Imagination Technologies Share Discussion Threads

[srsm] 28/10/2017 12:25

Has there been a link on here to the article indicating the iPhone 8 and X are simply using a smaller version of the previous PowerVR included chip? From the X-Ray analysis. Sounded pretty convincing.

But then why would Apple stand by and allow the Chinese to decide whether or not to sue them.

[borromini1] 28/10/2017 10:39

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.

[borromini1] 28/10/2017 09:42

I concur with roninja's view from the meeting that there is absolutely no likelyhood of an Apple agreement and special dividend before the Court Hearing deadline of 6 Nov (variable)

I would go further to say that any share holder that voted for the offer with the slightest thought of a special dividend coming their way should consider changing their vote. However due to the rushed timeline of events they will need to attend the Court Meeting and General Meeting next Tuesday to implement that change. Unless the meeting is postponed.

[borromini1] 28/10/2017 09:06

GG - a few corrections
Deadline for receipt of absentee shareholders votes 27 Oct
Court Meeting 31 Oct share holder vote
General Meeting 31 Oct after Court Meeting share holder vote
Court Hearing 6 Nov (variable date) to confirm or not legal approval of the scheme.

[borromini1] 28/10/2017 08:53

On listening to the audio if you are wondering if it missed the informative presentation by the board providing a clear insight into the events, context and prospects since the last AGM to provide all the business owners (shareholders) with a balanced understanding as the basis to decide how to vote with regard to the breakup and disposal of the business well in advance of any key decisions or actions being taken, then no because there was no presentation by the board.

[roninja] 28/10/2017 07:57

No special dividend given Apple are not even acknowledging IMG.

[grahamg8] 28/10/2017 07:46

The timing is there for all to see in the scheme document. No need for an RNS until approval or rejection.
Voting deadline 27 October
Court hearing 31 October
EGM 31 October but will not start until Court hearing finished
Payment cheques 21 November assuming everything approved

[borromini1] 27/10/2017 21:19

Yes, the likelihood or not of the special dividend materialising within the required timescale was discussed along with numerous other aspects of the situation with regard to Apple.

[orkney] 27/10/2017 20:58

Was the 'special dividend' mentioned at the agm?

[adventurous] 27/10/2017 10:18

"the date it goes through." - I guess shortly after a 75% (of those who bother to vote) in favour of the sale, on Tuesday!

[stunger] 26/10/2017 22:33

I look forward to reading any reports from the AGM by those who attended. Can anything stuff up the sale now, it seems with MIPS sold off and the resolutions passed that it is more or less a formality. I presume there is little chance that a late bid will now emerge. All views and opinions welcomed.

[roninja] 26/10/2017 22:03

I was there too. Hard to miss given it took place in the same building where I work. Will post tomorrow.

[borromini1] 26/10/2017 22:01

attended AGM today will post more later

[jamesrowe] 26/10/2017 16:01

Over 6 million shares traded today. I can definitely smell a strong whiff of shorts burning.... :-)

[hammerd2] 26/10/2017 08:08

Well kids, I have sold my remaining 2/3 of my holding in pretty quick order this morning and am happy for the arbitragers to take the last few pence and whatever else may or may not come from the sales process.

I wish all remaining holders - you brave souls - all the very best of luck and sincerely hope you get several counterbids driving the price up to 250p and beyond with a 100p Apple dividend cherry on top for good measure but it’s not for me, I have had enough of IMG and have other opportunities to invest in which I hope will get me even half as excited as I used to be about this once great and hopeful company.

To the staff, I wish you all well and hope at least a few of you can resist the urge to take your share money and jump ship to the Apple HQ down the road, but I’m not sure I would 💰💰.

To the Chuckle Bros, I’m not even going to try to hide my contempt for your lack of ability or fortitude. Totally out of your depth. But highly remunerated. UK’s not really a meritocracy is it ?

There is a homeless charity, Hubbard, in Cardiff who will be the recipient of £7,500 if a sale price of >200p is achieved and another £2,500 if there is an Apple dividend on top, so fingers crossed eh ?

Met some great people and will be meeting up with them for a last IMG hurrah sometime in November.

COYI ⚒⚒⚒;⚒⚒

[orkney] 25/10/2017 15:29

A H getting almost £2.5 million for mips sale & nothing for us. I wonder how much he will receive if he did manage to obtain an Apple pay out before the deadline; I hope he is working hard towards this!

[hammerd2] 25/10/2017 15:27

It's right up there above your post James - in News :-)

[jamesrowe] 25/10/2017 15:25

OK, I have found it on TD. Not sure where you got your info about AH though?

[jamesrowe] 25/10/2017 15:16

Where did you see the announcement? I don't see an RNS yet.

[hammerd2] 25/10/2017 15:12

About time.

As if to prove what a bunch of numbnuts' they are, the Chuckle Bros managed to not only get less than half what was paid for MIPS but even managed to sell it to an outfit who can't even come up with $40m upfront !! FFS. AH is getting almost £2.5m for this, and people say executive pay is out of control.

I'm gradually taking my cash off the table now, 1/3rd gone, will carry on reducing in small tranches as I can get the best bid.

Thanks for (almost) everything IMG, but good, good riddance.

On the upside for everyone, at least we're not using P Schoenfeld Asset "Management" as our financial advisers. They took a 1.18% short last week. And people seem to hold shorters in such high regard :-)