Xaar has reached an agreement to receive an upfront payment instead of future royalties from one of its licensees. Xaar will receive a total payment from Seiko of ¥2.98bn/c.£20m, paid in two tranches. These will both be paid by the end of H1 18, although exact payment dates have yet to be confirmed. We view this upfront payment as a better outcome for Xaar than the royalty stream, which we have always forecast to decline towards zero by the early 2020s (N+1Se £5m in 2018, £4m in 2019). We have n ....