CML Microsystems PLC Completion of Disposal (0769O)

TIDMCML

RNS Number : 0769O

CML Microsystems PLC

05 February 2021

CML Microsystems Plc

("CML" or the "Group")

Completion of Disposal

CML Microsystems Plc (CML.L) is pleased to announce that, following the receipt of the necessary regulatory approval and other customary closing conditions being met, it has completed the sale of Hyperstone, the Group's storage division, to Swissbit, a specialist producer of industrial-grade data-storage and embedded IoT solutions (the "Disposal").

As previously announced on 10 December 2020, the Disposal reflects a strategic decision made by the Board to refocus the Group exclusively on the global communications market which represents a large and high growth market opportunity.

Swissbit acquired Hyperstone for $49m, on a cash free debt free basis. The proceeds of the Disposal will provide the Group with the financial flexibility to maximise its future growth potential.

 
CML Microsystems Plc                      www.cmlmicroplc.com 
 Chris Gurry, Group Managing Director      Tel: +44 (0)1621 875 500 
 Nigel Clark, Group Chairman & Financial 
 Director 
Shore Capital                             Tel: +44(0)20 7408 4090 
 Edward Mansfield 
 James Thomas 
 Fiona Conroy - Corporate Broking 
SP Angel Corporate Finance LLP            Tel: +44(0)203 463 2260 
 Jeff Keating 
Alma PR                                   Tel: +44 (0)20 3405 0205 
 Josh Royston 
 Caroline Forde 
 Robyn Fisher

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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February 05, 2021 02:00 ET (07:00 GMT)

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