Imagination Technologies Share Discussion Threads

[hammerd2] 23/9/2017 11:41

Google could've had us for less than they paid for just a part of HTC James and potentially had Apple over a barrel. Makes you mad doesn't it ?

[jamesrowe] 23/9/2017 11:38

Thanks H2, I forgot about MIPS. I presume that CB gets to pocket the other 50% of any windfall??

I don't see how it would make sense for Apple to come up with a significant settlement since it would surely be better for them to buy the whole of IMG and get the patents including RT & Furian + control over future designs and licensing along with a load of skilled staff. Didn't Google just pay a vast some in effect just to acquire 1,000 staff??

[hammerd2] 23/9/2017 11:36

borromini are you thinking like ARM consortium did when MIPS was sold ? Would be a very sensible option and also gives an out for their naughtiness as it can simply be spun as prudence.

You'd think CB must have assumed at least £60m more revenue from Apple so we'd need double that as a settlement to get any real dividend. At that point it's getting perilously close to Apple basically being as well off buying the whole lot ! Apple offering 200p would only cost them £525m.

[hammerd2] 23/9/2017 11:28

I'm also very pleased to see shorters get rolled over and violated CS 🤛🤛

[jamesrowe] 23/9/2017 11:28

CS those are just the shorts where the company has disclosed over 0.5%. There will be many more smaller ones.... They must feel like they are soaked in petrol with someone advancing towards them over thte next day or two with a lighted match..... :-)

[hammerd2] 23/9/2017 11:28

James the cash from MIPS sale goes to reduce corporate debt that CB then benefit from by buying the shares at 1.82 from us. But if MIPS sale doesn't go through neither does the IMG sale. A technicality I'm sure as MIPS will go one way or the other.

Agreed borromini but I'm not sure Apple seem minded to play. They seem particularly intransigent publicly on the subject. For us to get a dividend we would of course need to know how much CB have factored in the £550m as 'apple' cash as we only get 50% of anything above that. You'd think it would be a fair bit considering Apple loss reduced the market cap by about £400m !! Would be a nice Brucie Bonus though to get anything. And an admission from Apple they've been a little naughty. Apple will of course get >£40m from the sale of their shares....

[cotswoldsparky] 23/9/2017 11:13

MIPS, Pure, Hellosoft, Blu Wireless, Orca, NetSpeed, Ineda, Atomos, GreenPlug...I'm sure there are more

Have any acquisitions by IMG seen a positive ROI? Bet the directors get a substantial bonus, though...

CS

[urchin1] 23/9/2017 11:08

Can we expect img shares to move up to 182p on Monday market opening?

[cotswoldsparky] 23/9/2017 11:05

Nearly 6% of stock shorted...ooops!



I think I just experienced a moment of Schadenfreude!

How are they going to buy back the stock?

CS

[borromini1] 23/9/2017 10:41

H2 - I took it as an opportunity for Apple to sort out their IP requirements with a one off payment to clear the decks before an unknown quantity takes over.

[roninja] 23/9/2017 10:41

I read £550m is the cash consideration to purchase the shares which in the document is quoted as £1.82. MIPS consideration will clear the debts imho.

[jamesrowe] 23/9/2017 10:34

I am unclear how much shareholders would actually receive here (ignoring the possible future special dividend). From the details above doesn't part of the offer from CB go towards paying off IMG's debts??

i.e. Is it really an offer to buy the shares at £1.82 each or is it a sum of money that journos have translated into meaning £1.82 per share without considering the debt??

[borromini1] 23/9/2017 10:25

S - I first bought into IQE before recent results, got spooked by sharp dip and sold with small gains before the falls to current levels phew. Swung back into IMG over last two weeks and this bid finally reverses my IMG overall losses into gains. IQE P/E so high even now, should have paid more attention in April!

[hammerd2] 23/9/2017 09:50

I'm well aware of that borromini but that's how much the fund currently has at its disposal. Either way it's unlikely Apple are going to cave in or even reply to IMG in the next 60 days when they haven't been picking their phone up for the last 180.

[dan_the_epic] 23/9/2017 09:37

Directors heavily selling their IQE stock at lower prices than this....

[sweenoid] 23/9/2017 09:31

Shouldn't do it but I will

Lots of cash will be generated here as 'investors' and traders sell their holdings
Have a look at IQE , recent sell off gives a fantastic opportunity to get 'in' off the high

S

[roninja] 23/9/2017 09:29

Yeah I read initial funding round was Circa $1.7bn.
I read Canyon Bridge FI as a multi national but with heavy Chinese roots.
Look forward to the closure soirée.

[borromini1] 23/9/2017 09:10

H2 the outfit you fob off are the Chinese government, Canyon Bridge are just the front end management with no money of their own, the funding is from the Chinese state, who have access to more dollars than Apple dream of.

[borromini1] 23/9/2017 08:47

IMG are going to be nationalised, this offer aims to take IMG into public ownership, the workers will own the means of production and any dividends for years to come will revert to the people. Just the workers are the Chinese population who are all contributing about 42p each towards buying IMG. And as with sovereign funds you can't buy them for love or money.

[hammerd2] 23/9/2017 08:29

Great news to finally get a bid and I hope it's enough for some old hands to get clear and gives certainty to employees - especially UK MIPS people.

I still can't fully fathom why Intel have no interest in MIPS ! Maybe they'll buy them off Tallwood soon after that deal is done.

I doubt Apple are quaking too much at the prospect of an outfit with a couple $100m left in the bank after buying us going too far in court. Or that shareholders will see any dividend as it depends on Apple settling before the acquisition AND the settlement being above what CB had already factored in as being owed by Apple (ifvim reading it correctly).

Sounds like the best of the 'several' offers in terms of timeliness and cash vs stock, etc offers so pretty pleased.

Who knows it may concentrate the minds of the other interested parties - although I'm really just happy to get IMG over and done with.

[sweenoid] 23/9/2017 08:11

Well pleased
A very profitable punt for me :-)

After all those years invested and loving this company I can finally get CLOSURE ( when I am able to press the sell button that is)
This stock introduced me to GREAT people, ( some of us will surely meet to sign off, and remember the halcyon AGM days of the past-you know who you are :-) and I know Hammerd has been reaching out in preparation)

For those Imagineers who did not take significant profits At £6-7 , I have regrets

When Apple egregiously dropped us, that was it for my remaining investment, came back for a punt on the bid news so go out with a bang at an share price I thought would be offered, so well pleased

That's it for me here
Goodbye
S

[touche] 23/9/2017 07:59

Thanks Borromini

[borromini1] 23/9/2017 07:34

Within the acquisition offer Apple are being given an ultimatum, reach a settlement within 60 days or face the new owners with very deep pockets later ...

13 Apple Settlement
As noted in paragraph 4 above, Imagination remains in dispute with Apple.

If, before the expiry of the period described below, Imagination reaches a full and final financial settlement with Apple under certain parameters (a “Settlement220;) with respect to the Apple Dispute, Imagination and CBFI have agreed that, subject to certain other conditions, Imagination would be entitled to announce and pay an interim dividend or other distribution or return of capital of up to 50% of any Excess Amount less any costs incurred by Imagination in effecting such payment (a “Settlement Return“) without there being an adjustment to the terms of the Offer. For these purposes, the Excess Amount is the amount of any Settlement which exceeds the value in respect of Apple taken into account by Canyon Bridge and CBFI in determining the amount of the cash consideration to be payable under the Acquisition. The value of the Apple royalties taken into account by CBFI in determining the terms of the Offer and certain contractual parameters with respect to any settlement have been agreed between Imagination and CBFI, but are not being publicly disclosed in order to maintain confidentiality.

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).

Any Settlement Return would be made to those Imagination Shareholders on the register of members of Imagination at the Scheme Record Date.

The above paragraphs are a summary only and the full terms are set out in the Co- operation Agreement. Further details will be set out in the Scheme Document (when published).

Imagination Shareholders should note that there is no certainty that any settlement will be reached with Apple within such relevant period (as described above), or, if reached, as to the amount of other terms of any such settlement. Accordingly, there is no certainty that any Settlement Return will be implemented.

If a Settlement Return is made, CBFI has agreed to waive its right under the terms of the Acquisition to reduce the consideration payable under the Acquisition by an equivalent amount.

[m4ybe] 23/9/2017 07:29

Hyper Al actually UK hasn't been competitive for tech for a long time. I quit my job (at IMG!) and moved to Asia in 2001 and still happy with that decision. I'm not surprised things are following, it's far more competitive here with the lower cost of living and higher efficiencies that come from that, never mind perpetual summer and so on and so forth. I do think UK should be trading with Asia as much as it can to take advantage of these efficiencies.

[smurfy2001] 23/9/2017 07:15

Now the Chinese owners should sue Apple for IP infringement.