Intercede announces its intention to commence a share buyback programme (the “Buyback Programme”) to acquire up to 250,000 Intercede ordinary shares as and when they become available at volumes and prices that, from time to time, the Board considers appropriate.
The Board intends that any shares acquired pursuant to the Buyback Programme will be held in treasury and used for the purposes of a Share Incentive Plan (SIP) that is in the process of being established for all UK employees. Any shares acquired pursuant to the Buyback Programme will be immediately notified to a Regulatory Information Service in accordance with the AIM Rules for Companies.
Any acquisitions will be effected in accordance with the Company’s general authority to buy back shares and within certain set parameters, including that the maximum price paid per share is to be no more than 105% of the average middle market price of an Intercede share for the five business days preceding the date of acquisition.
In addition, given the liquidity in the Company’s shares, the Company may buy back in any one day more than 25% of the average daily volume over the preceding 20 business days.
Intercede confirms that it currently has no unpublished price sensitive information.
Richard Parris, Intercede Chairman and Chief Executive, said: “This SIP is being introduced at a time when Intercede’s business is rapidly expanding and competition for staff in the IT recruitment market is stronger than ever before. As a result it is important to use all cost effective means possible to continue to attract and retain world-class employees.”
Intercede® is a software company specializing in identity and credential management with a global team of experts located in the US and UK.
Intercede’s MyID® identity and credential management software enables organizations to create and use trusted digital identities for employees, citizens and machines. This allows secure access to services, facilities, information and networks.
MyID meets the highest government standards yet is simple enough to be deployed onto consumer devices such as smart phones and tablets. Critically, MyID provides an easy, convenient and secure alternative to passwords.
Millions of identities are managed using MyID and Intercede has provided identity verification and management services to global customers for more than 20 years. MyID is a commercial off the shelf software product, designed and developed to be configurable so it can be embedded as the cornerstone of cyber security infrastructure for governments and corporations.
Customers trusting Intercede for secure digital identity include the US and UK governments and some of the world’s largest corporations, telecommunications providers and information technology partners.
Intercede Group plc
Tel.+44 (0)1455 558111
Andrew Walker, Finance Director
Tel.+44 (0)207 220 0500
Stuart Andrews, Corporate Finance
Joanna Weaving, Corporate Broking
Pelham Bell Pottinger
Tel.+44 (0)207 861 3112