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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Imagination Technologies Group | IMG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 181.25 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 181.25 |
| Top Posts |
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Posted at 19/6/2020 10:07 by srsm Tech takeovers feed into China Cold War fearsIMG in the news. Should have been in the news these days for breaking into the FTSE100. Or similar successes. Apple built a global titan in part due to IMG PowerVR making their new smartphone a practical proposition. And then knifed them - to no ones benefit. The New Tech Cold War will be broadcast on BBC Radio 4 at 11:00 on Friday and again on Tuesday at 16:00. BBCRadio4 |
Posted at 11/6/2020 19:34 by srsm I'll plump for Apple as chief morons.But IMG should have been profitable enough to survive without Apple. After all, on the spirit of 'Intel Inside' inferring that a PC/Laptop is just a box for an Intel CPU I think it can be argued that a smartphone is just a box for a power sipping 2D, 3D and Video processor. Plus some other bits of course. And IMG had the best tech for that plus Ensigma etc. So pretty much the most important IP for the most ubiquitous and critical consumer technology ever made where punters barely care about the price... and replace them every 24 months... and still IMG couldn't make a decent profit. Bizarre. I wonder if they'll 'unsell' themselves from the Chinese owners. How'd that work? |
Posted at 11/6/2020 13:58 by life of crime To answer your question SRSM, I think the biggest morons were the UK govt for allowing the deal to go through. However, at the time Theresa May was distracted by Brexit and was sucking up to China in the style of Cameron/Osbourne.The second biggest morons were Apple for not buying IMG when they could have had the whole shooting party, i.e. Pure, MIPS, Ensigma etc, for peanuts and sold or kept whatever they wanted. I would not classify the shareholders as morons (I had already sold up by then) because the firm was on the way out at that point and the Chinese had the only offer on the table. Otherwise the liquidators could have been called in and it would have been a fire-sale where the shareholders got nothing. The way things are going today they could have asked the govt for a bailout in exchange for some equity! However, it was funny to see Apple crawling to them when their backstabbing misfired! Perhaps now they will stop trying to recruit GPU engineers from IMG's HQ to their R&D lab down the road at St Albans. P.S. I am sure IMG will be a lot more cautious about sharing their IP roadmap with Apple in future! |
Posted at 09/6/2020 18:37 by srsm Anyone hazard a guess at to what Apple were up to when they ditched IMG?They thought they could do better themselves. And pinched a lot of the top IMG Engineers to help them do it. And now with the new licence they've presumably realised they aren't up to it. Lots of rock solid IMG patents? Wouldn't it have made more sense for Apple just to buy IMG. Loose change for them. Now we've got this Chinese ownership shambles. Could make life difficult for IMG with tech in cars etc owned by the Chinese state! Risky. I can't work out who's more moronic. UK share owners for selling to the Chinese. UK Govt for allowing it to happen. Or Apple for causing the sale in the first place. And I wonder what the terms of the Licence deal are? If I was still an IMG shareholder I would have liked to have seen substantial increases in the terms. Apple are obviously desperate. But I suspect sappy/weak UK managers will have been strong armed into taking cuts to royalties - so desperate to have Apple on board again. Cynic that I am. This country needs an industrial strategy and better managers for companies. IMG should have been as big as ARM. |
Posted at 28/10/2017 10:39 by borromini1 Any share holder that wishes to receive any further benefit from Apple's use of IMG IP needs to vote against the offer. From the AGM it is apparent that IMG to date have not assumed that IMG IP is in the iPhone 8 or X, it follows that the sale valuation of IMG has also built in this assumption.When challenged on this issue Guy Millard CFO revealed that IMG will receive a royalty statement from Apple next week on Wednesday 1 November 2017 relating to the most recent Apple trading quarter ended 30 September 2017. The board confirmed that this Apple royalty statement will definitely confirm whether or not Apple are including IMG IP or claiming they have no IMG IP in a iPhone 8 product that has been on sale since late September. There are consequences either way of benefit to existing shareholders... If Apple have included IMG IP in the iPhone 8 or X then IMG is guarenteed around £60m GBP of income in this financial year that has no costs attached. This amount is not in the current offer value calculations. To be clear the current offer short changes share holders on this issue. If Apple claim no IMG IP is in the iPhone 8 or X and therefore no royalty payments are due then this sale of physical product is the key pre-requisite for IMG to commence litigation against Apple for theft of IP. As previous legal precedent shows a single court case in London can result in a block on product import into the UK and more importantly the awarding of royalty and damages for the entire global sales of the offending product. When the board was challenged on the rushed condensed timing of the breakup and sale of IMG, the dates of AGM, Court Meeting and General Meeting to all occur before receipt of the Apple royalty statement, so share holders had no benefit of knowing this as a factor in their voting intentions, there was no satisfactory answer from the board. There needs to be a call for the postponement of the Court Meeting and General Meeting until after this issue is resolved. |
Posted at 14/10/2017 08:41 by borromini1 H2 - no time machine needed to know that IMG will soon be debt free, at end of April net debt was 28.4m GBP, an R&D tax credit received in May reduced that to 24m, last years PowerVR adjusted operating profit was 37.8m GBP. XE royalties are already increasing. Today IMG is already well on the way to being debt free. IMG owns it's HQ buildings, it pays no rent for them. iPhone 8 + X contain IMG GPU IP. Apple's 60m GBP royalty payments over IMG's current financial year will have zero associated costs for IMG.If the bid unravels the share price will drop and then likely recover as better options emerge in the following months. The remaining institutional investors don't need to accept this low valuation, those that wanted out could have sold when 60m share trades occurred following the offer announcement. |
Posted at 26/9/2017 20:28 by borromini1 Apparently NO company with a >0.5% short position in IMG has changed their short position since 18 Sept. Buying short cover may not register.FCA - You should notify us of your positions by 3.30pm on the trading day after the day the position was reached. All calculations should be made as at midnight on the trading day the position was reached. Algert Global LLC. IMG TECH GROUP PLC 0.89 2017-09-12 GSA Capital Partners LLP. IMG TECH GROUP PLC 1.42 2017-08-31 Lombard Odier Asset Management (Europe) Ltd IMG TECH 0.62 2017-08-23 Marshall Wace LLP IMG TECH GROUP PLC 1.21 2017-09-13 Numeric Investors LLC IMG TECH GROUP PLC 1.82 2017-09-18 Thanks to Metis20 |
Posted at 26/9/2017 08:48 by jamesrowe It appears that:a) IMG expects to get royalties for all Apple products launched before 30 June 2018. b) The settlement resulting in a special dividend excludes any amendment to existing licenses with Apple. c) The settlement resulting in a special dividend excludes any new licenses purchased by Apple. Therefore, I can only assume that the legal action that IMG is pursuing against Apple, and thus the settlement that might result in a special dividend, relates only to damage incurred to IMG's business due to the assertion by Apple that it would not need to pay royalties in future to IMG becuase it had designed its own graphics solution???? (Does anyone have any different views?) I would have thought that the chance of IMG being successful in getting anything out of Apple within the required timescale for payment to shareholders is vanishingly slim!! "As announced on 3 April 2017, Apple informed Imagination that it expected that the chips in Apple products launched at some point in 2018 or early 2019 would not require Apple to pay Imagination royalties." "New Licensed Chip Products" means any new products launched by Apple Inc. after 30 June 2018" "5.8 The Additional Payment will not be payable in circumstances where, save as otherwise agreed: 5.8.1 any new agreement for the licensing of products of the Target Group is entered into by Target and Apple Inc. after the date of this Agreement; and 5.8.2 any variation is made to any terms of any existing agreement between Apple Inc. and Target, excluding any new agreements or variations to existing agreements that are entered into as part of the settlement under which the Settlement Amount is payable." If Apple agrees to settle but does not pay up within 90 days than it would appear that CB will pay shareholders from Imagination's distributable profits which could presumably significantly limit any dividend. "Any Settlement Return would be conditional upon (i) the Settlement being reached by the earlier of 60 days following publication of this Announcement and the date the Acquisition becomes Effective and (ii) receipt of the Settlement proceeds by Imagination within 90 days of such settlement being reached. If the Settlement occurs on the terms set out in the preceding paragraph, but Imagination is unable to fully implement the Settlement Return prior to the Acquisition becoming Effective, CBFI and Canyon Bridge have agreed to use all reasonable endeavours from the Acquisition becoming Effective to ensure that Imagination takes such steps as may be reasonably necessary (if any) to implement or complete the implementation of the Settlement Return (subject to Imagination having sufficient distributable profits and subject to all applicable law)." I don't understand the following as it appears to suggest that CB can amend the acceptance condition percentage from 90% if it decides to pursue a Takeover Offer instead of the agreed Scheme: "CBFI reserves the right, subject to the terms of the Cooperation Agreement and subject (if required) to the consent of the Panel, to implement the Acquisition by way of a Takeover Offer for the entire issued and to be issued share capital of Imagination as an alternative to the Scheme and to make appropriate amendments to the terms of the Acquisition arising from the change from the Scheme to a Takeover Offer including, if the Panel so agrees, an acceptance condition set at up to 90 per cent. of the shares to which such offer relates or such lesser percentage, being more than 50 per cent., as CBFI may decide), so far as applicable, as those which would apply to the Scheme." |
Posted at 24/9/2017 23:01 by twatcher As Ken has alluded, just because they say "designed by Apple", that of itsself doesn't mean they are publicly stating they have designed out IMG. Marketing and Engineering are two different things. It did however *SOUND* like they wanted people to beleive that, or that was Apple demonstrating that their graphics team have become much more prominent.I'm out of touch with the exact timeline of payments from Apple. But one assumes there is only grounds for a case if Apple has already starting changing what it is paying to IMG, or have formally told them that A11 will have a reduced payment and IMG are contesting that they are not getting what they should be. Chip payments wouldn't be being seen by IMG yet. It's possible Apple have reduced ongoing licensing in the last quarter in line with saying their new design hasn't used some IMG design elements (or none). Maybe what Apple is really doing has become more apparent as a result of the arbitration process that was triggered by IMG, and IMG can sue on the basis of Apples evidence to that ? |
Posted at 24/9/2017 13:18 by hammerd2 Before we all get too carried away :1. Apple have not, to my knowledge, claimed that IMG IP is not used in iPhone 8/8S/X - didn't they (via IMG RNS) claim that royalties would not be due in new products from next year onwards ? Remember, Apple claim that they designed the GPU. They also design the CPU but they still pay ARM. Maybe they won't be paying royalties from next year because their architecture license does not include per unit royalties. IMG's assertion seems to be that they have the architecture license but will also be using royalty yielding IP on top. 2. Unless they have received notification privately, not even IMG will know whether Apple are asserting non use of IMG IP in the iPhone 8/8S/X until they receive a royalty statement from Apple including sales from the September quarter. 3. Apple only pay circa £60-70m a year. For purely "what is due" then that is a figure to base compo on x years. Plus compo for shareholder and reputational value destruction. I would dearly love to see Apple cough up a shedload, but don't want to get too carried away. I think I'll be holding for a while yet while this pans out. Apple are past masters at legal cases and being "right" doesn't always win. Any Apple jam will be a bonus to the main event. Are there any Japanese/Taiwanese/I EDIT - also, where does it say that IMG entered into a legal dispute with Apple on 22/3 September ? IMG announced they had invoked the dispute resolution clause months ago so that would seem to be the start of "the legals". There must presumably be a time limit for something to come of these discussions one way (agreement) or the other (court m'lud). Maybe that's where the 60 day thing has come from in the announement. |
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