Archive IR news
Publication of insider information in accordance with Article 17 of Regulation (EU) no. 596/2014
InterCard AG Informationssysteme decides on a cash capital increase with subscription rights
– Not for distribution, publication or redirection in the United States, Australia, Canada and Japan –
The management of InterCard AG Informationssysteme has decided today, with the agreement of the supervisory board, to increase the capital stock of the company up to EUR 2,323,633.00, by means of a cash capital increase of up to EUR 302,970.00 and by making partial use of the Approved Capital of EUR 2,020,663.
This will occur through the issue of up to 302,970 new no-par value bearer shares, each with a proportional share of the capital stock of EUR 1.00, which will be entitled to participate from 01.01.2021.
Shareholders will be granted a subscription right. The subscription price is set at EUR 7.50. The subscription period is expected to begin on 24.11.2021 (0:00 hours) and is expected to end on 8.12.2021 (24:00 hours/midnight).
New shares not taken up by the shareholders as part of their subscription rights within the subscription period may be offered by the company to selected investors within the framework of a private placement at the determined subscription price.
The legal subscription right will be granted to the shareholders as an indirect subscription right in such a way that the new shares will be signed by the commissioned credit institute at the emission price of EUR 1.00 per share and will be taken over with an obligation to offer them to the shareholders at a ratio of 20:3 (3 new shares for every 20 existing shares) and at a subscription price of EUR 7.50, and to deliver the new shares after registration of the execution of the capital increase in the commercial register in accordance with the exercised subscription rights.
Further details will be described in the subscription offer, which will be published in the Bundesanzeiger in good time before the start of the subscription period.
The public offer will take place without a prospectus in accordance with § 3 no. 2 of the Securities Prospectus Act (Exceptions to the Obligation of Publishing a Prospectus). Shareholders and investors are recommended to read the securities information sheet produced by the company, which will be available on the company’s website before the start of the subscription period.
Exploration of Possible Capital Increase
InterCard AG Informationssysteme (intercard.org) is exploring the possible implementation of a capital increase with subscription rights on the basis of a securities information sheet and with subsequent private placement.
InterCard has introduced a new ID system within the market in Germany which will offer many more possibilities than the previous chipcard systems through the centralisation and interconnectedness of all data. The system is already being successfully marketed in Switzerland. InterCard is also working on the market launch in other countries. Moreover, the system will permit in addition the development of further growth markets such as hospitals, companies and other institutions. Thus with the new ID system, InterCard recently acquired a major order from the State Office for Police Training, Further Training and Staff Affairs in North Rhine-Westphalia, with a volume of more than TEUR 400.
The capital increase will benefit the establishment of new sales structures and the further development of the system. Corporate takeovers will also complement the organic growth.
InterCard will also grow profitably during the current business year. The growth in revenues can be ascribed to the takeover of the new subsidiary company IDpendant in September 2020, which is being consolidated for the entire year for the first time. In spite of the previous closures in universities, our core market, as a result of the pandemic, our operative business is largely developing in a stable manner and thus lies somewhat higher than our previous expectations. In addition to successes in the new markets, this is also due to an appreciable share of secure business with a large number of existing customers.
All finance reports, research coverage and possibilities for participation in the forthcoming events can be found under: www.intercard.org/investoren.
Half-year figures 2021
InterCard AG Informationssysteme completed the first half-year 2021 with a growth in revenues amounting to TEUR 10,423. During the comparable period of the previous year the concern’s revenues amounted to TEUR 9,200.
As expected, the revenues and result during the first half-year continued to be adversely affected by the continued closures in the university sector. During the previous year, due to a considerable orders backlog from 2019 it was possible to implement important projects in good time before the corona-virus pandemic, especially during the first quarter, thereby achieving relevant revenues. Against this background, the increase in revenues during this year is entirely due to the first consolidation of the new stockholding IDpendant during the first half-year. In future the revenues will then rise from a mixture of organic and anorganic growth.
During the first half-year the EBITDA lay at TEUR 835 (previous year 1,182), the EBIT at TEUR 299 (previous year 643), the EBT at TEUR 228 (previous year 594) and the annual surplus at TEUR 164 (previous year 206). It continued to be possible to cushion the decline in result in the affected areas by reductions in costs and a large share of high-margin existing business. The InterCard business models provide for a close long-term business relationship with existing customers in addition to new business.
Apart from a return to the expansion of new business, InterCard is also working on the expansion of licence-based business models for future years. All this will be made possible by the new ID system of InterCard. Unlike previous chipcard systems, it centralises all the data of those who are registered within the system, on the basis of the secure ID, and thereby creates numerous new opportunities in all the applications within the system: new payment options, the new app, the precise allocation of all processes for each person and the central administration of individual rights for physical and digital access. These features are all available right from the start with the new registration processes for new users. You will find more on this subject under www.intercard.org.
Thus the technical and organisational restructuring of InterCard creates the potential for increased revenues at low cost: for more international expansion, new markets and hospitals, the continuous addition of applications for the central ID and migrations to a higher technological standard for existing customers.
Capital increase registered
The capital increase of InterCard AG Informationssysteme against a non-cash contribution has now been entered in the commercial register. Thereby the capital stock has been increased by EUR 161,663 from previously EUR 1,859,000 to EUR 2,020,663, divided into 2,020,663 no-par shares.
InterCard AG Informationssysteme has therefore increased its shares in the Swiss subsidiary company Polyright from 61.03% to 100%. The takeover took place within the framework of the previously announced integration of the companies of InterCard in Germany and in Switzerland.
Start of trading XETRA
From today, 15.6.2021, the shares of InterCard AG Informationssysteme are included in the trading platform XETRA of the German Stock Exchange in Frankfurt and are tradable. The home stock exchange remains the m:access of Munich Stock Exchange.
By taking this step, InterCard takes into account the increased significance of its own stock exchange listing. The previous majority shareholder of InterCard had recently announced the dilution of its shares to 46.8 %. Furthermore, the shares of this major shareholder were to be transferred off-market to several of its previous investors. InterCard expects a new stimulus for the trade in shares from the new shareholder structure, the activities of InterCard in new markets and an improved public awareness.
At the same time, with the inclusion in the trading of XETRA, InterCard has commissioned the BankM in Frankfurt as a designated sponsor. The designated sponsor acts as a liquidity provider by placing binding purchase and sales limits (quotes) in the XETRA order book. The improved tradeability of the shares of InterCard AG Informationssysteme will be guaranteed through the additional liquidity during the daily hours of trading.
InterCard expects these measures to improve the attractiveness of the shares for new circles of investors.
You can find out more on
> www.xetra.com, > www.bankm.de and www.intercard.org.
Major investor becomes a minority investor
Sandpiper Digital Payments AG has informed us that after the registration of the current non-cash capital increase of InterCard it will hold less than 50% of the shares in InterCard AG Informationssysteme.
Consequently, the shares of InterCard AG Informationssysteme will be held in future entirely by minority shareholders. Sandpiper Digital Payments with its head offices in St. Gallen has held the majority of the shares since 2016.
InterCard had recently announced an increase in capital against a non-cash contribution. After registration the capital stock of InterCard AG Informationssysteme will increase by EUR 161,663 from EUR 1,859,000 today to EUR 2,020,663, divided into 2,020,663 no-par shares.
The capital increase is taking place within the framework of the share increase in Polyright AG to 100%.