Imagination Technologies Share Discussion Threads

[gerdmuller] 17/7/2017 14:26

Issuing 280m shares would dilute earnings by half.

[orkney] 17/7/2017 12:27

Borromini, nice idea but I would expect img would have already considered and ruled it out. Img's days as an independent are over, being taken over is the best and only way of taking their ip forward. I still expect a buyer announcement any time soon, still hoping for £2.

[borromini1] 16/7/2017 22:16

Imagination Rights Issue - what if IMG on the back of a great set of year end results did a mini rights issue? What if the offer was one new at a price of 90p for every six existing shares held? With 280m shares a fully taken up rights issue would generate £42m. While a modest amount it will clear the entire remaining net debt of £24m and leave £18m to help ride out the next 12 months. IMG could be buoyed by the might of UK investment and concentrate on driving and maintaining licencing sales at their recent tragectory. This could be a far better short term solution rather than negotiating away future profits to a quick sale of parts or the whole business.

So for every 6,000 shares held the extra investment would be £900, not much to save a leading UK tech company with world quality product that excels not only for the high end mobile market but increasingly is winning gains in the mid tier mobile and other GPU markets. MIPS have shipped a recent record 816m chips in a year, Ensigma uses half the energy of the competition, why throw these away?

The more you think about it the more advantages such a strategy could provide.

[hammerd2] 15/7/2017 18:35

Slghtly technical question. If all interested parties with decent sized interests (is it over 1% ?) have to file Form 8.3 documentation, why have none of the major known shorters filed yet ?

We know that at least Marshall Wace, GSA Capital and Numeric Investors have short positions in excess of 1% so surely they should have to file shouldn't they ?

Several operations with short positions that aren't shown on the Short Interest Tracker website have declared their positions already within the list of Form 8.3 filees, so it seems more than a little odd to me.

The deadline for filing initial positions was 10 business days from the date of the sale announcement, so last Thursday.

EDIT - it looks like MAN are in fact Numeric having a 1.56% short.

[orkney] 14/7/2017 14:10

adventurous, good comment!

[adventurous] 13/7/2017 15:25

"Would this be the CEO who has just lost". NO it was the previous CEO who lost Apple according to Apple's timeline.

Mallorca - are you employed by Apple's 'destroy and buy team' ;-)

[mallorca 9] 13/7/2017 14:08

My only prediction is that this will fall to and below 35p.

[pottsey] 13/7/2017 13:48

mallorca 9 said “Dream on.”
I am not the one who is dreaming. You’re the one that has made tons of predictions all of which have so far been completely wrong and off track. You have destroyed your own credibility.

As long as that big licencing deal in the works is closed and looks like it will be, PowerVR will stay in profit and IMG can continue on for years as PowerVR only without Apple. Despite your crazy predictions IMG won’t be in administration in less than a year.

[pottsey] 13/7/2017 12:18

"Pottsey, do you work in HR? Sounds like the same BS fed to the 'works employees before they were sold."
No I do not work in HR but I was in a company that got taken over by another one and a lot of staff benefited and now we all have more secure jobs.

It’s not BS as IMG implanted finical advantages to help staff retention for those that stick around.

There is always uncertainly when a company takes over another but its not always all bad.

The way I see it is there will be an entire group sale or if the offers are to low no sale but IMG becomes PowerVR only and continues on in profit.

Anyway at the moment its looking promising for a whole company sale. Not a lot to do but sit back and see what happens.

[hammerd2] 13/7/2017 10:45

We'll see won't we ? There's always someone willing to buy anything at the right price. It's just a case of finding that price. The price will, I'm sure, be largely related to exactly how much licensing dropped since the Apple news hit the headlines.

[mallorca 9] 13/7/2017 10:38

If things are not looking promising re a whole company sale, then I wonder how long Management will hold off advising shareholders ?
The share price may well tank upon such news.
The role of Apple here and their share holding is intriguing.
Are they going to hold their shares to further frustrate any sale and then buy out the patent once IMG's share price has hit rock bottom !

[rob_evans] 13/7/2017 10:24

If Apple wanted IMG they would have bought them by now.

Far more likely is that Apple wants to block anyone else buying IMG - they still hold an 8% stake and are aggressively going after IMG's GPU engineers.

I very much doubt any prospective buyer would want to walk into that mess.

[mallorca 9] 13/7/2017 10:15

Well Apple obviously don't care a jot. They're setting up a facility right next door !

[twatcher] 13/7/2017 10:09

Ken,
No he didn't, at the end he concluded similarly to what I have been saying for a while is one possible scenario.

"More likely, if Apple does buy Imagination now, is that it is doing so in response to fears that the graphics supplier might fall into the hands of new owners with pockets deep enough to pursue Apple for infringing Imagination's patents. Ironically, Apple is in a position to dictate who can and can't buy Imagination. How's that for the ultimate control -- Apple is a control freak. Oh wait, we knew that, didn't we?"

Interesting that his view is that the probability is that Apple is infringing.

I thought that overall it was a pretty good piece that sums up the situation well.

[mallorca 9] 13/7/2017 10:03

No he didn't come back to that.
I assumed he was going to say that might be different if they are bought by an Apple competitor with deeper pockets.
However he then said that Apple could control who IMG could be sold to.

[hammerd2] 13/7/2017 09:57

He also managed to miss out the 'more about this later' bit in relation to IMG not being able to fund a legal case - yet. As people apparently pay Jon Peddie for his analysis that seems a little slipshod. I didn't have my specs on though so I may have missed that bit.

[theyak] 13/7/2017 09:48

Yes thought the same about the stake, then remembered journos always like to slip in the odd lazy mistake. Usual case of read with care and trust your own judgement, interesting piece though.
THEYAK

[mallorca 9] 13/7/2017 09:45

I was about to post that hammerd2.

[hammerd2] 13/7/2017 09:38

Apple haven't increased their stake. Or at least news that they have hasn't been released yet. Their Form 8.3 states 8.11%.

[mallorca 9] 13/7/2017 09:34

adventurous ...

The new CEO has put the business up for sale ... and HE has certainly upset Apple recently with his recent statements and accusations - keep up.
Hardly building bridges is he.
What he has done is run up the white flag and put the business up for sale.
You cannot blame staff for jumping ship if they can.
I'm sure Mr CEO will do nicely out of the sale - if there is one.
Personally I don't think there will be - just a huge drop in the share price when a fudged no sale statement is made and then a slow lingering death of the Company.

[jamesrowe] 13/7/2017 09:32

Interesting link TY. Nothing really that we didn't already know but a good overall summary. One thing that I wasn't aware of was that Apple had increased its shareholding in IMG. Could IMG just issue some more shares to dilute its shareholding if it was blocking a purchase?

[mallorca 9] 13/7/2017 09:30

Exactly !
Can you imagine being an employee of IMG right now, with a family and a mortgage.
Your employer has just put itself up for sale.Of course you have to look for either reassuring firm statements from the Company or ... other employment.

[adventurous] 13/7/2017 09:27

"Would this be the CEO who has just lost and upset his biggest customer"

No! that CEO resigned two days after Apple say they told IMG - Keep Up.