CML Microsystems PLC Share Buyback Programme (2831I)
13 Avril 2022 - 11:56AM
UK Regulatory
TIDMCML
RNS Number : 2831I
CML Microsystems PLC
13 April 2022
13 April 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 GBP3.0 million (the "Programme").
The Company has shareholder authority to repurchase 2,578,522
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 Programme is currently expected to end no later than 3
months from the date of this announcement and in order to continue
past the Company's 2022 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 will either 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. This agreement includes provisions giving Shore
Capital authority to carry out market purchases under the Programme
independently of the Company.
Purchases may continue during any closed periods of the Company,
as defined by retained UK law version of the Market Abuse
Regulation 596/2014/EU ("UK MAR"), which may fall during the term
of the Programme. The Programme will not necessarily comply with
the safe harbour requirements set out under Article 5 of 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 Sole Broker)
Toby Gibbs
James Thomas
John More
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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