REG - CML Microsystems PLC - Final Results <Origin Href="QuoteRef">CML.L</Origin> - Part 2

CML MicrosystemsAnnouncement

14/06/2016 07:06

- Part 2: For the preceding part double click  ID:nRSN0674Ba 

March 2015
financial statements. 
 
11. Post balance sheet event - Acquisition subject to regulatory clearance 
 
On 27 May 2016 the Company announced that it has entered into a definitive
agreement to acquire China-based Wuxi Sicomm Technologies Ltd ("Sicomm") and
affiliated companies. 
 
Founded in 2003, Sicomm is a fabless semiconductor company and solutions
provider specialising in the development of integrated baseband processors and
RF semiconductors for global wireless communication markets.  Sicomm has
approximately 30 employees and is headquartered in Wuxi, China, with offices
in Shanghai and Quanzhou. The company's product range, which partially
competes with existing CML solutions, is targeted for use within consumer,
industrial and professional radio products and focusses on the customer need
to achieve the right balance between cost, functionality and technical
performance. 
 
This acquisition expands the Group's product portfolio, strengthens its Far
Eastern regional support resources and reinforces CML's position as a leader
in the professional and industrial wireless communication semiconductor
market. 
 
The acquisition, which is subject to normal Chinese domestic regulatory
clearance, has an agreed consideration of US$11m and will be funded from a
mixture of existing cash resources and the issue of 774,181 new CML shares.
The majority of the shares are subject to specific lock-in restrictions over a
three year period and are provided under existing AGM resolution approval. The
deal is expected to close during the first half of the current financial year
to 31 March 2017 and a further announcement will be made at that time. 
Consequently, further disclosures will be made when the initial accounting of
the business combination, in line with IFRS and CML Group policies, is able to
be completed. 
 
12. General 
 
The results for the year have been prepared using the recognition and
measurement principles of international financial reporting standards as
adopted by the EU. 
 
The audited financial information for the year ended 31 March 2015 is based on
the statutory accounts for the financial year ended 31 March 2015 that has
been filed with the Registrar of Companies. The auditor reported on those
accounts: their report was (i) unqualified, (ii) did not include references to
any matters to which the auditor drew attention by way of emphasis without
qualifying the reports and (iii) did not contain statements under section
498(2) or (3) of the Companies Act 2006. 
 
The statutory accounts for the year ended 31 March 2016 are expected to be
finalised and signed following approval by the Board of Directors on 24 June
2016 and delivered to the Registrar of Companies following the Company's
Annual General Meeting on 27 July 2016. 
 
The financial information contained in this announcement does not constitute
statutory accounts for the year ended 31 March 2016 or 2015 as defined by
Section 434 of the Companies Act 2006. 
 
A copy of this announcement can be viewed on the company website
http://www.cmlmicroplc.com. 
 
13. Approval 
 
The Directors approved this annual results announcement on 14 June 2016. 
 
This information is provided by RNS
The company news service from the London Stock Exchange