REG - CML Microsystems PLC - Share Buyback Programme

CML MicrosystemsAnnouncement

03/10/2022 07:00

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RNS Number : 4485B  CML Microsystems PLC  03 October 2022

3 October 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
£1.0 million (the "Programme").

The Company has shareholder authority to repurchase 2,386,000 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 maximum daily number of Ordinary Shares that will be purchased is 1,579,
which is 25% of the average daily volume traded in September 2022, the month
prior to this announcement. The Programme is currently expected to end no
later than 12 months from the date of this announcement and in order to
continue past the Company's 2023 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 may be taken into
treasury or cancelled.

In order to effect the Programme, the Company has entered into an agreement
with the its 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.

The Programme will be conducted within the safe harbour parameters of the
Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation
2016/1052/EU (each as incorporated into UK domestic law by the European Union
(Withdrawal) Act 2018, including where relevant pursuant to the Market Abuse
(Amendment) (EU Exit) Regulations 2019) and Chapter 12 of the Listing Rules.
The Company confirms that it currently has no other unpublished price
sensitive information. Details of all purchases made pursuant to the Programme
will be announced via RNS and published on the Company's website as required
by the Market Abuse Regulation.

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

 Advisory
 Toby Gibbs

James Thomas

John More

 Corporate Broking
 Fiona Conroy

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

 Josh Royston

Andy Bryant

Matthew Young

 

UK MAR: This announcement is released by the Company and contains information
that qualified or may have qualified as inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR") as it forms
part of UK domestic law by virtue of the EUWA ("UK MAR"), encompassing
information relating to the trading performance of the Company. For the
purposes of UK MAR and Article 2 of the binding technical standards published
by the Financial Conduct Authority in relation to MAR as regards Commission
Implementing Regulation (EU) 2016/1055, this announcement is made by Chris
Gurry, Group Managing Director.

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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