SANDVINE HOLDINGS UK LIMITED

• ⚠

  Accounts not prepared on a going-concern basis

  The directors concluded that it is no longer appropriate to prepare the Company's financial statements on a going concern basis. The Company's ongoing activities are limited to transitional and administrative functions, and it is expected that the Company will ultimately be wound down once these are complete. Accordingly, the financial statements have been prepared on a other than going concern basis.

Figures converted to GBP from USD at 0.752 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

1. SANDVINE HOLDINGS UK LIMITED 2018-08-09 → present
2. PROCERA NETWORKS (UK) LTD 2016-12-20 → 2018-08-09

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Nortons Assurance Limited

Audit opinion

Unqualified (clean)

Going concern

Not a going concern (break-up basis)

“The directors concluded that it is no longer appropriate to prepare the Company's financial statements on a going concern basis. The Company's ongoing activities are limited to transitional and administrative functions, and it is expected that the Company will ultimately be wound down once these are complete. Accordingly, the financial statements have been prepared on a other than going concern basis.”

Group structure

1. SANDVINE HOLDINGS UK LIMITED · parent
   1. Applogic Networks Op (UK) Ltd 100% · England
   2. AppLogic Sweden AB 100% · Sweden
   3. Sandvine Corporation 100% · Canada
   4. AppLogic Networks Technologies Malaysia Sdn. Bhd. 100% · Malaysia
   5. Sandvine Technologies Limited 100% · Jerusalem IL
   6. AppLogic Networks Australia Pty Ltd 100% · Australia
   7. AppLogic Networks Singapore Pte. Ltd. 100% · Singapore
   8. AppLogic Networks Japan K.K. 100% · Japan
   9. AppLogic Networks Private Limited 100% · India
   10. WTC1 Inc Canada 49% · Canada
   11. WTC2 Inc Canada 49% · Canada

Significant events

• “In February 2024, certain Sandvine entities were placed on the U.S. BIS Entity List, with limited emergency relief granted in March; all Sandvine entities were removed from the U.S. BIS Entity List on 23 October 2024.”
• “On 28 June 2024, the group's ownership was transferred to certain of their previously secured lenders through a legal reorganization and debt restructuring transaction.”
• “In August 2024, the Company reduced operating expenses to align with the anticipated revenue size of the Company going forward.”
• “On 2 October 2024, certain Sandvine group entities entered into a Restructuring Support Agreement with >97% of secured lenders and put in place a super-senior credit facility that provided $20.0 million of new money. By 31 December 2024, $20.0 million of the delayed-draw had been drawn.”
• “On 7 November 2024, the Sandvine group's, through certain affiliates, commenced in-court restructuring proceedings under the Canadian Companies' Creditors Arrangement Act (CCAA), together with a companion recognition proceeding under Chapter 15 in the United States.”
• “As at December 31, 2024, the group had $438.6M of borrowings. The revolving credit facility expired on June 28, 2024 and was not extended.”
• “During 2024, Jefferies Finance LLC and Barings Finance LLC had their fixed and floating charges over the assets of the Company terminated. Acquiom Agency Services LLC initiated fixed and floating charges over the assets of the Company pursuant to a debenture, share pledge agreement, and a collateral agreement, which agreements are part of the collateral package in respect of the broader entity group.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.