Intercede Share Discussion Threads

[omiceanmen] 13/1/2019 20:20

See there are musical chairs on the IGP Board. Founder Parris gone. Hidden as pre Christmas RNS. No reason given. Jumped or pushed? Anyone got any ideas? I was considering taking another punt based on positive interims before I spotted this RNS and now I'm not so sure.

[red army] 26/11/2018 11:30

I think that revenues will come with patience once the credibility of this story is appreciated by new customers.

[jailbird] 26/11/2018 08:18

It does concern me a little where increased revenues will come from say above £10m in the short/ medium term nowCost cutting will enable the Co to be profitable at these levels but I want to see ramp up in revenues as well

[jailbird] 26/11/2018 07:52

Small 2nd in profit is why this has gone up... best to exclude approx £1m tax credit to get a better idea though Disappointed to read last paragraphs since this was supposed to create larger revenues but seems to have halted opportunities for now This past investment has enhanced Intercede's expertise and skills and placed the Group in a position to also provide Digital Trust for the consumers of mobile applications and mass produced electrical goods that will make up the IoT market. Unlike Intercede's traditional customers, these target markets are currently struggling to understand cryptographic key management and the PKI infrastructure and why it provides better Digital Trust than, say, biometric security or SMS one-time passwords.Against a backdrop of ever increasing cyber-threats, Intercede will continue to drive its innovation culture and remains optimistic that, over time, suppliers and consumers of mobile applications and the IoT will come to recognise the importance of Digital Trust.

[daz] 26/11/2018 07:22

Results out today read very well in my view, the increased revenue and greatly reduced costs combining to give a much reduced underlying loss, I'm ignoring the exceptional tax credit, which tips the company into profit. Cash has also improved - again mainly because of the tax credit but it seems very clear, there is no need for a cash call.
They also say they are confident of being profitable in the next financial year, although to what extent is not clear but all in all the recovery is taking place and should revenue continue to grow at the current pace, the gearing will have a big effect on the bottom line.

[jailbird] 05/11/2018 10:48

Very hard to pick up any stock after the volume on Thursday.

Just managed to get 5k, and it moved it up

[jailbird] 01/11/2018 10:41

Some volume today out of the blueHope it is based on positive info

[daz] 04/10/2018 18:14

Yes, good news about the cash balance as well, as it rules out any need for a cash raising, so the comeback is very much on if they can grow revenues.

[rambutan2] 04/10/2018 12:02

Phew! No horrors. The comeback commences...

Trading Update

Intercede, the leading specialist in digital identity, credential management and secure mobility, is pleased to report that revenues for the six months ended 30 September 2018 (HY2018) are more than 10% higher than last year.

This is in line with expectations and reflects a strong end to the half with orders received from both new and existing customers resulting in revenues for HY2018 of GBP4.1m (2017: GBP3.65m).

Coupled with action taken to reduce the cost base prior to the start of the financial year, operating losses for HY2018 are substantially reduced to less than GBP1.0m (2017: GBP3.1m).

Cash balances as at 30 September 2018 totalled GBP3.6m, compared to GBP2.3m as at 31 March 2018 and reflect a positive operating cashflow during the period, plus the receipt of GBP1.0m from HMRC in respect of the 2017/18 Research & Development Claim.

[rambutan2] 03/10/2018 04:00

We are due a trading update some time fairly soon. Fingers crossed!

[rambutan2] 03/10/2018 03:58

I believe that the budget cuts were made in areas which were not (yet) delivering revenue. Despite all the high expectations, MyTAM was one culprit. The priority for now is to stop burning through cash and get into profit. The focus will be on the proven MyID kit, for which there is still a very large market out there - step forward the new, sales focused CEO...

[jailbird] 28/9/2018 07:41

what has happened about MyID TAM

This iwas supposed to bring in larger revenues..not a mention of this anywhere in the results

[rambutan2] 28/9/2018 03:05

From the finals: "In additional there were initial MyID license sales to the largest US military shipbuilding company..."

[jailbird] 20/9/2018 07:12

Indeed it was.

[jailbird] 18/9/2018 09:22

Nothing special in the Notice of AGM
..looks like may be an anti climax , trading update month after
Intercede Group plc
Notice of Annual General Meeting


Notice is hereby given that the eighteenth Annual General Meeting of Intercede Group plc will be held at Lutterworth Hall, St. Mary’s Road, Lutterworth, Leicestershire, LE17 4PS on Wednesday 19 September 2018 at 2.00 pm for the following purposes:

Ordinary Business
To consider and, if thought fit, pass the following resolutions which will be proposed as ordinary resolutions of the Company.

1 To receive and to adopt the Company’s financial statements for the year ended 31 March 2018 together with the reports of the Directors and the auditors.

2 To re-elect Royston Hoggarth as a director.

3 To re-elect Richard Parris as a director.

4 To re-elect Jacques Tredoux as a director.

5 To re-elect Klaas van der Leest as a director.

6 To re-appoint PricewaterhouseCoopers LLP to hold office as auditors until the next Annual General Meeting, and to authorise the Directors to determine the remuneration of the auditors.

Special Business
To consider and, if thought fit, pass resolution 7 which will be proposed as an ordinary resolution of the Company and resolutions 8, 9 and 10 which will be proposed as special resolutions of the Company.

7 THAT,
(a) the Directors be generally and unconditionally authorised, in accordance with section 551 of the Companies Act 2006 (the "Act"), to exercise all powers of the Company to allot relevant securities (as defined in sections 549(1)-(3) of the Act) up to a maximum nominal amount of £166,728.00 (being 33% of issued ordinary share capital);
(b) this authority shall expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or, if earlier, on 1 October 2019;
(c) the Company may, before this authority expires, make an offer or agreement which would or might require relevant securities to be allotted after it expires; and
(d) all previous unutilised authorities under section 551 of the Act shall cease to have effect (save to the extent that the same are exercisable pursuant to section 551(7) of the Act by reason of any offer or agreement made prior to the date of this resolution which would or might require relevant securities to be allotted on or after that date).

8 THAT,
(a) the Directors be given power:
(i) (subject to the passing of resolution 5) to allot for cash equity securities (as defined in section 560(1) of the Act for the purposes of section 561 of the Act) pursuant to the general authority conferred on them by that resolution; and
(ii) to allot equity securities (as defined in section 560(2) of the Act),
in either case as if section 561(1) of the Act did not apply to the allotment but this power shall be limited:
(A) to the allotment of equity securities in connection with an offer or issue to or in favour of ordinary shareholders on the register on a date fixed by the Directors where the equity securities respectively attributable to the interests of all those shareholders are proportionate (as nearly as practicable) to the respective numbers of ordinary shares held by them on that date but the Directors may make such exclusions or other arrangements as they consider expedient in relation to fractional entitlements, legal or practical problems under the laws in any territory or the requirements of any relevant regulato-ry body or stock exchange; and
(B) to the allotment (other than under (A) above) of equity securities having a nominal amount not ex-ceeding in aggregate £50,523.00 (being 10% of issued ordinary share capital);
(b) this power shall expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or, if earlier, on 1 October 2019;
(c) all previous unutilised authorities under section 570 of the Act shall cease to have effect; and
(d) the Company may, before this power expires, make an offer or agreement which would or might require equity securities to be allotted after it expires.

9 THAT, in accordance with article 10 of the Company's articles of association and the Act, the Company is generally and unconditionally authorised to make market purchases (within the meaning of section 693 of the Act) of ordinary shares of 1 pence each in the capital of the Company (Ordinary Shares) on such terms and in such manner as the Directors of the Company may determine provided that:
(A) the maximum number of Ordinary Shares that may be purchased under this authority is 5,052,392 (being 10% of issued ordinary share capital);
(B) the maximum price which may be paid for any Ordinary Share purchased under this authority shall not be more than an amount equal to 105% of the average of the middle market prices shown in the quo-tations for the Ordinary Shares in the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which that Ordinary Share is purchased. The minimum price which may be paid shall be the nominal value of that Ordinary Share (exclusive of expenses payable by the Company in connection with the purchase);
(C) this authority shall expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution, or, if earlier, on 1 October 2019; and
(D) the Company may make a contract or contracts to purchase Ordinary Shares under this authority be-fore its expiry which will or may be executed wholly or partly after the expiry of this authority and may make a purchase of Ordinary Shares in pursuance of any such contract.
10 THAT the Directors be authorised to call general meetings (other than Annual General Meetings) on not less than 14 days’ notice, such authority to expire at the conclusion of the next Annual General Meeting of the Company or, if earlier, on 1 October 2019.



By order of the Board Registered Office
Lutterworth Hall
St. Mary’s Road
Andrew Walker Lutterworth
Company Secretary Leicestershire
7 June 20187 LE17 4PS

[rambutan2] 18/9/2018 02:21

Noted that Agm is tomorrow (wed) at 2pm.

[julianc35] 12/9/2018 14:34

Maybe a good idea for the comapny to buy Mr Parris's shares rather than him drip feeding them onto the market every time there is a price rise!

[mdchand] 12/9/2018 14:09

Perhaps Mr Parris hasnt finished selling yet as the price action would indicate an overhang in the market again. Will wait and see if this settles at 25p.

[mdchand] 31/8/2018 12:33

I had this on my watch and noticed the rise. I think the share price may have been artificially depressed due to selling from Mr Parris, but the recent purchase of 1.5m shares by our majority shareholder appears to have removed an overhang. I also note from Linkin that they have been a lot more active in recruiting staff (possibly for existing ventures or perhaps new ones) so I've taken a nibble today based on the above but also because its in break out territory on the charts.

[red army] 31/8/2018 12:12

Been buying and adding today but share price is moving up on low volumes.Potential is what it is all about as opposed to today's fundamentals.

[julianc35] 31/8/2018 08:58

Has this been tipped? Insider buying? Almost 50% increase in a few weeks and not a squeak from anyone!

[she-ra] 14/7/2018 16:26

Fair enough Paul I thought the conversion price was much lower; my mistake. However as for the cash in the bank Intercede have munched through a hell of a lot of cash which you are aware of and haven't made a profit for some time and when they did it didn't justify the share price. They were priced on jam tomorrow and it never came. So its a risky investment but if they keep getting new contracts things could change. But its a gamble so I'll pass.

Good luck with your long term investment.

[rambutan2] 11/7/2018 04:22

The recent annual report:



As Paul Scott has noticed, with costs cut and back under control, and remembering that approx 50% of rev is in reality recurring, it doesn't need a great pick up in sales from the now more sales orientated management team for the bottom line to start looking much healthier. And for the mkt cap to look undercooked.

[paulypilot] 07/7/2018 11:41

she-ra - you're talking ill-informed nonsense. Perhaps if you had actually read my piece on Intercede on Stockop... which was posted at the request of some readers, then you would be able to answer you own questions.

Yes, I did explain about the convertible loans, as follows;

Convertible loan notes - this is a bit of a nuisance. The company has c.£5m convertible loan notes in issue, which carry interest at 8%, so costly, at c.£400k p.a.. Interest is payable quarterly, so £100k per quarter cash outflow. The conversion price is 68.8125p, which is well above the current share price of 28.3p, so dilution on conversion doesn't look a problem. Final redemption date is 29 Dec 2021 - so not a problem for the time-being - the company has 3 years to come up with the money to redeem these loan notes (if they're not converted beforehand), and actually it currently has roughly that amount of cash on hand anyway. So this doesn't look like a problem to me - unless trading deteriorates, when it would become a problem.


The dilution if all these loan notes convert, at 68.8125p, would be about 7.27m new shares issued (and all debt eliminated). There are 50.5m existing shares, so that's 14.4% potential dilution - which is clearly not "massive dilution" at all, as you falsely described it. It's actually quite modest potential dilution, at a favourable (for existing shareholders) price, of about double the current share price. So not a problem at all, is it?

Secondly, nothing in my blog posts are recommendations. The readers know this, as it's been emphasised by me for 6 years, repeatedly. There's nothing I can do if a few readers decide they want to rush out and buy things I like without doing their own research. Buying into a short term price spike is usually a bad idea, but we're all adults, so people have to make their own decisions & take responsibility for them. I have never, and will never, sell into any spike - I'm a long-term holder looking for multibaggers mainly, not a short term trader. Plus my position sizes are too large to trade in & out of anyway.

I'm a small caps specialist, so of course I mainly write about small caps. Hardly a revelation there, is it?

My positions are all long-term, so the short term price movements don't interest me. As stated in my article, my position in Intercede is intended to be held for 1-2 years, depending on newsflow.

Intercede has been a serial disappointer in the past (as pointed out in my article), so this is speculative. The upside hinges on new CEO generating increased sales momentum, which may or may not work, we'll have to wait and see.

Perhaps, rather than pouring out personal bile as your go-to response, you should have (a) actually read my article before falsely slagging it off, and (b) concentrate on the facts & figures, rather than ad hominem attacks.

Your post reminded me why I rarely visit this particular backwater of the internet - it's mainly populated with unpleasant people, posting ill-informed rubbish, and hating on each other.

I see a couple of other trolls have commented, but I've previously blocked them, so have no idea what rubbish they've spewed out, who cares!

Paul Scott.