Intercede Share Discussion Threads

[pork belly] 09/8/2007 14:53

UK ID card procurement to be announced today
09 August 2007

The long-awaited procurement phase of the UK's national identity card scheme is expected to be announced at lunchtime today.

The announcement is expected to appear imminently within the Official Journal of the European Union (OJEU, formerly the OJEC).

A wide range of companies are expected to bid for the contracts to build the biometric-based identity card system, including players such as Accenture, BT, CSC, EDS, Fujitsu Services and IBM.

These systems integrators will need to form consortia that will be capable of delivering each part of the ID card programme, ranging from acquisition and storage of people's fingerprint and facial details (and maybe subsequently iris data) to manufacturing the cards and managing the databases.

More soon......

[237gmoney] 07/8/2007 10:37

Good post Igoe, hopefully this will speed things up a bit with more funds coming IGP's way......has been a while coming. should be in before Q2 ends also which will make the interims look far better.

Hopefully things start moving on FRAC also after the summer breeze event now....with HSPD12 october 27th deadline, we should have nothing to worry about.

Lack of IGP newsflow is the only concern but when there's nothing major to talk about as IGP are too busy working on current contracts, so no new investors are picking this one up on their radars.....we all know that a big RNS will quickly move things along so there should be no panic yet...

[igoe104] 06/8/2007 17:23

LATEST FROM THE TWIC PROJECT.


Port Security Grants to be Announced This Week
8/6/2007 - portsecuritynews.con





The Department of Homeland Security is expected to announce this week approximately $110 million of port security grants under Round 7 of the Port Security Grant Program, using supplemental funds appropriated earlier this year. Under the program, each of the 8 Tier I and the 17 Tier II port areas will receive a direct funding allocation based on risk. There will be an increased emphasis on port-wide partnerships, regional management of risk, and business continuity.



While past rounds of port security grant funding have focused on site-specific physical security enhancements, under this supplemental grant program the focus is expanding to include port area-wide security measures and business continuity. A portion of the funds is designed to facilitate the development of a Port-Wide Risk Management/Mitigation and Business Continuity Plan within the Tier I and II port areas. The plans are to be in alignment with and supportive of each port areas' Area Maritime Security Plan (AMSP) and the National Preparedness Guidelines.



The changes in the program being tested with supplemental funds are dramatic. They shift the program from a competitive grant program to one applying funds to a joint security plan as agreed to within the community. The plans are to be in alignment with and supportive of each port areas' Area Maritime Security Plan (AMSP) and the National Preparedness Guidelines.



Jay Grant, Director of the Port Security Council, said: "In general, it is a good plan as it will fund projects based on a complete plan and will reduce risk." In addition, Tiers I and 2 will be allowed 20 percent set asides for studies. With regard to appointment of a Fiduciary Agent, Grant said: "Basically having to appoint an agent/fiduciary is a new angle and most Tier II ports may be challenged with the short funding time period. I know DHS would hope the state SSA would be involved, but most ports do not support that direction."



Grant added: "Although I endorse using the AMSC as the primary point of focus, they are just voluntary organizations but with increasing responsibility. Each AMSC works a little differently and has no set guidelines. We will need to watch this process carefully. It has been my recommendation that the U.S. Coast Guard establish a National Maritime Security Committee to establish best practices and standards for the AMSC's"



One big plus of this change is that it should allow the USCG Captain of the Port to be directly involved throughout the process. Under a competitive grant program, the Captain of the Port is part of the judging process and his/her staff spends a great deal of time evaluating projects after the grant is written. This will allow for a more productive process and direct involvement in building the plan.



Tier III port projects will be funded based on prior submitted projects, while Tier IV ports will be allowed to submit a specific project, including TWIC.

PS COME ON GUYS STOP BEING GRUMPY and moaning all the time, might have to start tickling some of you soon.

[igoe104] 06/8/2007 16:50

YES it is a useful link, jailbird. you can find more infomation by putting other thing like frac,twic, in the epic at the top of the page.
I moment its the case of being patience with this one, over the next couple of years, we will be all laughing our way to the bank.

ps i,ve been buying sft, looks a cracking company.

[jailbird] 06/8/2007 11:01

some interesting links

[yump] 04/8/2007 16:20

Thanks for mentioning me in capitals.

[aphrodites] 03/8/2007 22:24

YUMP

Offence? No problem there old chap.

There's none so blind as the blind and some like yourself do have to be handled gently as we struggle to educate you in the way the market is oiled and manipulated.

But don't worrry you will get there one day.


TAURUS

Timing! That's what life is all about.

Some you win.

Some you...........f--k up! :0)

[taurusthebear] 03/8/2007 15:50

Aphro,

¨I agree you cannot blame the management but their timing was appalling.¨

As was yours! :0)

[yump] 03/8/2007 15:16

"YUMP
You do not appear to understand how the system works and it would take too much of my valuable time explaining. And please do not take this as a criticism of you."

Aphrodites
No offence intended, but you patronising git.

btw
Sorry you were in the system, but got overlooked in favour of someone else who was in the system.

[jailbird] 03/8/2007 14:14

BD,

with a name like that..you don't work for an airline do you?

[jailbird] 03/8/2007 14:11

thanks bd,

that will make some peeps even more cheerful..:¬ )

[boadicea] 03/8/2007 14:09

Just to cheer us all up (NOT - unless you hold the stock concerned) I note that BDI have just made a placing at a premium to their recent share price Not a common event!

[aphrodites] 03/8/2007 06:03

YUMP

You do not appear to understand how the system works and it would take too much of my valuable time explaining. And please do not take this as a criticism of you.

All I will say is that having been, and still am to a much lesser extent involved directly in institutional investment, once relationships are established with F.D.'s of companies they normally do invite investors they know into new funding.

When someone informs an F.D. his company is interested to invest further funds, and as we all know liquidity restricts reasonable size being bought in the market, I think there is some responsibility to ensure some form of communication takes place.

And more importantly always tell the TRUTH!

But you are of course quite correct; there is no obligation whatsoever to call anyone.

TAURUS

You are making a statement without reading my comments correctly.

I don't want to go over old ground but I am not alone in believing the share price went down in the market ahead of the placing because someone who had been made an "insider" was selling stock!

I agree you cannot blame the management but their timing was appalling.

[taurusthebear] 02/8/2007 20:38

Aphrodites,

¨I can tell you there are several very unhappy people out there, including myself, who were buyers in the 55p - 65p range who were just as unhappy as me in the way the placement was handled and the price marked down in the market on the run up to the announcement of the placement price at 33p! They simply do not trust the company now. And as we all know, once trust goes in the market it is very hard to re-establish it."

It seems to me that you don´t want to accept any responsibility for buying at 55-65p, because you thought the shares would immediately go higher; but you are happy to throw all the blame at IGP management for perhaps thinking the same thing!

The shares went down and IGP management had to accept a lower price to raise cash. Why are you unable to accept that they misjudged the market in exactly the same way you did? Ergo, any criticism you throw at them is equally, if not more, applicable to your good self! :0)

[yump] 01/8/2007 11:48

Aphrodites

What would you suggest that he should have said to you when you spoke direct, if he knew there was a placing coming ?

Secondly, presumably he is under no obligation to contact anyone specific if a placing is decided upon.

This all feels a bit personal and yet you aren't buddies down the pub - he's responsible for the financial management of the company and you're an investor.

[wjccghcc] 01/8/2007 10:52

Aphrodites, I agree the FD should have contacted you to participate in the placing if you'd made it clear enough you would be willing to buy in size.

Regarding cashflow it's hard to predict since it depends so much on large payments and advance license commitments. If you strip out the $1mm RSA payments which distorted cashflow in 2005/6, they tend to be cashflow negative in H1 and positive in H2. So last year, H1 cashflow was (707k) while H2 was +248k. I should think they decided to do the placing partly because of winning the TWIC contract which would incur significant upfront costs before rollout.

Bottomline, I expect that seasonal cashflow pattern to continue so -ve in H1 and +ve in H2.

[jailbird] 01/8/2007 08:00

well i see your point there.

[aphrodites] 01/8/2007 07:59

jailbird

I hope you are right.

But I also have to add that I spoke direct to the F.D. only 6 weeks before the placement and he told me there was no need to raise new cash. I told him that if this every was necessary I trust he would contact me to add to his potential list of institutional funders. You will understand why I have lost a lot of faith in the company and cannot trust any longer what the it says.

More importantly, if the City as a whole ever has to question the integrity of the management it really will be up the Swanee without a paddle!!!!

[jailbird] 01/8/2007 07:44

aphrodites,

I can understand your opinion...

Historically there tends to be no news after the finals until December, unless new contracts are won...so with no news, together with jittery mkts, it is not
surprising this has fallen..but that obviously makes me very unhappy.
I too can read too much into announcements but also can read too much into share price falls. IF the price goes up we look at things the former and when the price goes down we look at them the latter...it is greed and fear.

However looking in hindsight now, they knew they has approx a year's left of cash...and with large projects expected to come 'live',that cash was sure to be used. Then they may have needed to raise more cash, but it is wise to raise cash earlier than when one is on it's last pounds, as really you are at the institutions mercy.
So in some ways raising the money when they have seems to be a sensible option.

It could been at a lower price if it had been later. And the reason it become to drop, coz the mkt knew the placing was much lower..ok we all wish the price was above 33p but i think they had little choice.

so together with the fund raising if WJCC's figures are corret approx £1.4m is enough for 2 years cash burn and before that runs out i expect them to be cashflow positive.


Just my view.

[aphrodites] 01/8/2007 07:16

Domestos

I too can read such announcements.

But the share price is not supporting this statement.

And Parris had to make this statement otherwise the question would have been asked anyway.

Let's see if the new institutional clients want to back the company and their investment even more when the price reaches 33p!

It's one thing to buy a share at a 35% discount but you will soon see how keen they are to support the price when it reaches 33p. And because there is no demand for stock in the market that is exactly what the MM's are doing. Bringing the price back on 1,000 lot sells to test the demand level. If there is no support then watch your eye!

WJC

Unlike you I did not buy at the bottom but bought my largest proportion around the 46/48p level. I also topped up in the 55p region but not in size. It's not my wounded pride but a simple analysis of what the market is saying and what I know two institutions holding stock think. I posted a warning on here the day before the placement. I am warning again that the current trading pattern is not healthy.

I hope I do not have to go for a hat trick!! :0)

And they do not need to run out of cash. But if as I hear they are finding they are spending on research and development at a faster rate than anticipated they will have no other alternative than to come back to the market. Their broker did not do a good job in the last placement and we all know some in the market were aware that some cash raising exercise was going on.

Mark my words the trading pattern is very similar today. Someone knows something!

And what do you believe the current monthly cash burn is?

[domestos] 01/8/2007 02:08

APHRODITES, the new appointments in the U.S. and further expansion plans have all been budgeted for in the £0.7m fund raising:






Richard Parris, Chief Executive Officer, commented:

"We are pleased to have secured new institutional backing for the Group. This is the first time that Intercede has raised funds since July 2003. The cash raised will provide additional working capital and will also enable the Group to exploit more fully the various opportunities around the world that are increasingly presenting themselves. The opportunity in the United States is the most immediate, a situation that we have anticipated for some time, but which has now produced formal contracts and which is poised to translate into meaningful revenues."

[wjccghcc] 01/8/2007 00:19

Run out of cash by December? Aphrodites, are you on something? Hopefully it's just you're wounded pride talking - noone likes to buy at the top.

They had 1.35mm cash after the placing, and last year's cash outflow was 459k. Operating expenses were actually lower in H2 than H1 so that's unlikely to increase much - the beauty of the channel partners is that once they're up to speed, IGP's costs are much less. Yes, they've hired a US sales person but much of her compensation will be offset by the reduced travel costs of always having to fly someone out from Lutterworth, plus the FX rate is pretty good. If you know the company, you'll see they've managed cash very tightly for the last 5 years. I'd say they have at least 2-3 years cash and that's assuming no increase in revenues which is highly unlikely.

Regarding the SP, as you say, most unprofitable AIM stocks are news-driven and we haven't had any for a couple of months - that's the problem with high-end smart cards, in the private sector not many of their customers will let them disclose any contracts.

The timing on HSPD-12, TWIC and FRAC rollout is unknown by the market so what incentive is there for people to buy, particularly when the FTSE 250 dropped 7% last week? It's no surprise the share price has fallen towards the placing price, as it has done for several other lossmaking companies which have just raised money (innovision springs to mind).

I expect this year's figures to at least match the 20% revenue growth from last year - support/maintenance revenues alone should have doubled on last year and be approaching 800k with 2mm licenses in issue. Add that to the 580k of deferred income at the year end and you've already got 50% of last year's revenues in the bag.

IGP are one of the top two in their sector globally. Advanced Smartcard (similar mkt position in the transport sector) have just been bought for 16mm and their revenues are less than half of IGP's. At 35p, their mkt cap is already 40% below that.

[237gmoney] 31/7/2007 23:55

And so do I! the lack of news flow is drip drying this company share price and after the imprivita/gemalto SSO deal with the NHS, why did IGP not release something to the market? ok it said something on the website but the market doesnt follow the website, a trading update after Q1 would of helped keep investors in the know but nothing, it doesnt hurt to give 4 announcements a yr for quarter updates as would streamline the rise/fall of the share price rather than have steep inclines/declines.

The fact of the matter is HSPD-12 is not running as quick as IGP would like. RSA, Verisign, Gemalto are the big players and can afford to keep IGP waiting before paying up. TWIC, FRAC and anyother project will not bring in any real revenues before 2008 and IGP seem to be missing out on other projects which they could of got......German health card? GSA 42 agencies HSPD12, etc.

The expansion is likely to involve one big project in the US such as the real ID, PASS or something similar and what if IGP dont get on that??? I thought the idea was that the OEM partners sold the product hence the 97% profit margins....so why do IGP need someone to push the product even more???

This new girl better get some contracts in fast and get news out to the market quick before the 33p is tested....otherwise it will be a long hard winter ahead...