Imagination Technologies Share Discussion Threads

[jamesrowe] 27/9/2017 09:40

Looks like the MIPS sale will be accelerated now that shareholders don't need to give approval but it now all depends on regulatory approval in USA.

[adventurous] 27/9/2017 09:39

So MIPS sale not requiring a shareholder vote and due to complete in October. Yet still the share price languishes below the agreed price of 182p - those short, must surely be reducing soon!

[borromini1] 26/9/2017 21:28

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

[borromini1] 26/9/2017 20:36

OK simple questions, when a shorter borrows a share, they are not the registered owner as recorded by the registrar, in this case Equiniti. When they sell the share how is that change of ownership recorded? Equally when the shorter buys back the share what gets recorded as a sequence of ownership that is subject to RNS during a sale process. Is there simply a separate register of shorts collated by the registrar or are the links between shorter and lender made transparent?

Or put it another way ... is shorting activity detectable or not in Form 8.3 RNS releases.

[jamesrowe] 26/9/2017 18:12

So OppenheimerFunds sold 4.5 million shares yesterday at £1.65 and I can't spot any of the major shorts closing. Do they know something that we don't or are they just very brave?? Can the 40 million shares traded yesterday really have been mainly PIs and and those holding less than 0.5%?

Less than 10 million shares traded today so doesn't that mean that there could theoretically still be a significant short squeeze in the event of some positive news?

[borromini1] 26/9/2017 17:34

Dyson to make electric cars from 2020. How about some MIPS ADAS chips to go with that Sir James, on second thoughts knock up a UK consortium and bid for the whole company. And Sir James knows a thing or two about defending patents against US infringement.

[exlogicalad] 26/9/2017 17:15

It is about time that Apple were exposed as the mercenary company they are. Poaching IMG's staff show's that they knew well in advance they were going to shaft IMG.

I heard that there are investigative media currently looking at Apple's business dealing.

Time will tell what is known about events that could have led to the collapse of a company and a lot of unemployment, how long before a whistle blower uncovers this bag of intrigue.

[life of crime] 26/9/2017 15:26

Sky's business editor's take on things:

[hammerd2] 26/9/2017 15:20

Apple could conceivably block - at least for a while - a non board approved takeover. The only reason the court scheme is in place is because it is approved and a buyer can now just ignore Apple's holding. Do Apple care enough to buy IMG ? Probably not or they would have put in some sort of offer by now. They could, of course, come to an arrangement to buy the lot and get that board approved. Doubt they will though.

I just hope they get 🤛'ed royally by someone at some point.

[twatcher] 26/9/2017 14:40

FIL selling 5M+ shares yesterday likely was a major 'damper' on the share price

[timbob2000] 26/9/2017 14:37

James, I do not think buying IMG is an option for Apple anymore. The IMG board have pulled a master stroke here and basically backed Apple into a corner. We know of course that Apple have deep pockets but I would never say that Apple is a company that would enter into a bidding war, and that is exactly what would happen here. Canyon would simply increase there offer every time knowing that they will get the difference back when the Chinese state fine Apple for IP infringement.

I would love to see the actual written documents that have been sent to Apple because I think effectively what the documents would say is either settle with IMG/Canyon in 60 days or face a very hefty fine from the Chinese state in the future.

It confused me initially why this "Settlement" was even present in the takeover documents unless IMG and Canyon were reasonably confident of Apple settling within the time frame... Hence my feeling that there is some genuine teeth to back up a "threat" to Apple. Of course that still doesn't mean Apple will settle in 60 days, however I think the chances are higher now than they ever would be otherwise.

[jamesrowe] 26/9/2017 14:36

SO MVN Asset Management managed to obtain 500,000 shares yesterday at £1.80. That is impressive! :-)

[jamesrowe] 26/9/2017 14:32

Hence why I said "even if that does not mean no royalty payments"

[milesy] 26/9/2017 14:26

"100% Apple designed" was just marketing fluff..."designed" has any number of interpretations in this context none of which is likely to have any legal significance or preclude the continuing use of 3rd party IP by Apple.

[timbob2000] 26/9/2017 14:19

Canyon Bridge confident Imaginaton deal satisfies UK government:



"The UK government had been kept informed about the details throughout the Imagination acquisition process, and have been very positive about the transaction, according to a person close to Imagination’s management."

[jamesrowe] 26/9/2017 14:09

ASSUMING that future Apple SOCs will indeed infringe IMG IP and that Apple may ultimately lose the IMG initiated court case, then the only way that Apple can get out of this without losing face, having formally notified IMG that it will not need to pay royalties in future and after publicly announcing that its latest SOC is 100% Apple designed (even if that does not mean no royalty payments), is by buying IMG. I think that having to settle at some point for infringing someone's IP after very publicly implying that they don't need anyone else for graphics designs would be a publicity disaster for Apple.

It makes clear sense for Apple to buy IMG to get the additional engineering skills as well as the IP which is a perfect fit: TBDR, RT, video encode/decode, Ensigma, high performance mobile neural processing..... even MIPS has a potential use for iWatch and to get leverage over suppliers of baseband modems who use MIPS. I would be surprised if Apple didn't develop its own baseband modem at some point given its falling out with Q'comm making it currewntly dependent on Intel. It also gives Apple protection from being sued for graphics IP infringement by other big players such as Q'comm, Nvidia, AMD, Intel.... Probably the only thing that would act in Apple's favour is that they are all currenlty suppliers to Apple but that may not last forever....!! :-)

Someone at IMG must have seriously p'd off someone at Apple when they rebuffed their original bid.

[hammerd2] 26/9/2017 12:26

Not so much a circling vulture as a load of hairy old 5407708 (one for the calculator users of the 80's there) !

[exlogicalad] 26/9/2017 11:59

I would have thought after Trump blocking the Lattice deal, Canyon Bridge would have cleared the chance of any Govt issues before an announcement was made last Friday.

Talk of ARM and others being in the frame could have some substance, IMG look very cheap.

[twatcher] 26/9/2017 11:57

Not so much a white knight as a circling vulture

[hammerd2] 26/9/2017 11:54

Exactly. Why the hell UK government would block the sale to a Chinese backed outfit but OK it's sale at a lower price to a Japanese backed outfit would be something of a mystery to all shareholders I'm sure.

Not to mention the competition issues if ARM were a prospective bidder.

[jamesrowe] 26/9/2017 11:44

Rather ironic if the Government were to let ARM go then block IMG but allow ARM to buy it don't you think?? :-(


Edit: Although my assumption is that it would be a disaster for the sale if the Government were to block the CB bid, perhaps that might open things up for other bidders who are not prepared to take on a Chinese bid so in fact there might be limited 'bidding war' if CB was not on the scene (ARM + others). Although I don't rate this as a likely scenario it does at least appear plausible.

[rob_evans] 26/9/2017 11:39

Clearly ARM would like to acquire IMG, but don't much fancy taking on a Chinese government backed bidder.

Clearly also, ARM think there is a possibility that the CB bid may be blocked.

The British government has something of a free pass on this - they can block the CB bid safe in the knowledge that ARM will step in and save IMG.

Interesting times.

[hammerd2] 26/9/2017 11:27

Takeover panel disclosure table lists CBFI as offeror 1 and 'a potential competing offeror' as offeror 2.

Come on !! Umming and aahing at the moment - sell now and bang it all into the all new cheap IQE or keep it here for a bit longer.