Cardcast under scrutiny
Sunday 14 July 1996
In an announcement transmitted last Tuesday over the Stock Exchange's Regulatory News Service, the official channel for price-sensitive and significant announcements, the company said it had signed a deal with French bank Credit Mutuel.
But on Friday, Daniel Woehl, a Credit Mutuel executive responsible for the deal with Cardcast, said: "I can confirm that we are working on an agreement, but we have definitely not signed one yet. They will have to wait."
Part of Cardcast's statement read: "The UK's foremost supplier of plastic card fraud prevention services, has signed a two-year agreement to provide hot card files to Credit Mutuel, the leading French bank."
Nigel Whittaker, Cardcast's non-executive chairman, was unavailable for comment. But Graham Pouley, the finance director, said that whether a contract had been signed "depends on what you call a contract. As far as I know, we have an agreement between two parties." He added: "If this agreement turns out not to have been signed, it would be of concern to us and to our shareholders. Obviously we are aware of our responsibilities as directors, and they are not taken lightly."
Mr Woehl said Credit Mutuel had developed a good relationship with Cardcast and its rival Card Clear. He hinted a deal may be "only a week away".
The news will add to mounting concerns of a lax approach among some Alternative Investment Market-listed companies and their advisers. The rules governing issuing information for AIM companies are the same as for fully listed companies. Companies must announce any price-sensitive information, and their statements must be factually correct.
Press comment has seized on the rivalry between Cardcast, and its competitor, Card Clear. Although both companies share similar technology, Cardcast's shares are less highly rated than those of its rival, which has yet to make a profit. Cardcast was admitted to AIM in April at 85p a share through a placing. Its shares closed at 80p on Friday.
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...