The placing and open offer on the basis of five new shares for every nine shares held has been underwritten by Panmure Gordon and Co and was announced as the company revealed interim results for the six months to September 30, 1996 which showed deeper pre-tax losses of £2.462 million against £801,000 on the six months to September 30, 1995.
Toad said the losses reflected the investment made in its distribution network and pointed to a rise in Group sales from £486,000 in the equivalent period in 1995 to £2.713 million for the six months to September 30, 1996. Its investment had helped secure 'substantial contracts' with PHH, Ford Cellular, Volkswagen, Audi and Mercedes-Benz (UK). Proceeds from the share placing will be used to expand its distribution network, investment in new vehicle technology products and to provide additional working capital to exploit opportunities emerging in target markets.
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