Member Info for Kooba

I thought that was the case. But agree on UK and technology. Plessey looks a very attractive and profitable business with the prospect of much greater revenues through MicroLED when if it moves to scale. I thought the price somewhat disappointing.

But owned by the Chinese now…in effect. Maybe there will be similar interest in Nanoco ..look out for a new UK venture capital fund backed by 100% Chinese loans??

Do Goertek use QD’s?

Goertek is involved with quantum dot (QD) technology, particularly in the development of AR/VR headsets, where they are a leading manufacturer. While Goertek's direct manufacturing of QDs is not detailed, they integrate QD technology into displays, such as using QD-MicroLEDs for color conversion to achieve full-color displays in AR/VR devices.

Arm was bought by SoftBank, with the acquisition completing in September 2016 for approximately $32 billion (£24 billion).

Not startup money !

Haylo Labs was set up five months ago by the two year-old venture fund Haylo Ventures. ‘Recognising the need to bring together a fragmented yet highly promising microLED sector, we established Haylo Labs to focus exclusively on this space,’ says Haylo Ventures.

An SPV entirely funded by Chinese tech giant. No ownership issues of tech transfer according to UK Govt!

The generous loan provided by Goertek whose market capitalization is approximately $101.25 billion, and its enterprise value is around $97.78 billion.

Microsoft boss troubled by rise in reports of 'AI psychosis' https://www.bbc.com/news/articles/c24zdel5j18o

Thats because it is not him it is AI generated.

So while it lists possible outcomes in a fairly even handed way it is not his work.

That article also included some financials for current year but not filed yet.

In fiscal year 2025, Plessey recorded revenue of approximately USD 72.72 million and a net profit of about USD 2.8 million.

So profit had fallen back from 2024 levels.

Still doesn't seem a high price since it seems the £100m loan is to buy 100% equity and invest in the business.

Shows deals are out there and how to get around security concerns!

Oh i see the relevance and am aware of the JV that lasted a year before Meta got involved.

It was the terms of the valuation.

It seems a structure to enable the Chinese to gain control basically. Haylo seem a small UK outfit that probably has enabled the transaction as technically the ownership rests in the UK …fully funded by Chinese money..so who owns it really??

“GoerTek Inc. announced that, in order to promote the maturity of Micro LED–related technologies and products and to support the future development of its AI smart glasses and AR (augmented reality) business, its controlling subsidiary, GoerTek (Hong Kong) Co., Ltd., plans to provide a five-year interest-bearing loan with equity return rights of up to USD 100 million to UK-based Haylo using its own funds.

Haylo will use the loan to acquire 100% equity of Plessey Semiconductors Limited (“Plessey”) and to inject additional capital into Plessey. The funds will be used for Plessey’s purchase of Micro LED–related fixed assets and for supplementary working capital.”

https://www.trendforce.com/news/2025/08/19/news-goertek-to-invest-usd-100m-in-micro-led-company-plessey/

Interesting.

I note Plessey Semiconductor turned over £56m last year spent £14.9m on r&d and still made a pre tax profit of £10.m and paid a decent dividend out to shareholders. They carried a small amount of net debt but had strong cashflows.

Two times turnover or ten times pre tax profits does not seem a high price for such a company to me..it seems a highly sustainable business with strong growth prospects and excellent partnerships.

How to compare?

“Kooba, I believe you've just proven that Artificial Intelligence is superior to genunine stupidity.”

Priceless..I already just had.

“It does actually make more sense than you when you were left to your own devices which is an improvement as it uses information in the public domain..when you just made stuff up.”

No not at all…because it doesn’t at all. It has no view just lists some possibilities.

Thats just great…”your” chatbot is it…well done you.

It does actually make more sense than you when you were left to your own devices which is an improvement as it uses information in the public domain..when you just made stuff up.

Do you think asking AI a question and publishing the answer reflects well on your own abilities ???

The board's statement about "finalists" suggests this

The board has never said there are any finalists..they said they would be the ones if any that progressed through the IOI stage in by end June.

The company spent months putting all the information in a data room that has been available for many months to interested parties.

Data Room - Physical and Virtual Deal Rooms

A data room in business is a secure, centralized repository for confidential documents and information, primarily used during high-stakes transactions like mergers and acquisitions, fundraising, or due diligence processes. It allows authorized parties to access and review sensitive data in a controlled manner, ensuring confidentiality and facilitating informed decision-making. Data rooms can be physical spaces or, increasingly, virtual data rooms (VDRs) accessible online.

If any party was keen and made an attractive offer the company said they would move at speed to secure a sale. It also makes sense that interested parties would know the IP ..it’s public anyway is it not.

We sold a lump of them to Samsung that trimmed it down and now they are expiring at a rate of knots.

Problem with AI it’s as good as the interrogation.

Https://www.edisongroup.com/research/encouraging-commercial-progress-continues/BM-2084/

This is the point that we should expect them to be at on their own extended timetable from

Nanonano’s 2019 rns post

“The Board has reviewed the proposals and is now inviting certain of those parties to engage in further due diligence and detailed discussions about the sale of the Company."

The finalist as they now have put it…should have been sorted in early July…based on their proposals and the deliverability of executing the transaction. There is no indication that we are at advanced DD and discussing a binding sale agreement as we were meant to be in the 3rd quarter CY. Maybe they are being strung along and still holding out the prospect of there still being an acceptable offer. Since parties had access to the data room end of the 1st Quarter and i’m sure under confidentiality agreements would know the terms of the Samsung licence and other stuff shareholders do not know what could be taking so much time? It’s not a complicated business as it has no real customers bar a couple of small JDAs..again easy to brief on those.

Personally i am not looking forward to the next update as things stand.

Less inclined to buy back any sold on the update.

Think that is a touch of the rose tinted’s there…in the look forward don’t read much into that apart from they have nothing concrete to say 10 months into the exercise. I understood CDX gets a retainer but the bulk of their reward would be on a successful sale. Guess they wouldn't be still hanging in there if they thought there was no chance? My rose tinted’s??

On Pickett the timing might well be related to the ongoing process…whatever the outcome it will be difficult to see the same academic research facility funded by shareholders going forward. There is a clearer focus on shareholder value not academic excellence. So either the business is sold and its unclear who in the way of staff if any a buyer may want to keep or the company will need to rightsize and half cost base if they have to go it alone. Both would be painful processes for a founder to go through.

Exit stage left to avoid accountability for the outcome. He’s earnt good money over decades of not achieving commercial success and took a limp out in the tender. Don’t think his presence is a factor anymore.

First impressions are there is some accounting change that beats forecasts so not material in ongoing trading.

The wording of the sale process is very washy ..no moving to next stage comments so while engage with parties im not sure we have finalists otherwise i think there was easy narrative to say they had narrowed down. But seems they havent given up!

So generally nothing new on ongoing commercial efforts still talking.

Pickett going at the age of 56 ..maybe like many of us he’s just had enough…the baton is passed to a long termer.

There hasn’t be that much new from r&d recently and the patents are owned by the company.

The guy has threatened to leave before..seems friendly as staying on working out his notice.

Not sure i take much from this in terms of shareprice.

Thanks.

I thought there was one from their post settlement research , when I then spoke to the company towards the end of last year they said that the alleged infringer had now amassed sales that made it worth going after ..we then had the LG announcement several months later..

So maybe LG is separate to the other long term suspect but I read it to be the same party.

Have you got anything that says there is more than one?

Samsung threw up every challenge possible and extended the time to trial by years…they only wanted a deal at the eleventh hour as they risked a far higher penalty having exhausted every challenge. Then named their terms , took some patents and made Nanoco wait a year to really get much of the money.

Nanoco were to get just over £70m after legal costs and funder share.

Paid £33m to shareholder and will have less than £15m at the end of July.

The rest swallowed up with little to show in terms of prospects …yet.

Shame there was no year end update…guessing they are hoping something turns up..soon.

When’s and what is the court date..the 29th? …is there actually a court hearing for their initial response?

Thats going to start costing big ..what makes you think they settle ?? I haven’t seen exactly which products or sales might be involved so difficult to have a view on the outcome ..apart from noticing very few very large companies roll over at the first hurdle against a small struggling tech company that has never really made commercial sales using its own patents.

As always I hope you are right and they get a fat settlement and an offer for the company way over implied value of market cap.

Trying to remember why I tend to be rather cautious in my view here….oh I remember now consistent disappointment over more than a decade. I will continue to be cautious on prospects as I have since “the settlement” …it has served well not being overly optimistic.

Other players are already aware ..Nanoco tested loads of displays it thought could infringe and came up with one that was worth pursuing and only now on the back of past sales..so maybe we are all over thinking motive…as to LG settlement bankrolling the company and providing a longer cash runway …I doubt anything is settled quickly.

If the ceo is that confident of a sale by calendar year end the LG early action providing cash is an odd one ..LG must realise they just string it out and settle for a pittance as we don’t have the funds to run through an appeal process..think that’s the argument of Brian fan boys like Terry. Negotiating position poor..chances of LG settlement in licensing technology they are not using poor.

Got to hope someone maybe STM who knows it inside out or the like fancies a small punt on the patent portfolio for future deployment and that that IP portfolio is protected by more recent overlapping patents as the originals expire.

A small innovative but ultimately unsuccessful company in a world of big bullies..