In 12.3.4 at least for time synching with NTP broadcasts, the SNTP client does not work correctly with a NTP V4 server. If you force your NTP server to respond as being V3, the client synchs. It may be the same for unicast traffic as well.
The sntp broadcast client in 12.3 is broken in that it does not understand NTP broadcasts from a NTP V4 server. I've got a case open on this, but as a workaround if you force the NTP server to claim its running V3, the AP will synch. On ntpd the comm...