Id Data Share Discussion Threads

[ironnie] 18/3/2009 16:34

ironic indeed

[philwill] 18/3/2009 14:33

and that i think is that.................


ID Data Disposal



TIDMIDD

RNS Number : 0718P
ID Data Group PLC
18 March 2009

?
18 March 2009


ID Data Group plc
("ID Data" or the "Company")


Disposal


ID Data Group plc announces that ID Data Limited, the Company's main operating
subsidiary which has been in administration since October 2008, has agreed to
dispose of its business and certain of its assets, including its shares in TTi
Card Technology (Europe) Ltd. The disposal is expected to complete by 20 March
2009.


The business of ID Data Limited had been widely marketed to potential buyers
and, although a number of expressions of interest were received, it was not
possible to conclude a sale to any of these parties.


In the absence of any buyer for the business, the Administrators (Malcolm
Shierson and John Whitfield of Grant Thornton) would have needed to proceed with
the closure of the business of ID Data Limited. Faced with this scenario, Peter
Cox (ID Data's CEO) approached initially the main shareholders of ID Data to
raise funds for ID Data to repurchase the assets of ID Data Limited. These
approaches unfortunately did not provide sufficient funding and Peter Cox then
approached external financial backers to assist him in the acquisition of the
business, as he firmly believes that there is a successful future for the
business together with its employees, customers and suppliers. Accordingly, the
business and certain of the assets of ID Data Limited (including plant and
stock) are to be acquired for GBP0.25 million in cash and the assumption of some
GBP0.6 million of debt by a new company, Card Data Management Limited, which is
30% owned by Mr Cox.


As a director of the Company, Peter Cox is a related party and this transaction
is a related party transaction for the purposes of the AIM Rules which require
that announcements of related party transactions include a statement by the
directors (excluding any director involved in the transaction as a related
party) that they consider, having consulted with the AIM company's nominated
adviser, that the terms of the transaction are fair and reasonable insofar as
the AIM company's shareholders are concerned. However, the disposal described in
this announcement is being made pursuant to the insolvency proceedings at ID
Data Limited which is under the control of that company's Administrators acting
independently of the board of ID Data. Accordingly it is not appropriate for the
board of ID Data (excluding Peter Cox) to provide the fair and reasonable
statement as it was not involved in the negotiation or implementation of the
disposal.


ID Data Limited made a loss before tax of GBP(1.5) million on turnover of
GBP9.5 million for the year ended 31 March 2008 and had net liabilities of
GBP(6.7) million at that date (these figures are unaudited). The proceeds of the
disposal will be paid to ID Data Limited and there will be no payment to ID Data
arising from the administration.


In a statement issued by the Joint Administrators, Malcolm Shierson and John
Whitfield stated:


"The business of ID Data Limited has been widely marketed to industry and non
industry organisations both before and during the administration period. We
received seven significant expressions of interest, but primarily due to funding
constraints in the current market, none of these parties completed the purchase
of the business and assets of ID Data Limited.In light of this failure to sell
the business and assets, we concluded that the immediate closure of the business
was the only option available and it was following this that we received the
offer from Card Data Management Limited which has led to the sale of the
business. We observed during the period of administration the ability of this
business to service its clients professionally and meet the most demanding
technology and service requirements, including the delivery of some US$2.5
million worth of chip cards to Norway."


ID Data Group plc - the future


Following this disposal, ID Data now has a number of assets, including
principally: UK tax losses at a holding company level; Irish tax losses through
its wholly-owned non-trading subsidiary Cardbase Technologies Limited; and
investments in Contis Group Limited (pre-paid card service provider; 6%
interest), Sports Loyalty Limited (cardless reward programme; 3.9% interest) and
Digital Locksmiths Limited (smart card security consulting; 50% interest).


The Company will now review the assets it has left and its current and
anticipated future liabilities; following the conclusion of this review and an
assessment of its working capital position, the Company will advise shareholders
of its intended future path.If appropriate the Company will convene a general
meeting to obtain shareholder approval for its strategy going forward and also
to approve a change in the Company's name as the trading name ID Data has been
sold to Card Data Management Limited.


Mike Blackburn, Chairman of ID Data, commented:


"It is ironic that the core business of the Group should have been forced into
administration due to the lack of support from a government-related creditor.
That decision was taken when underlying trading was better than at any time
since the Group was admitted to AIM in 2000.


I very much regret the loss of shareholder value.Peter Cox, the largest
individual shareholder, has worked tirelessly to achieve a different outcome.
It is equally regrettable that there have been job losses at a time when the
economy is not best placed to provide alternative employment for hard-working
staff."


Further announcements will be made in due course and in the meantime trading in
the Company's shares on AIM remains suspended.

[philwill] 16/3/2009 12:26

they probably are snake...but we'll be the last to know

[4shorty] 16/3/2009 12:02

I've still not had a reply
4S

[snake516] 14/3/2009 17:25

I e-mailed him last Tuesday - no reply so far. Where are the major shareholders in all this? You would think the venture capitalists would be on Cox's back asking for information regarding their holdings?

[rabain] 13/3/2009 12:54

I emailed him at the beginning of Feb, asking about what value if any would be left for shareholders and got the following reply..



Thank you for your message and yes I am working hard to salvage value, but
we are in very interesting times so time will tell, as we are in the hands
of the market

Regards

Peter Cox

At the moment of course we are not in the hands of the market!

[joeblogg1000] 13/3/2009 12:40

Lets hope he has some honesty/integrity and does the best for shareholders but probably once again I have been let down .

[philwill] 13/3/2009 12:36

same...actually sent him a mail a month ago as well...no reply

[4shorty] 13/3/2009 12:08

not had reply yet.
4S

[4shorty] 13/3/2009 09:12

just sent email asking cox what's going on.
4S

[4shorty] 13/3/2009 08:57

I agree ron this company is treating us with contempt.
4S

[ronronron] 13/3/2009 07:23

I think EVERYONE should drop a short polite inquisitive mail, to them today. No shirkers please. Am doing mine right now.

[ronronron] 13/3/2009 07:20

Anyone know anything here?? I see credecard still list idd as a partner and vice-versa ? According to all accounts they(idd) are firing on all cylinders at the moment. 2 months? expected at least a comment from the company by now??

[snake516] 01/3/2009 18:52

Yes Charles, based on what, exactly. You trumpeted this company for years without truly understanding the trouble it was in, so you'd better keep your optimism to yourself unless you can provide some concrete information. How about you paste Peter's reply into this thread, even if it doesn't say much. At least then we'll know you aren't bullsh1tting (again).

[philwill] 01/3/2009 11:32

based on what Charles?

[charles clore] 27/2/2009 13:54

I refuse to accept that powwow

[powwow] 26/2/2009 16:38

yeah the next RNS will be , we sold everything and the company is going to liquidate as it has no further business. Come on guys its over.

[joeblogg1000] 26/2/2009 12:46

CC. he has been saying that to me for years :((

[charles clore] 26/2/2009 12:40

Hello everyone. I wrote to Mr Cox the other day and mentioned, among other things, the fact that this share is still under suspension and I asked if he had any idea when trading would resume. His reply was that he couldn't tell me anything without informing the whole market - he told me to keep an eye on the announcements. Could be a positive sign imho.

[powwow] 16/1/2009 15:31

OMG, there is no business guys, that's why this has been diluted how many times now? and gone no where. That's why he took credecard out while he could and has that interest of 49%. He's closing up shop and that's all I can say. IDD as it stands makes little money so he'll sell all the bits and move on.

[philwill] 15/1/2009 12:54

agree Snake...you'd think with the amount of Govt support now available that PC would shelve the sale and get back to business...depends on his agenda though

[snake516] 15/1/2009 12:25

The only good news for us will come if Peter Cox announces that he has been unable to sell the core business, the accounts are finalised, the debt to HMRC has been deferred or paid off and the shares can be relisted. I sincerely hope that no-one is interested in buying IDD and that they can benefit from whatever help Mandleson is proposing for medium-sized businesses.