LIBERUM: Sepura* - 20p recommended offer

LIBERUM: Sepura - Reduced estimates

LIBERUM: Sepura – Substantial downgrade

LIBERUM: Sepura* - Resumption of Recommendation and TP

LIBERUM: Sepura - Profit reset & £65m capital raising

Morning Song

accesso Technology (ACSO LN) Consistent growth, increasing margins and few risks | Earthport (EPO LN) Solving a $9.3bn+ problem | Gresham Computing (GHT LN) Positive AGM statement | Howden Joinery Group (HWDN LN) Strong trading in recent 8 weeks. Low end f/casts to edge up | James Fisher & Sons (FSJ LN) Trading in line | NCC Group (NCC LN) Strong revenue growth, margins lower | Oxford BioMedica (OXB LN) Final results and portfolio review | Redde (REDD LN) Strong trading continues in H2 | Sepura

Financing resolution required to unlock potential

The disappointing trading in the year to Mar 2016 and year end net debt position of €119m mean a resolution to its capital structure is required in order for the group to convert its significant opportunities. Until this is resolved, we expect the shares to be under pressure and may well trade below intrinsic value. The market backdrop and fundamental market position of the company remain attractive and we believe its growth prospects, particularly in the US, the largest PMR market, are exciting

LIBERUM: Sepura - Up to £50m equity raising

Confirms €17m EBITDA, in talks to secure appropriate capital structure

Sepura confirmed adjusted EBITDA in the year to Mar 2016 will be €17m. Net debt is expected to be €119m and discussions with the banks are ongoing. The group commenced discussions with major shareholders regarding an equity capital raise of up to £50m. Our forecasts are currently under review and we expect to issue revised forecasts shortly as we waited for confirmation of the year end position of the group. The market backdrop and fundamental market position of the company remain attractive and

LIBERUM: Sepura - Revised contingent estimates

LIBERUM: Sepura - FY EBITDA 35% - 48% below expectation

Bigger and better

Following the transformational acquisition of Teltronic, Sepura can now access a much wider share of the $14bn Professional Mobile Radio (PMR) market, with a broader product portfolio and geographical footprint including the key US market. With a strong track record of delivery against expectations, we remain confident on execution and expect strong earnings growth over the next few years. We believe the group is an even more strategic vendor in a market set for continued growth.

Teltronic yields early triumphs

Strong interims

The trading update on 22 Oct already flagged some of the highlights of today’s strong interim results. 34% organic revenue growth, robust profit performance despite adverse currency impacts, on-track integration of Teltronic, much increased closing order book and a strong track record of execution leave us confident of H2 and its growth prospects in the year to come. We believe the combined Sepura and Teltronic business has the product breadth and scale to effectively go after its €3.3bn address