Imagination has released its final results for the year to April 2017. While the results themselves are slightly ahead of our expectations, reflecting the significant restructuring undertaken in the year, events post the year end have taken over. There is no further update on the dispute with Apple within today’s update and no indication of the level at which the group has received interest from potential bidders for the whole group. The outlook for licence revenue in FY’18 is said to be strong, but we expect potential customers to wary in light of the uncertain outlook for the group. We continue to believe that the PowerVR IP will be attractive to a number of potential bidders, but as a primarily IP based sale, it is very difficult to quantify the value. We would expect a potential offer to be broadly in the 100p – 150p range. The stock remains firmly in special situation territory, but given the likelihood of an offer emerging, stay at Hold.