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Intercede News
Placing to raise £0.7 million
Intercede, one of the world's leading developers
and suppliers of smart card and identity management software, is
pleased to announce today the conditional placing of 2,130,303 new
Ordinary Shares of 1 pence each at a price of 33 pence per new Ordinary
Share with institutional and other investors to raise approximately
£0.7 million (approximately £0.7 million after expenses).
Over the past year, Intercede has made excellent
progress in establishing its MyID product as the software of choice
in the US Government's programme of issuing new identity cards to
all federal employees and contractors. The new funds are intended
to facilitate the further exploitation of this opportunity, as well
as providing general working capital in advance of longer term revenue
streams accruing to the Company as a result of the contracts that
it has already won.
The Board considers that the raising of further
equity capital by means of a placing was acceptable having due regard
for the time and cost considerations of raising money through pre-emptive
mechanisms.
On 27 March 2007, Intercede reported that it expected
revenues for the full year ended 31 March 2007 to be no less than
20% ahead of the previous financial year. The Board expects to confirm
this when the Company's preliminary results are announced, which
will take place within the next two weeks. Interest in Intercede's
MyID product remains strong and the Company's prospects are thus
encouraging.
The placing is conditional on admission of the
new Ordinary Shares to AIM ("Admission"), though is not
conditional on the prior approval of shareholders. The placing has
been conducted using authorities approved at the Company's last
AGM held on 5 July 2006.
Application will be made to London Stock Exchange
for the placing shares to be admitted to trading on AIM and it is
anticipated that dealings in the placing shares will commence on
22 May 2007. The placing shares have been issued credited as fully
paid and will rank pari passu in all respects with the existing
Ordinary Shares in the Company, including the right to receive all
dividends and other distributions declared or paid thereon following
Admission. The placing shares will represent approximately 5.9 per
cent. of the enlarged issued ordinary share capital of the Company
immediately following Admission.
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."
About Intercede
Intercede Group plc is a leading developer and supplier of smart
card and identity management software listed on the London Stock
Exchange (IGP LN) (IGP.L). Intercede's MyID software manages the
secure registration, issuance and lifecycle of digital identities
for a wide range of uses. This requires the integration of multiple
technologies and products from many different vendors, including
smart cards, biometrics, digital certificates and Open Platform
applets.
Intercede works with a number of market leading
OEM, re-seller and technology partners that supply MyID technology
including: Athena Smartcard Solutions, Gemalto, Oberthur Card Systems,
RSA Security, SafeNet, Thales, VeriSign and a variety of systems
integrators and other security product and service providers.
Intercede and MyID are registered trademarks or
trademarks in the UK, US and/or other countries.
ENQUIRIES:
Intercede Group plc
Tel. +44 (0)1455 558111
Richard Parris, Chairman & Chief Executive
Andrew Walker, Finance Director
Pelham Public Relations
Archie Berens Tel. +44 (0)20 7743 6679
Kate Catchpole Tel. +44 (0)20 7743 6678
KBC Peel Hunt Tel:
+44 (0)207 418 8900
Julian Blunt
Gordon Suggett
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