snappy
- 16 Jul 2008 11:06
- 2 of 3
Endeavors shares suspended on LSE after co fails to raise funds
AFX
LONDON (Thomson Financial) - Shares in Endeavors Plc. have been temporarily suspended from the London Stock Exchange after it said it could not complete a final stage of fundraising.
The company was due to cancel its main listing at the end of this week and begin trading on AIM on July 21, but will not be proceeding as it is unable to confirm at least one year's working capital -- a requirement of admission to AIM.
Endeavors, formerly Tadpole Technology Plc., said it had hoped to complete a major funding round in the first quarter, but did not receive the level of commitment the directors considered necessary to maintain existing operations and finance planned growth.
It then tried to raise further funds from private and institutional investors, and while the first two stages of a three stage process were concluded, it was unable to complete final stage of its fundraising.
Chairman David Lee said: 'The continued decline in institutional confidence has undermined our best efforts to satisfactorily conclude the proposed re-construction of the company and our inability to attract the relevant level of investment appropriate to the company's phase of development is deeply disappointing. We are exploring all available options.'
christianT
- 05 Aug 2008 09:27
- 3 of 3
so finally the old dog got killed off eh.
cant say its very suprising. fire sale of the last few assets then now.