Software-only video compression and decompression specialist Eidos Plc, London is one of those companies that are all promise and hope. The company reduced its loss for the year to December 31 to #77,000 from #190,000 a year ago, but it needs more cash and is making a one-for-10 rights issue at 240 pence to raise #528,000 before expenses. It says that the switch last year to a generic rather than an application-specific approach to the Eidos Software Codec has stimulated considerable interest company and names In Flight Phone Corp and Visual Access Ltd as investigating it. It is also, as reported, working with On Demand Information Plc and Computer Concepts Ltd: the former pays royalties on a per-subscriber, the latter on a per-unit basis. Michael Briggs has resigned as chairman and as a director, and Charles Cornwall becomes executive chairman, Stephen Streater managing director.
