REG - CML Microsystems PLC - Share Buyback Programme

CML MicrosystemsAnnouncement

05/04/2023 10:45

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RNS Number : 4755V  CML Microsystems PLC  05 April 2023

5 April 2023

CML Microsystems Plc

("CML" or the "Company")

 

Share Buyback Programme

 

CML is pleased to announce the launch of a new share buyback programme of up
to £1.5 million (the "Programme").

At the last annual general meeting of the Company, held on 10 August 2022, the
Company received shareholder authority to repurchase 2,386,000 ordinary shares
of 5 pence each ("Ordinary Shares") (which represents 14.6 per cent. of the
Company's issued ordinary share capital). Between 3 October 2022 and 17
January 2023, 72,634 Ordinary Shares were repurchased under this authority,
leaving the Company with a remaining authority to repurchase a total of
2,313,366 Ordinary Shares.

The Programme is currently expected to end no later than three 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, 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.

The Programme may not comply with the safe harbour requirements set out under
Article 5 of the retained UK law version of the Market Abuse Regulation
596/2014/EU ("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 Broker)  Tel: +44 (0) 20 7408 4090

 Toby Gibbs

 James Thomas

 John More

 Lucy Bowden

 Fiona Conroy (Corporate Broking)

 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.

 

 

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