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
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