REG - CML Microsystems PLC - Oval Park Planning Progress

CML MicrosystemsAnnouncement

17/02/2023 07:00

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RNS Number : 2294Q  CML Microsystems PLC  17 February 2023

17 February 2023

CML Microsystems Plc

("CML", the "Company" or the "Group")

 Oval Park Planning Progress

State of the art business hub planned for land excess to CML's trading
requirements at its current 29-acre site

CML Microsystems Plc, which develops mixed-signal, RF, and microwave
semiconductors for global communications markets, is pleased to announce that
conditional planning approval has been granted at its current 29-acre site
located at Oval Park, Maldon.

On 26 September 2022, the Company announced that it had signed sale contracts
with two separate parties, subject to planning permission. At a meeting of the
Maldon District Council on 16th February 2023, conditional planning approval
was granted on all four planning applications relating to the development of
Oval Park (Application numbers 2200840FUL, 2200858FUL, 200841OUT and
2200837FUL). Final approval is subject to the completion of the necessary
Section 106 Unilateral Undertakings relating to the payment of a financial
contribution towards the County Council's costs of monitoring a Travel Plan.
The decision notices granting planning permission should be issued once the
Unilateral Undertakings are complete which is expected shortly.

The transformation of the brownfield Oval Park site is expected to bring over
200 jobs to the district by 2024 and potentially many more in the following
years. Two world-leading organisations, Maldon Crystal Salt company and
Tecniq, plan to relocate to the site providing the cornerstone of the
development of Oval Park.

Works on the site are expected to commence this Autumn.

Nigel Clark, Chairman of CML Microsystems commented:

"This transaction yields funds from an underutilised asset which will benefit
the business moving forward. It  underpins the Group's well publicised
strategy as a pure play semiconductor business with a sole focus on global
communications markets."

Enquiries:

 CML Microsystems Plc                          www.cmlmicroplc.com (http://www.cmlmicroplc.com/)

Tel: +44 (0) 1621 875 500
 Chris Gurry, Group Managing Director

 Nigel Clark, Executive Chairman

 Shore Capital (Nominated Adviser and Broker)  Tel: +44 (0) 20 7408 4090

 Toby Gibbs

 James Thomas

 John More

 Fiona Conroy (Corporate Broking)

 Alma PR                                       Tel: +44 (0)20 3405 0205

 Josh Royston

 Andy Bryant

 Matthew Young

About CML Microsystems PLC

CML develops mixed-signal, RF and microwave semiconductors for global
communications markets. The Group utilises a combination of outsourced
manufacturing and in-house testing with trading operations in the UK, Asia and
USA. CML targets sub-segments within Communication markets with strong growth
profiles and high barriers to entry. It has secured a diverse, blue chip
customer base, including some of the world's leading commercial and industrial
product manufacturers.

The spread of its customers and diversity of the product range largely
protects the business from the cyclicality usually associated with the
semiconductor industry. Growth in its end markets is being driven by factors
such as the appetite for data to be transmitted faster and more securely, the
upgrading of telecoms infrastructure around the world and the growing
prevalence of private commercial wireless networks for voice and/or data
communications linked to the industrial internet of things (IIoT).

The Group is cash-generative, has no debt and is dividend paying.

 

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