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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
ID Data | LSE:IDD | London | Ordinary Share | GB0009778589 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 9596F ID Data Group PLC 16 October 2008 16 October 2008 ID Data Group plc ("ID Data" or the "Company") Possible administration of subsidiary ID Data Group plc (AIM: IDD), the smart card and card solutions group, today announces that its core business unit ID Data Limited has filed at the High Court of Justice notification of its intention to appoint an administrator to protect ID Data Limited from its creditors. The Company has previously announced that it has been seeking funds from investors and, in parallel, pursuing the possible sale of its operating businesses in order to meet its short term working capital and debt funding requirements. In the light of current stock market conditions following weeks of economic turmoil, the Company has decided to focus on the sale of its main operating subsidiary, ID Data Limited. ID Data Limited is a leading force in the provision of banking and government smart card solutions and leads many developments in contactless payments sector and secure financial card delivery. ID Data Limited operates from modern, leading edge, secure premises in Petersfield, Hampshire and is the largest supplier of smart cards to government. ID Data Limited has secured a leading position to gain potentially highly valuable contracts on the launch of the UK National ID Card program, as it has proven secure card production capability using polycarbonate substrates and the associated personalisation and secure chip skills required. ID Data also leads the retail loyalty card business in Europe with many large leading brands using its services. A number of international companies have expressed an interest in acquiring the business of ID Data Limited (interest has also been expressed the acquisition of the Company's Cardbase subsidiary), and the Company believes that the protection from creditors provided by the notification and potentially by the appointment of an administrator will enhance the possibility of an orderly disposal process reaching a successful conclusion. Accordingly, ID Data Limited has decided to commence the process of appointing an administrator. As reported previously the Company has made major moves towards profitability and is currently enjoying a good order book while continuing to secure many new and important contracts. Peter Cox, ID Data's Group CEO and Chairman and CEO of ID Data Limited commented: "This action is intended to protect the present and future business of ID Data Limited, and to ensure that customers are fully served. I wish to assure our customers, suppliers and staff that we are hopeful of being successful in our delivery of a solution that will see this business prosper and continue to develop, be this under the ID Data Group or new ownership." ID Data will announce future developments when appropriate. Trading in the Company's shares on AIM remains suspended. -Ends- For further information, please contact: ID Data Group plc Peter Cox, Chief Executive peter.cox@iddata.com Tel: +44 (0) 1730 235700 Smith & Williamson Corporate Finance Limited Azhic Basirov / David Jones Tel: +44 (0) 20 7131 4000 Media Enquiries Abchurch Chris Lane / Joanne Shears Joanne.Shears@abchurch-group.com Tel: +44 (0) 20 7398 7709 About ID Data ID Data is a fully accredited Visa and MasterCard card producer and card processor with its high security bank card capabilities based in Petersfield, England. The Company has won major acclaim for its deliverables in the touch and go payments sector, plus is one of the few "Multos" issuing partners in the world, where it can develop and deliver multi application technology using the Multos platform. This information is provided by RNS The company news service from the London Stock Exchange END MSCILFERIELELIT
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