CredEcard plc - Disposal of trading business

[planteria]

"The latest twist in the Totalise tale."

used to be totalise?

[brax]

Not exactly, Planteria. You've clearly not been giving this your undivided attention! But Tot shareholders in many cases ended up holding shares in this company due to a series of events over the last 5 or 6 years.

[brax]

I've been doing a little digging to try to understand the changes here. I was interested because it was only last year that Credcard was making loud noises about how great a future it had. I was surprised that it was sold so soon.

Here's a reported statement from PG that I found interesting. It sounds almost as if PG might have a continuing interest in the "credecard" operation -- now owned by ID Data. And what of the shareholders? Well the little people (ie us) have been rolled out of the picture. We have shares in a thing called Alphatemps. It may be a lovely thing but it ain't Credecard.

Al I reading this correctly? If so then we may find we now own a pig a poke.

QUOTE --
Peter Gregory, CEO of CredEcard, said: 'The merger of our business with ID Data will allow us to fulfil our ambitious plans and become a major force in the pre-paid and associated financial services businesses.
'We have demonstrated our advanced capabilities in the payroll sector and have a pipeline of other exciting potential clients.
'Now we have a stronger group offering a fully integrated solution which will be delivering clients further advantages.
'We have been impressed with ID Data as a supplier and with their dynamic approach to acquiring our business and providing us with immediate new sales leads for our future growth.
'CredEcard has an attractive offering and combined with the international credibility of ID Data will, I believe, deliver success for all.'

[All except us, that is -- we who have been bought out]

[brax]

Here's a link to the whole statement. You can find it by googling "Peter Gregory" and "ID Data" and going to the Citywire link.

It sounds almost as if PG might still be running the "independent" Credecard unit at ID Data, although it doesn't actually say that in those terms. Look at the language - "merger" and "independent business unit." The implication is that Credecard has found the funding it needs to go forwards.

Well I hope we got a good price. We now own a temp agency with a one page website. Alphatemps anyone?

http://www.citywire.co.uk/Shares/Ann...mentID%3d11623

[wjordan]

Interesting to look at PG's directorships between 2002 and 2004!

MR PETER GREGORY,

Managing Director and driving force of CredEcard Plc, he is the source of
initial funding for the venture.
Current and previous Directorships over the past 5years are:
22/11/2002 JCJ Limited (resigned)
26/11/2003 Another.com Limited
25/06/2002 CredEcard UK Limited
10/07/2004 Cheviot Artus PLC (resigned)
05/01/2004 Q X Limited
17/09/2004 Q X Sales Recruitment Limited
26/11/2003 Funmail Limited
12/06/2003 J C J Locums Limited (resigned)
12/06/2003 J C J HMR Limited (resigned)
12/06/2003 Capital J C J Limited (resigned)
29/04/2002 J C J Holdings PLC (resigned)
07/02/2002 Spans Partners Limited
31/08/2000 D C Tech Limited
28/01/2000 Intermutual Financial Services PLC
24/01/2000 Greyspark Limited
19/01/2000 Alpha 235 Limited
28/02/2003 Beta 123 Limited (resigned)
28/02/2003 Tau 123 Limited (resigned)
28/02/2003 Delta 123 Limited (resigned)
20/02/2003 Alpha 234 Limited (resigned)
19/03/2002 Jardin Vert Limited (resigned)
08/02/2002 Inet Sales and Marketing (resigned)
08/02/2002 Totalise Bidmark Limited (resigned)
08/02/2002 Totalise Clicksave Limited (resigned)
08/02/2002 OWS Limited(resigned)
08/02/2002 E-Agent Limited (resigned)
07/02/2002 Totalise PLC (resigned)

[brax]

Certainly quite a list. Of course a lot of these are connected companies, for example the Totalise cluster of companies.

I imagine that this particular exercise on "quasi-mutuality" has died. With more of a whimper than a bang. Perhaps it was an idea whose time had come -- and then gone.

[member225405]

I'm a bit confused over the situation here. Are my shares in CredECard now relative to Alphatemps or still CredECard?

[Biggles2]

I'm a bit confused over the situation here. Are my shares in CredECard now relative to Alphatemps or still CredECard?

Alphatemp. And, just to make it really clear, the Epic is now CRDP......

[brax]

Biggles,
what do you make of this.

Have we been outsmarted? Or should we be glad to have share in Alphatemps?

[Biggles2]

Have we been outsmarted? Or should we be glad to have share in Alphatemps?

I don't speak as an expert in this business. I have felt, for a long time now, that the whole thing was run for the benefit of one P Gregory and that anything the 'mutual shareholders' would get out of it would be purely fortuitous. It would seem that he is going from one venture to another in the hope that one finally pays off bigtime. All we can hope is that it does so while we hold our shares.....