Share Name Share Symbol Market Type Share ISIN Share Description
Sepura LSE:SEPU London Ordinary Share GB00B1ZBLD47 ORD GBP0.0005
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 19.75 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Technology Hardware & Equipment 151.96 -15.23 -4.89 73
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 19.75 GBX

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20/7/201712:47Sepura plc3,428
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v8vantage: But the banks weren't shareholders in Petroceltic. And they're not shareholders in Sepura. And the takeover of Sepura hasn't been rejected? This reminds me in a way of the takeover of much of Quindell by Slater and Gordon, The deal was announced, but then there was a series of stumbling blocks to the money being paid which brought the trolls out and the caused the share price to plummet. But all the scaremongering proved to be just that, with the money takeover ultimately happening.
coastie: lots of negativity around this at the moment with posters regularly posting gloomy scenarios and interesting how the share price took a last minute plunge just before close yesterday despite the dire predictions, the rns this morning shows the banks are supportive. The covenant tests due end March were more of a worry for me than the regulatory position and it does appear that the lenders are supportive and want the deal to go through. It is reasonable to expect that they may extend the waiver another time if necessary. The German regulators have now signed this off (which apparently was another big issue). I expect the spanish regulators to do the same in the next week or two - which just leaves the go ahead from the uk regulatory authorities. Anyway, an interesting scenario and a fascinating 50% rise from the current share price to the agreed takover offer price.
1gw: Scorpione: "Worst case scenario the company's net asset value is 29p per share..." As I read the interims, the net asset value at 30th September was 147m Euros, which with about 371m shares in issue is about 40 Eurocents/share, or 34p/share at £1=1.18 Euros. The problem is that a lot of the asset value is "intangibles". In fact there were Euro 149m of intangibles on the balance sheet which is more than the net asset value. Intangibles are chiefly goodwill, capitalised development costs and "acquired software, customer relationships and brand". Goodwill is the excess of price paid for acquisitions over the identifiable asset value. So the issue for Sepura is that a lot of that intangible value must be at risk of write-off if the acquisition falls through. The auditors (PWC) drew attention in the interims to the "material uncertainty" concerning Sepura's ability to continue as a going concern. In any event the fact that since the interims were signed off the Sepura board has recommended an offer of 20p/share and no counter-bidder has come forward, must raise significant doubts about the valuation of intangibles on the balance sheet, even if the auditors are prepared to allow the year-end accounts to be presented on a "going concern" basis. So I don't think there's much comfort to be had from the balance sheet.
1gw: Some more thoughts on Hendos just to keep things ticking along, again also posted on LSE. Option 5 works as a theory only until we get another 8.3 from them of course! And since I posted on LSE I realised they could also have been made an insider to discuss support for options in the event the takeover doesn't materialise, such as at what price they would support a placing. So even option 5 isn't necessarily good news. ----- It intrigues me why Hendos didn't (apparently) sell any on Tuesday (6th). Before that the last day they missed was the 29th Nov, a day when the share price didn't get over 20p (according to Yahoo! Finance). So 29th could be explained by them having set a limit of 20p on their daily sales. Before the 29th, the last day they missed was 23rd Nov if I've been tracking the 8.3's correctly. So 5 possible reasons I can see for lack of sales on 6th, and there are probably others: 1. The trader responsible was off that day (mundane but possible) 2. They want to keep the market guessing by not selling every day (non-conspiracy theory) 3. They've reached a level they're happy with (risk management theory) 4. They didn't need to sell to keep the price down that day (conspiracy theory) 5. They've been made an insider and couldn't sell (new theory) 5 is what intrigues me the most. Is it possible that Sepura and Hytera have now reached an agreement that Sepura board is prepared to recommend and they are now working on bringing the major shareholders on board so that when they announce they can say that they already have irrevocable undertakings from holders speaking for x% of the share capital? In order to do this they would have to get any shareholders approached to sign non-disclosure agreements and to acknowledge that they had inside information, which would prevent them selling until that information was made public. Clearly too early to say with any degree of certainty, but an interesting possibility perhaps...
1gw: Hendersons. Here's a post I put on the LSE board a while ago. In my mind this is the most likely reason for Hendersons sale - that the AlphaGen Capital part of the company is focusing on "liquid, scalable" strategies and their Sepura holding does not fit and so is being sold down taking advantage of the current bid premium. Since I put the post below we have had a further holdings notice that confirms it is still AlphaGen selling. They are down to 4.4% vs the 8.5% (by deduction) they held on 4th November at the start of the "offer period" whereas HGI are still at the 6.5% they held on 4th Nov. Post I put on LSE board: If you look at the holdings notices, as someone else pointed out, Hendersons holdings are split between 2 subsidiaries: Alphagen Capital Henderson Global Investors It appears to be Alphagen Capital which is selling down their Sepura position. Now recently a team from Alphagen Capital moved to another company. As part of the press around that move, I noticed the following: 'Paul Graham, CEO of AlphaGen Capital, says: “As our business model is increasingly focused on more liquid and scalable strategies, we agreed with Volantis that moving to Lombard Odier IM would be in the best interest of investors.' Now it occurs to me that Alphagen's investment in Sepura (essentially now a very small cap special situations position) is neither very liquid nor very scalable. So is it as simple as saying that Alphagen's holding in Sepura no longer fits the company's investment criteria and so they are liquidating the position in a way which tries to avoid too much disruption to the share price? Link to the article on the move of the "Volantis" team from Alphagen to Lombard Odier, from hedgeweek: hTtp://
larva: Chinese corporation bids to acquire Sepura sepura, cambridge, communications Another Asian corporation is set to hoover up a Cambridge UK technology company in a state of financial flux. Communications technology business Sepura confirms it is in talks with Chinese company Hytera Communications Corporation Ltd. It will be an all-cash deal but the acquisition price will be moderate because digital radios company Sepura is in a mess because of cash liquidity issues. Sepura revealed the takeover talks after its share price spiked more than 25 per cent having nosedived in recent times due to cashflow issues and order delays. Hytera is a world leading solution provider of professional mobile radio communications and operates globally. Late today, Sepura issued a statement on London Stock Exchange confirming it was in preliminary talks with Hytera regarding a possible offer for the entire issued and to be issued share capital of the company. Hytera confirmed to the Sepura board that any offer was likely to be solely in cash. The usual caveats were issued that there was no certainty any deal would go through and shareholders would be updated on new developments. Founded in 1993 in Shenzhen, China, Hytera has grown to be a key player in the PMR (Professional Mobile Radio) communication industry with a large customer base in more than 120 countries and regions across the world. In China, Hytera's market share ranks first among Chinese manufacturers while globally Hytera has reached second place in the overall terminal category. As one of the few corporations that masters TETRA, DMR and PDT technologies, and produces all series of products and solutions of all these mainstream digital protocols, Hytera leads in the draft of digital trunking standard in China. Its acquisition of the Rohde & Schwarz TETRA business in August 2011 further strengthened its competitive edge in TETRA market. Hytera has established a global sales network with 30 branches in the US, UK, Germany, Australia, Brazil and other territories and through 600+ partners across the world. Hytera has an R & D team of over 1200 engineers in five research centres.
1gw: Since we've got all weekend (and possibly Monday as well) to wait until we get more rns news, I'll indulge in some speculation. I've been thinking through the scenario put forward by some of the LSE posters that Henderson has been deliberately trying to dampen volatility in the share price (by selling into rises and buying on dips) in order to encourage Hytera to bid, in the hope that a formal bid from Hytera then brings other parties to the table. In my view that could be consistent with a "reluctant" Motorola. Motorola's acquisition strategy appears to be focused on software and services and so it's hard to see quite how Sepura fits into that. A Sepura acquisition would appear more tactical for them, and might also be fraught with regulatory risk given the market concentration that could be argued. So I wonder if Motorola has indicated to Sepura/Lazard that it is not interested in pro-actively offering for Sepura, but reserves its right to bid if someone else makes an offer. This would allow Motorola to argue to its shareholders that it is bidding defensively - to stop a competitor gaining significant market share - and that if it wins a bidding contest then the synergies will make the acquisition attractive even though it is hardware-focused. Maybe just as importantly, in the case of Hytera being the first bidder, it would allow Motorola to argue to (US and European) regulators and politicians that the security benefits of keeping Sepura technology out of Chinese hands outweigh the market concentration risk of swallowing a competitor. So I can just about see the argument as credible here. Henderson could have been trying to restrain the share price in order to encourage Hytera to bid because they believe a Hytera bid will force a Motorola response. I would go further and say that the Sepura board itself might even be prepared to recommend a bid from Hytera in order to secure a higher price from them. But both Henderson and the board would no doubt be hoping that a formal bid from Hytera would provoke Motorola into a defensive bid. The risk of going the "recommended bid" route for the board would be that no-one else does join the party and they end up selling the company for less than it perhaps would have been worth if they had stayed independent and turned the business round. All speculation of course. Shouldn't be too long to wait now to see what really does happen next.
knobbly: csjcsl2. Do you make this stuff up as you go along? So that's why you got booted off other boards :) csjcsl2 >>> Back on filter. csjcsl2 - 09 Nov 2016 - 12:36:21 - 2534 of 2609 Sepura plc - SEPU ------------------------------------------------------------------ take over share price 25p if your lucky, thats 20%profit from here non take over share price 10p and lower. thats over a 50% loss from here ask yourself, why buy with the risk so great..keep your money in your pockets theres plenty of safer stocks out there with so much more potential up side csjcsl2 - 15 Nov 2016 - 15:36:45 - 2603 of 2609 Sepura plc - SEPU ------------------------------------------------------------------ i am hearing 45pish take over
irishlass2: ASTRID EXTENDS SEPURA CONTRACT Sepura PLC (LSE: SEPU, "the Group" or "Sepura"), a leading global provider of critical communications solutions, announces ASTRID, the government-owned company responsible for Belgium's public safety TETRA network, has awarded Sepura significant contracts together worth approximately two million Euros. The contracts consist of a five-year support and maintenance agreement for ASTRID's existing Sepura applications, as well as a contract to develop an innovative extension to the location services component which will, from 2017, be able to track both TETRA and 3/4G devices running on ASTRID's Blue Light Mobile (BLM) high-speed data service. The second generation of BLM will be launched in 2017 and will provide single-SIM-card access to all Belgium's commercial 4G network operators, offering priority and pre-emption for voice and data within a secure environment for the end user - laying the foundations for the convergence of traditional PMR usage and the data-rich capacity of LTE. "Extending our existing location services to track 3/4G devices, and by extension, BLM-enabled devices, is simply a first step," said Rod Stafford, Sepura's Director of Applications. "We anticipate further innovations, enabling applications to be accessed from both TETRA and commercial LTE networks and, indeed, devices which can operate seamlessly across the two technologies." David Barrass, Sepura's Interim CEO added: "These contracts are a strong sign of the public safety sector's continued faith in Sepura and our continued capability to deliver innovation and excellence in critical communications."
knobbly: tsmith... Just remembered I get complimentary copy of shares magazine. Here you go: hTTp:// Sepura in the crosshairs Walkie talkie technology play in demand as buyout talks continue A TAKEOVER BATTLE could emerge at struggling walkie talkies technology company Sepura (SEPU:AIM). Buyout negotiations with Chinese suitor Hytera Communications were confirmed on 4 November. Although a firm offer has yet to be made the news sparked a 47% jump in Sepura’s share price to 21.75p. Sepura’s scope to expand into the US, where it this year inked a deal with the New York Transit Authority, and other markets could spark rival interest for the TETRA technology specialist. US companies Motorola Solutions and Harris Corp could be tempted to open talks, especially given the weakness of the pound. Earlier this year Sepura moved its R&D centre and headquarters into a state of the art facility in the Cambridge Research Park in Waterbeach, Cambridgeshire, keeping most of its costs in the UK. Sepura has struggled with delayed orders and mounting debts this year, resulting in a big share price decline from peaks of 197.5p in April. (SF)
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