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ID Data rises on funding news

30 October 2006  |  6206 views  |  0 card chip

Shares in UK smart card systems vendor ID Data jumped in morning trading on the back of news of a funding deal.

ID Data stock rose 16.60%, or 0.08 pence, to 0.53 pence after the vendor said it had secured a £1.25 million loan from Lloyds TSB Commercial Finance for its interim working capital, which is supported by a personal guarantee of £1 million from the firm's largest shareholder, Peter Cox.

The company says negotiations are continuing to secure longer term financing.

ID Data said last month that it continued to find the UK market "challenging" and its net assets were less than 50% of its paid up share capital.

In today's trading update, which followed the group's AGM, ID Data says trading continues to be difficult but it has now "entered a period of increased activity".

The group says it has renewed a contract with the Nectar card programme and has also signed a three year supply and management agreement for bank cards with the "world's largest credit card issuer".

The firm has also inked an exclusive contract for the distribution and licensing of Vanguard's patented keyfobs throughout Europe, Middle East, Africa and India. The Vanguard keyfobs have already been delivered to UK retailer Tesco and Nectar, says ID Data.
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