CML Microsystems PLC Share Buyback Programme (4755V)

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The Company confirms that, other than as disclosed in this announcement, it is not currently in possession of any unpublished inside information.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: [phone] 
 Nigel Clark, Executive Chairman 
Shore Capital (Nominated Advisor       Tel: [phone] 
 and Broker) 
 Toby Gibbs 
 James Thomas 
 John More 
 Lucy Bowden 
 Fiona Conroy (Corporate Broking) 
 
Alma PR                                Tel: [phone] 
 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

POSFIFVASSIEIIV

(END) Dow Jones Newswires

April 05, 2023 05:35 ET (09:35 GMT)