CML Microsystems PLC Share Buyback Programme (4755V)
April 05 2023 - 4:35AM
UK Regulatory
TIDMCML
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 GBP1.5 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announcement, it is not currently in possession of any unpublished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
Chris Gurry, Group Managing Director Tel: +44 (0) 1621 875 500
Nigel Clark, Executive Chairman
Shore Capital (Nominated Advisor Tel: +44 (0) 20 7408 4090
and Broker)
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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END
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