REG - CML Microsystems PLC - Share Buyback Programme

CML MicrosystemsAnnouncement

13/04/2022 11:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220413:nRSM2831Ia&default-theme=true

RNS Number : 2831I  CML Microsystems PLC  13 April 2022

13 April 2022

CML Microsystems Plc

("CML" or the "Company")

 

Share Buyback Programme

 

CML is pleased to announce the launch of a share buyback programme of up to
£3.0 million (the "Programme").

The Company has shareholder authority to repurchase 2,578,522 ordinary shares
of 5 pence each ("Ordinary Shares") as approved at its last AGM (which
represents c. 15 per cent. of the Company's issued ordinary share capital).
The Board has decided to launch the Programme to return funds to shareholders.

The Programme is currently expected to end no later than 3 months from the
date of this announcement and in order to continue past the Company's 2022
AGM, which is typically held in August each year, a new shareholder authority
will need to be obtained at the AGM for the Company to purchase its own
shares. The principal purpose of the Programme is to reduce the share capital
of the Company and return funds to shareholders who sell their Ordinary
Shares; repurchased Ordinary Shares will either be taken into treasury or
cancelled.

In order to effect the Programme, CML has entered into an agreement with the
Company's broker, Shore Capital Stockbrokers Limited ("Shore Capital"), to
carry out on-market purchases of its Ordinary Shares. This agreement includes
provisions giving Shore Capital authority to carry out market purchases under
the Programme independently of the Company.

Purchases may continue during any closed periods of the Company, as defined by
retained UK law version of the Market Abuse Regulation 596/2014/EU ("UK MAR"),
which may fall during the term of the Programme. The Programme will not
necessarily comply with the safe harbour requirements set out under Article 5
of UK MAR and, accordingly, the Company may not at all times benefit from the
exemption contained in Article 5 of UK MAR.  Furthermore, due to the limited
liquidity in the Ordinary Shares, any market purchase of Ordinary Shares
pursuant to the Programme on any trading day could represent a significant
proportion of the daily trading volume in the Ordinary Shares on AIM and could
exceed 25 per cent. of the average daily trading volume. Details of all
purchases made pursuant to the Programme will be announced via RNS and
published on the Company's website as required by UK MAR without delay.

The Company confirms that, other than as disclosed in this announcement, it is
not currently in possession of any unpublished inside information.

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 Advisor and Sole Broker)  Tel: +44 (0) 20 7408 4090

 Toby Gibbs

 James Thomas

 John More

 Alma PR                                            Tel: +44 (0) 20 3405 0212

 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  POSSFISUDEESEIL