30-Sep-1998
Net Current Assets (m)	0.06	1.654	5.584	4.435	-0.406	2.392
Shareholders Funds (m)	3.0	9.156	17.028	7.799	0.124	3.219

Snappy - I'm starting to dislike you. You always post negative comments - it makes me so angry because you invariably seem to be right. Most annoying. Any views now that the price has gone below your 11p target? Cheers, and stay lucky me old mucker.

Pach,

Personally I do not think this company is worth 3p a share on fandamentals or prospects. The rest of the market does though!

The punters in this share exhibitted a large dose of irrational exhuburance by taking the stock up to 26p early this year.

I expect the falling rate to moderate now and possibly a bounce but I expect that to run into selling pressure around 14p.

Best of luck to you too Sir

Snappy - cheers. For what it's worth, I totally agree with your analysis. 14p does seem a weak high-point resistance level. Moreover, the ongoing duilutive effect of the proposed link-up will stem any further exuberance until we see some real signs from Endeavours. Thanks for your quick response.

Blimey, I was lucky to make a profit out of this one!

Only about 14 quid though but I'm glad I sold out at just over 17p

I thought I would take a look at how TAD was doing & it's under 11p!!!!!

What the heck happened????????

I've read some of this thread since it started dropping but that doesn't explain it.

Dont forget Snappy is short!
So he is jumping on the bandwagon here. Making the most of someone's forced sell off.
As soon as the details of the aquisition are made public then people will understand why this deal is a no brainer.

M

Posted by UGL on another BB but sums up the situation IMO.

Lets look at the givens - Is it Tadpoles fault if someone decides its time to cash in 9million shares - NO

From the RNS - Stream Theory had revenue of $1.6million

Add on the $9million from the japco deal and multiply by a PE ratio of 10 and we get an added value of $106million for a cost of $25million.(and a PE of 10 is conservative for a fledgling tech company)That would more than triple our current market cap.

Also bear in mind the Cap of $150million over the 2 years for stream in this deal. Now why would they cap it at that, if there was no potential to earn anything like that from the deal. Like I have said before no way would they pay out more to Stream than they are likley to earn for themselves, so $300million over the 4 years must be a ball park figure.

$300million would give an annual revenue of $75million and give us a PE ratio of 10 on that - $750 million and that is for ONE deal.

The most likely candidate for those who have dug around and found something is absolutley phenominal. Largest Japanese Broadband Internet provider.......and sections of broadband service worldwide in many forms and formats.

If you dont think that looks good for the future of Tad that is your perogative...........but I do and am happy to hold.

I am not happy at the lack of news hitting the National Press, but the company fundamentals look good to me.

UGL

ML - I have generally found Snappy's advice to be sound. Stating that a share price is over-inflated does not necessarily mean that you are shorting it. Anyway, I stupidly held when I should have sold - never be too greedy. As for being a no-brainer - there is no such thing otherwise buyers would be queueing up.

Lokk at the trades at these prices, buyers are now queing up!

And Snappy is short from 15p I believe. Is that right Snappy?

M