IDD ID Data

    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
 
  END 
 
MSCILFERIELELIT

Id Data (LSE:IDD)
Historical Stock Chart
From Oct 2024 to Nov 2024

Id Data (LSE:IDD)
Historical Stock Chart
From Nov 2023 to Nov 2024