The company made presentations to a large number of potential investors and their views were considered before the issue was priced. The placing price was the price at which institutions were prepared to sub- underwrite the issue.
As a result of this issue we have raised a significant amount of money to support British technology at its best. Until recently, such ideas could be underwritten only in the US or had to be funded at punitive rates by venture capitalists. Like Tadpole Technology, this is another milestone in using the stock market to support British enterprise and we should be applauded for taking the initiative rather than derided as a result of speculation by investors on the first day of dealings.
W. MARTIN ROBINSON
Henry Cooke Corporate Finance