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prepayment cards limited preferred proponent for y

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    Prepayment Cards Limited Preferred Proponent for Yorkshire
    Please find attached an announcement from our associated company, Prepayment Cards
    Limited (PCL), which has been selected as the preferred proponent for a new transit fare
    collection project in Yorkshire. The project is expected to generate approximately $60 million
    in revenue comprising up front supply and a seven-year operating contract.
    The project is an important win for the ERG Group in the UK as it grows our portfolio of longterm
    operating contracts. With the addition of the Yorcard project we expect to build our total
    UK card base to more than 2 million.
    The addition of the Yorcard project will assist the Group in meeting its strategic plan in the UK.
    ERG and PCL have invested significant sums in development of the UK’s ITSO standards that
    are integral to the government’s strategy to rollout integrated smart cards across the country.
    ERG is currently finalising an agreement that will see its shareholding in PCL move from 47%
    to 55% before the finalisation of the Yorcard contracts. The remaining 45% is held by
    Stagecoach Holdings PLC, First Group PLC and National Express Group PLC – the three
    largest transit operators in the UK. Accordingly, it is anticipated ERG will account for PCL on a
    consolidated basis by the end of the calendar year.
    The strength of the ERG technology was a deciding factor in Yorcard’s selection of PCL, as it
    has been in all other recent contract awards.
    Yours faithfully
    Peter J Fogarty
    Chief Executive
 
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