INTERCEDE GROUP PLC (IGP)

INTERCEDE GROUP PLC (IGP)

Blog posts

All Change at Superdry and Intercede – Perhaps

Readers are probably aware that founder Julian Dunkerton managed to win the votes yesterday (2nd April) at the EGM that he requisitioned at Superdry (SDRY). The votes to appoint him and Peter Williams were won by the narrowest of margins despite proxy advisors such as ISS recommending opposition. My previous comments on events at Superdry are here: https://www.sharesoc.org/blog/company-news/superdry-does-it-need-a-revolution/ . It did not seem clear cut to me how shareholders should vote, but I did suggest there was a need for change. There ...

Beaufort Administration, Intercede and the Mello Conference

Yesterday I attended the first day of the 2-day Mello investor conference in Derby. There were lots of good presentations and some interesting companies to talk to. One hot topic of conversation was the collapse of Beaufort which was forced into administration (see two previous blog posts on the topic for details). There are apparently many people affected by it. There are a number of major issues that have arisen here: The administrators (PWC) have suggested it might cost as much as ...

Johnston Press, Blancco Technology and Intercede

Companies in difficulties always make for interesting reading, and here’s a brace of them. Firstly Johnston Press (JPR), a publisher of newspapers. That includes many local ones but also the Yorkshire Post and the Scotsman who cover national business news – the latter is particularly good on the travails of those big banks registered in Scotland such as RBS and Lloyds. The company had more operating losses than revenue last year, debt is way too high and dividends have been non-existent for ...

Identity Theft – Experian, TalkTalk and Optimal Payments

There have been a spate of cases of digital identity theft or breaches of security from UK listed companies of late. Their shares prices have all been affected to a greater or lesser extent. On the 2nd October, Experian (EXPN) reported that 15 million US consumers who had applied for T-Mobile services had been the subject of theft of their personal information. T-Mobile is reviewing its relationship with the company, but the share price only suffered a temporary setback even though the ...

AGM Reports

Intercede Group (IGP) AGM Report 2012

There were about 10 shareholders turned up today (26/9/2012) for the Intercede AGM at the company’s offices in Lutterworth, rather fewer than last year from what I recall. As readers may know, ShareSoc ran a campaign against the terms of an LTIP introduced in 2011 and on other aspects of this company (see www.sharesoc.org/campaigns2.html for details). The LTIP was revised recently and we welcomed the change in a press release. But there are still many concerns about the corporate governance in ...

Intercede AGM Report – A Family Run Software Business

Today I visited the offices of Intercede Plc in Lutterworth, Leicestershire to attend their AGM (they lease a large old house as their offices, which are nearing capacity, in this small town). Intercede sells the MyID identity and credential management system. Basically this manages the identities of people within a single integrated platform (for more information, see www.intercede.com ). Revenue was only £6.8m last year and profits £2.0 despite the fact they have been developing this market for many years and ...

ShareSoc News

ShareSoc celebrates second anniversary

PRESS RELEASE 43 (01/03/2013) In February 2010 the UK Individual Shareholders Society (ShareSoc) was launched as an organisation to represent private investors. Since then the Society has recruited over 2,500 members and has actively worked to promote their interests. ShareSoc has run a number of campaigns on companies where we identified significant issues of concern to shareholders including Rensburg AIM VCT, Graphite Enterprise, Intercede Group, Lighthouse Group and BAE Systems, and achieved significant share price performance improvement in the first two. Intercede ...

Intercede Group – an example of poor corporate governance and bad AGM procedures.

PRESS RELEASE 36 (28/09/2012) ShareSoc ran a campaign against the terms of an LTIP introduced in 2011 at Intercede Group, and on other aspects of this company. The LTIP was revised recently and we welcomed the change in a press release. But there are still many concerns about the corporate governance in this company as you will see from the following report. At the AGM on Wednesday Executive Chairman, Richard Parris, opened the meeting by declaring that all resolutions would be taken on ...

ShareSoc Welcomes U-Turn on LTIP at Intercede

PRESS RELEASE 33 (21/08/2012) ShareSoc (the “UK Individual Shareholders Society”), welcomes the announcement today by Intercede Group that the terms of the LTIP devised in August 2011 have been revised. ShareSoc heavily criticised the original terms of that LTIP and subsequently formed a Shareholder Action Group to get it changed. In a note we issued in March 2012, we criticised the nominal cost of the options awarded under the LTIP, the illogical performance conditions which were based on eps when the company needed ...

ShareSoc Recommends Voting Against the “Exceptional Performance Incentive Plan” at Faroe Petroleum

PRESS RELEASE 23 (02/05/2012) ShareSoc (the “UK Individual Shareholders Society”) suggests that shareholders in Faroe Petroleum should vote against the new management incentive scheme. This scheme which is entitled the Exceptional Performance Incentive Plan (EPIP) will permit substantial grants of nil-cost options to senior executives, subject to certain performance conditions. The details of the performance conditions are complex but the prime requirement for full vesting is total shareholder return of 25% per annum over 3 years. ShareSoc suggests that a performance incentive scheme ...

ShareSoc Launches Attack on Unjustifiable LTIP Award at Intercede Group Plc

PRESS RELEASE 19 (12/03/2012) ShareSoc (the “UK Individual Shareholders Society”), has launched a Shareholder Action Group in relation to Intercede Group Plc. Intercede announced a Long Term Incentive Plan (“LTIP”) in August 2011. In the view of ShareSoc, and the shareholders whom we represent, this LTIP demonstrates many of the aspects that are abhorrent in the current system of remuneration in public companies. The problems are: The award of nominal cost share options (effectively free shares) which simply transfers a part of the value ...