Intercede Share Discussion Threads

[igoe104] 20/12/2005 16:59

price holding up very well, even after a good rise. holders must know, there lots more to come.

[wjccghcc] 20/12/2005 11:51

Both have been non-execs for a few years. Both increasing their stakes by 15%. First director buys for a year. As you say, don't think it will move the price but provides a comfort level that the recent move up is well deserved.

[rambutan2] 20/12/2005 11:41

hardly big time, but very nice to see at that price...

Intercede Group plc was informed on 20 December 2005 that the following
directors had purchased ordinary shares of 1p each in the company on that day.

Name of No. of shares % of issued Price Enlarged % of issued
director purchased share capital shareholding share capital

Royston
Hoggarth 18,430 0.05% 34.5p 148,440 0.44%

Jurek 8,470 0.02% 34.5p 79,196 0.23%
Sikorski

[rambutan2] 19/12/2005 10:25

was a bit of a longshot - but it's a small (intercede) world out there!

[wjccghcc] 19/12/2005 07:59

Nope not me. Got a lot but not that many!

[rambutan2] 18/12/2005 23:13

what a silly thing to say blueliner.

i happened to be looking at the last report and accounts this afternoon, and as at 31/03/05, unprovided tax losses carried forward were £4.7m. igp is now in a position to start making good use of them.

i was also reminded that the 31/03/07 cnvs have a conversion price of 41.4p - up to a max of 1,086,800 shares, so could come into play before long if the owners so choose. (the 11/12/06 cnvs have a conversion price of 60p)

likewise, there are the 2,982,919 wrrs ex at 7.8p, a bunch of which will have to be exercised by end of next year ie 11/12/06. with regard to the recent rns...

The Company received notification on 8 December 2005 that, pursuant to an
agreement dated 7 December 2005, San Mackenzie Enterprises Ltd. has acquired
1,207,845 ordinary shares of 1p each representing 3.6% of the Company's issued
share capital and accordingly now has a total notifiable interest of 1,463,216
ordinary shares representing 4.3% of the Company's issued share capital.

i think it quite likely that one of the holders has sold on shares in the knowledge that it still has wrrs to keeps its shareholding up. in any case, ive failed to discover who san mackenzie is/are - it's not you is it wjccghcc? - but will be interested to discover who the seller was when they get round to informing the lse, as they have to.

[wjccghcc] 18/12/2005 20:14

Of course shareholder funds are in deficit, they have 9mm cumulative losses from the last five years as they've been investing in developing the products and establishing relationships with the main ID card providers.

This isn't an asset play, it's a growth company that has moved from loss making to profit in the last two halves. In H1, they generated 274K of operating cashflow.

If you want big shareholder funds, go buy a property company.

On the plus side, it means they have 9mm of losses to carry foward against tax.

[blueliner] 18/12/2005 19:02

M/Cap excluding future exercising of warrants is £11.7M
but equity/shareholders funds are deficit
the emperor has no clothes imo

[rambutan2] 16/12/2005 16:31

japanese dealer?!

in any case, all quite healthy then - demand in the mid 30ps. bodes well.

[wjccghcc] 16/12/2005 16:16

Would have been a third of the company! Looks like someone got carried away with typing the zeroes. Looks like 100k buy matched by 90k sells.

[rambutan2] 16/12/2005 15:49

10m T trade at 34.5p!!!!!!

shurely a mistake?

[wjccghcc] 16/12/2005 08:17

Thanks fingers.

[yump] 15/12/2005 17:41

Yes, the long flat bits (is there a chart name for these?) do give a bit of confidence). Actually I'm always on the lookout for charts that are going up in small steps without retreating again within a month or so - haven't seen much with potential recently though - most seem to be bombed out sp's as a result of something nasty happening.

[wjccghcc] 15/12/2005 17:28

Been there yump :-)

I get the impression the MM's didn't want to hold stock so only moved the price here when there is a particular buyer or seller around rather than with the general market. Hence the long flat periods. Unfortunately, if awareness of IGP picks up they'll probably start being a bit more aggressive in managing their books with a resultant increase in volatility - that would be a shame.

[yump] 15/12/2005 17:12

>WJCCGHCC
Not sure I've exactly been a major contributor - I spotted garths thread well after flotation !

Whats interesting in retrospect is that the period of sustained stable share price from October through to December in what was a very dull market for small stocks, was probably very significant. Relative strength in a weak market. Unfortunatlely I've kept the odd company that had relative weakness in a weak market as well :-(

[igoe104] 15/12/2005 16:30

also should be good write ups in ic, share mag. lots kicking in over next 18 months, usa ministry defence, etc. there a hell of alot more rising in this one yet.

[pyman] 15/12/2005 16:22

Thanks Yump. With a bit of luck things will stay quiet. I love the model and gearing- looks set for great things over next 18 months only caveat being competition. As long as they keep the offer fresh and competitive they are in good shape.

[allstar4eva] 15/12/2005 13:11

ok, ok I'll let you all off then:-)

[garth] 15/12/2005 12:33

From CR's 100% thread:



WJCCGHCC - 12 Dec'05 - 15:01 - 26 of 185


Intercede Group (IGP) was my pick from Summer 2005 and I'm repeating it again for 2006. I think I tipped them at 20p offer, currently 26/28 so 30% last year but IMHO it's not even started yet. If you believe the move towards ID security (as I do) from ID cards, corporate smart cards, IT security etc., then IGP is one to look at.

From their website: " Established in 1992, Intercede is a leading developer and supplier of powerful smart card and identity management software.

Intercede's software enables technology partners, service providers and systems integrators to quickly and easily incorporate smart cards and associated digital credentials into their products, solutions or services."

Originally IGP provided security consultancy selling mainly third party products but also developed their own card management technology, originally called edifice which gave rise to their card mangagement software (CMS) called MyID.

You'd think it was easy to create CMS but it isn't. It needs to be easy to use, integrate with thousands of products from hundreds of different suppliers, be extremely secure and allow numerous layers of access and authorisations. MyID has two patents protecting its key technology to do just this.

That's all very well, but even if you have a great product, how are you going to sell it when you're a 9mm mkt cap company based in Leicestershire? Well it appears that MyID is one of the easiest to use, most stable and most adaptable CMS's around and consequently is one of three or four global leaders in the expanding sector, in particular providing the basis on which the much bigger smart card/security/IT companies build their CMS offerings.

Take the 5 biggest smart card companies - Oberthur (MyID used for their UK national ID card proposal), Gemplus (MyID used for their corporate CMS), Axalto (their major corporate CMS), Siemens (their UK corporate CMS) and G&D (ad hoc proposals to the US including a major contract win at a US defence contractor).

Look at the specialist security companies - RSA Security and Athena Smart Card Systems use MyID as the basis for their own CMS. Thales e-security uses it in the Thales Safesign range.

Then today they just announced that Verisign have contracted them to create a customised version of MyID to be used exclusively with a number of their services and products.

Last year revenues were 1.8mm of which 1.25mm came in H2 with the company making a H2 profit of 150k and cash balances increasing by 57k. The numbers have been obscured over the past 2 years by the wind down in 3rd party product sales e.g. although total sales were up only 13% last year, MyID license sales increased by 81%.

The thing I like about IGP is the operational gearing. They get paid on a per license issued basis, with guaranteed minimums from some of their clients (e.g. 400k a year from RSA), but have a pretty much fixed cost base. The US alone is rebadging all federal employees (7mm+) by Oct 2006 as the result of a Homeland Security Directive and MyId is one of the few products suitable for these contracts.

They do not have a corporate broker - they did without to save costs and there is no broker coverage at the moment. At the time of the finals, they said they had the largest sales and order pipeline ever, so I'd like to see 3-3.5mm sales for y/e Mar 06 rising to 5-5.5mm in Mar 07. Assuming costs rise a bit to about 2.5mm and assuming 50k of net interest expense on convertibles, that's PBT of 500-900k rising to 2.5-3mm for a company with a mkt cap of 9mm.

Downside risks include competition - IBM, ANDIS and inhouse software are the main ones. Also they have little control over implementation of their contract wins so their could be contract slippage etc.

Management hold approx 20%. The head of their European Sales (not a director) bought 1.25% in the summer at 16p.

Personally, I think this will be a five bagger over the next 18 months, but I have built up a large stake so am totally biased :)

[wjccghcc] 15/12/2005 12:23

It's already on there allstar. Added it 11th Dec at 28p. Also was mentioned on the 2005 thread back in the summer.

IMHO, quiet is usually better.

[garth] 15/12/2005 12:23

...and more to the point, since when has CR had a 100% thread?

[garth] 15/12/2005 12:21

Allstar,

the header has been saying it for the last 2 years.

"Intercede - overlooked SMART CARD & DIGITAL ID micro cap"

Good things come to those who wait I guess.

G.

[grupo guitarlumber] 15/12/2005 11:38

Intercede H1 loss narrows, expects continued growth going forward

LONDON (AFX) - Software company Intercede Group PLC posted narrower interim
losses and said it expects to see continued strong growth in its market sector
and in market share over the coming months.
"We anticipate that our new and existing distribution partners will start to
generate recurring revenues as they respond to increasing demand for identity
cards for corporate and governmental applications around the world," the group
said.
For the six months to Sept 30, the company posted a pretax loss of 48,000
stg compared to a loss of 558,000 a year earlier.
Sales during the period totalled 1.241 mln stg compared to 535,000 stg last
time.
bam