IQE PLC Iqe Plc: Issue Of Equity
September 25 2018 - 4:00AM
UK Regulatory
TIDMIQE
Payment of $5M IP purchase fee through issue of IQE shares to
Translucent, Inc. in relation to acquisition of cREO(TM) technology
Cardiff, UK. 25 September 2018: IQE plc (AIM: IQE, "IQE" or the
"Company"), the leading global supplier of advanced wafer products and
wafer services to the semiconductor industry, confirms that it will
issue 4,262,256 new ordinary shares of 1 pence each in IQE (the "Payment
Shares") to Translucent Inc. ("Translucent").
The Payment Shares have been issued as consideration to satisfy the
$5,000,000 fee payable for the purchase of Translucent's unique and
innovative 'Rare Earth Oxide' (cREO(TM)) semiconductor technology.
IQE initially announced on 15 September 2015 that it had signed the
Option, Licence and Assignment Agreement dated 15 September 2015 with
Silex Systems Limited and its subsidiary, Translucent ("the Agreement"),
which provided IQE with an exclusive 30-month licence for the
commercialisation of the Translucent cREO(TM) technology and an
exclusive option (exercisable solely at IQE's discretion) for the
acquisition of the technology. On 16 March 2018, the company announced
that it had exercised its exclusive option to acquire and own the
cREO(TM) technology and had six months following the exercise of the
option to pay the $5,000,000 consideration.
The cREO(TM) technology offers a unique approach to the manufacture of a
wide range of innovative Compound Semiconductor on Silicon products,
including gallium nitride (GaN) on silicon (Si) for the burgeoning Power
switching and RF technologies markets.
Application has been made to the London Stock Exchange for admission of
4,262,256 new ordinary shares in the Company of 1 pence each ("Ordinary
Shares") to trading on AIM. It is expected that dealings in these new
Ordinary Shares, which will rank pari passu in all respects with the
existing Ordinary Shares, is expected to commence on 28 September 2018
("Admission").
Following Admission, the total number of Ordinary Shares in issue will
be 765,351,668. All of these Ordinary Shares carry voting rights of one
vote per Ordinary Share. There are no Ordinary Shares held in treasury
and so the total number of voting rights in the Company will be
765,351,668.
Contacts:
IQE plc (+44 29 2083 9400)
Chris Meadows
Godfrey Ainsworth
Drew Nelson
Canaccord Genuity (+ 44 20 7523 8000)
Simon Bridges
Richard Andrews
Peel Hunt (+44 20 7418 8900)
Edward Knight
Nick Prowting
(END) Dow Jones Newswires
September 25, 2018 05:00 ET (09:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Iqe (LSE:IQE)
Historical Stock Chart
From Apr 2024 to May 2024
Iqe (LSE:IQE)
Historical Stock Chart
From May 2023 to May 2024