Edison Investment Research - Pebble Beach Systems Group (PEB) Strong growth in software, hardware declining

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Edison Investment Research

Anne Margaret Crow

Strong growth in software, hardware declining

Vislink has announced that trading for FY16 is in line with management expectations, with Q4 exhibiting the usual seasonal uplift. In addition, on Friday, it announced it had entered into a business purchase agreement to sell the assets of Vislink Communications Systems (VCS) for $16m, progressing from the informal agreement in principle announced in October, to a detailed formal agreement. The disposal remains conditional on shareholder approval. We leave our estimates, which assume that VCS remains within the group, unchanged and will review them when shareholder approval has been received.

21/12/2016 2 EN

Underlying

Pebble Beach Systems Group

Pebble Beach Systems Group is a software technology company serving customers in the broadcast markets. Pebble Beach Systems is Co.'s software business. Co.'s primary products includes: Marina, an enterprise level playout automation platform for multi-channel applications; Orca, an internet protocol-enabled cloud-based integrated channel delivery solution running in a virtualized environment; Dolphin, a multi-format integrated channel delivery solutions based on standard information technology hardware; and Stingray, a self-contained Channel in a Box. Co.'s solutions enable the management, delivery and distribution of collected live video and associated data.

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GB0001482891 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Anne Margaret Crow

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Termination of coverage

Edison Investment Research is terminating coverage on Pebble Beach Systems Group (PEB1). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

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Shareholder approval sought for revised terms

Vislink has modified the terms of the agreement to sell the assets of Vislink Communication Systems (VCS). The total consideration payable remains $16m. This will now be split into an initial cash consideration of $6.5m and $9.5m deferred consideration payable in secured loan notes, which must be redeemed within 45 days of the disposal completing. Shareholder approval of the modified terms is required before the disposal can complete. We leave our estimates, which assume that VCS remains within the group, unchanged and will review them on completion.

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Strong growth in software, hardware declining

Pebble Beach Systems Group: 1 director maiden bought

Termination of coverage

Shareholder approval sought for revised terms

Actinogen Medical - Funding in place to complete XanaMIA Phase IIb

Games Workshop Group - Sigmar the fourth

Datatec - Encouraging H1 across all divisions

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