Member Info for ndmLSE

I'm invested here, and I'm considering dumping this now. I don't believe at all in Government opposition to T/O. The UK is not in the position of being picky, with the ongoing Brexit mess. Last thing they want is to see a company filing for bankruptcy. They will not interfere with any buyer, from any geography, there are no risk from a competitive landscape perspective nor from a security perspective in a T/O of IMG. What worries me is the late trend of the SP. The very recent 52 weeks low of 76 I'm afraid will be adopted as a reference for premium calculation by bidders. And the fact we have seen the SP almost doubling on T/O speculation and then settle around 140 may mean the market does see this as a fair offer value. Hence why I feel most of the gain is now factored in and considering selling now. The fact is I can't find substantial reasons to dismantle this view. With Apple dumping IMG loads of revenues have gone. What's left is not really much, and focused on Eastern (Chinese) smartphones. How much margin and profit is in there? Patents wise: Apple is going to fight in courts. They do not need to acquire IMG to kill them. All they need is keep taking away their talents (as they have already abundantly done and will do more aggressively now they have an office just across the street). Fees settling in courts will sort the patents issue (Apple has got enough cash to settle any fee). ARM has got their own technology and patents. No need to absorb IMG. This leaves China. And China snatches things cheap. Look at recent SEPU T/O by Hytera. Happy to hear others' views.

I think the move to enable cloud platforms execution of the SW can have significant impact on scale of both addressable market and roll out rate growth. The fact they also select a training partner is important and contextual to support fast growth in deployment. These seem both to be measures potentially driven by early customers' feedback RE their needs. From http:// fortune.com/2017/06/07/blue-prism-bots/ On Wednesday, the company is announcing a new version of its software that will run on public clouds like Amazon Web Services, Microsoft Azure, and Google Cloud Platform. Blue Prism's software until now has typically run on customers' own servers. From: http: //www.businesswire.com/news/home/20170613005302/en/Symphony-Ventures-Accredited-Blue-Prism-Training-Partner BOSTON--(BUSINESS WIRE)--Symphony Ventures, the world leader in enterprise digital transformation, today announced it has been certified as a global training partner of Blue Prism. As the largest robotic process automation (RPA) pureplay specialist, Symphony is deeply experienced at training and developing best-in-class Blue Prism design and configuration talent, and uniquely qualified to help enterprises nurture their own RPA consultants to excel as members of in-house RPA Centers of Excellence.

I'm confused by where further risks shall be. The RNS speaks pretty clear: "Following further discussions with the German authorities, the parties have concluded that the notification from the Federal Ministry of Economic Affairs and Energy announced 5 May 2017 will not have implications for the timing of completion of the Acquisition" "and that, following the decision of the UK government not to refer the Acquisition to a second phase review by the UK's Competition and Markets Authority announced 12 May 2017, the parties intend to move forward with the completion of the Acquisition in accordance with the timetable below: Cancellation of trading in Sepura Shares 8.00 a.m. on 25 May 2017 Latest date for dispatch of cheques/settlement through CREST 14 days after the Effective Date" So, where would the further risks come from?

I've decided to hold tight. I'm hoping the new leadership has got good enough negotiating skills to be able to take approvals home.

unfortunately deadline of May 4th only applies to CMA handing over their review to Business Sec. - when he will take a decision is not defined.

TBH, in theory, any Country in which the Sepura group is selling anything into emergency networks/devices could trigger a national security/public interest review. So this is not unexpected, what is driving me crazy is the timing! They knew since months, why waking up this late.

I'm lost at this point. I'm especially p off with the timing of the interest raised for national sec concerns, both in UK and GER. The T/O has been announced months ago, and they only come up with interest this f close to covenants deadlines

Not considering this a done deal at all. But a UK approval would make it sound a lot more as done. The Chinese approvals on the other hand, do not bother me at all. It's purely a formal requirement. Not even remotely comparable with what's pending from UK. WRT what IIs are doing, I can't use that as a reference or guidance, since I haven't followed in detail their moves. If anyone on this board has a full history of the transactions carried out by any of the IIs showing cumulative entries vs exits then we could potentially have a clue RE their strategy and hence a reference.

... and we finally enjoy 20p tomorrow... http:// www.businessweekly.co.uk/news/hi-tech/uk-approval-last-barrier-sepura-takeover

I bet this is the hybrid TETRA/LTE ...

A key reason for Teltronic acquisition by SEPU had been in fact the ability to jointly offer the 2 companies' respective core technologies being hence able to supply both the current system and the next gen one, including the transitional hybrid. Significance of Teltronic is also high in Hytera's roadmap: Hytera had released news hinting to them being working on their own LTE solution, but being far from having even a prototype ready. Bringing SEPU{Teltronic} on board would have sped that up.

Found this interesting: https:// simplywall.st/news/2017/04/20/can-sepura-plcs-lsesepu-debt-pose-a-serious-problem-for-the-company/ https:// simplywall.st/LSE:SEPU/sepura Particularly: "Sepura is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets." ... but... "Sepura’s debt to equity ratio stands at 70.6% and this indicates that Sepura’s debt can cause trouble for the company in a downturn but still it’s at a manageable level. No matter how high is the debt, if a company can easily cover the interest payments, it’s considered to be making a good use of that excessive leverage. To keep an eye on how it’s doing on that front, an investor can check how easily the company can service its debt. If it earns at least 5x or more of its interest payments, that’s an indication of financial strength. In SEPU’s case the company is making a loss, therefore interest on debt is not well covered by earnings. Conclusion Clearly, Sepura has a concerning amount of debt on its balance sheet. Additionally, the company fails to impress in terms of generating strong enough operating cash flows and earnings to cover annual interest expenses. Thus, for now, I don’t find it a financially sound company."

UK Government announced investigation due to possible National Security concerns. SP dropped on news. 1st Feedback from this investigation due May 4th Fingers crossed

Suggest reading also this one. A more cautious view on UK investigation. http:// www.lexology.com/library/detail.aspx?g=4b7d00bf-7ae3-4ed1-8264-01b7233dc9a6

Was just reading it now and going to post it here...

Can't see any easy way out if this T/O is blocked. And would expect the UK government won't want to be seen as the reason for Sepura to go burst, hence if they do block it they will have raised very serious security risks. It is also worrying we haven't heard anything of the Spain review. I'm afraid if the T/O doesn't happen, unless a new offer comes in from a new bidder, SEPU may well become history. The thing I've been asking myself is who would bid for SEPU today? Competitors will win new customers if SEPU fails.

On Thursday 9 February 2017 the shareholders of Sepura plc approved the proposed acquisition of Sepura plc by Hytera Communications Corporation Ltd. Under the powers set out in the Enterprise Act 2002, the Secretary of State is able to intervene on national security grounds. This responsibility is discharged in a quasi-judicial capacity. On 27 and 28 March 2017, the Department for Business, Energy and Industrial Strategy (BEIS) wrote to Sepura and Hytera respectively confirming that the Secretary of State was minded to intervene on national security public interest grounds and invited further representations for consideration before coming to a final decision. On Monday 10 April 2017, the Secretary of State issued a public interest intervention notice, confirming that he is intervening in the merger on national security grounds. In reaching this decision, he considered the representations received from the parties and further advice from the Home Secretary. The Competition and Markets Authority (CMA) will prepare a report on the competition and national security aspects of the proposed transaction. The CMA has 15 working days, until midnight on Thursday 4 May 2017, to complete and submit this report to the Secretary of State. https: //www. gov.uk/government/publications/proposed-acquisition-of-sepura-plc-by-hytera-communications-corporation-ltd-public-interest-intervention

Certainly so.

SEPU has been posting new jobs along March. Maybe irrelevant, maybe not a reassuring thing at all, but maybe a sign that insiders expect a positive outcome...

There's a key difference though between Terminals/Devices and Infra. What is banned from USA ground deployment is the specific backbone infrastructure. Definitely not terminals and less security critical infra.