| Tadpole on the hop |
| Written by Business Weekly | |
| Wednesday, 15 November 2006 | |
|
Share prices in troubled software company Tadpole plummeted after it announced that Ordinance Survey was reviewing the future of an important contract.
OS informed the firm that they are to suspend work on a data capture and management software development, pending a review of the programme, according to a Tadpole trading statement. The suspension will take effect from 11 December 2006. The setback knocked almost a half off Tadpole's share price which slumped to a new year low of 1.25p from an already lowly 2.375p. The trading statement said: "The duration of the suspension and the outcome of the review are presently unknown, however the Tadpole board estimates that OS is unlikely to complete its strategic review in less than four to six months." The possible termination of the program, named ‘Phoenix,’ will have a severe adverse impact on the company's trading performance and funding requirements, Tadpole said, adding that it would review its various options over the coming days. Tadpole has experienced a checkered few months, with an internal schism resulting in senior board resignations. It recently appointed Peter Bondar, founder of a boutique consultancy specialising in refocusing businesses, as a non-executive director to reunite the troubled organisation. |
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