IN BRIEF: IQE ends strategic review as unveils GBP81 million fundraise

IQE PLC - Cardiff-based supplier of advanced compound semiconductor wafer products and material solutions - Raises GBP81 million via an investment from a strategic partner, subscriptions, and a proposed placing and retail offer. MACOM Technology Solutions Inc invests GBP30 million via a subscription at 19.8 pence each. In addition, IQE issues GBP15 million of new secured zero-coupon convertible loan notes to MACOM at the issue price. Raises a further GBP22.8 million via the redemption of existing convertible loan notes and reinvestment by the noteholders by way of subscription at 19.8p per share. In addition, plans to raise GBP11 million via a placing at the same price and GBP2 million by a retail offer. Proceeds will be used to repay existing bank debt, redeem the existing loan notes and strengthen the balance sheet, IQE says. As a result, IQE ceases its strategic review and is no longer considered to be in an "offer period". Alongside the investment, IQE and MACOM will enter into long-term strategic supply agreements. Chief Executive Jutta Meier says: "This proposed transaction is transformational for IQE. The investment from MACOM and other existing shareholders will provide the balance sheet strength to allow us to capitalise on the opportunities in front of us, while maintaining our unique global footprint. We are now better positioned than ever to execute on our growth strategy."

Current stock price: 49.40 pence

12-month change: more than quadrupled

By Jeremy Cutler, Alliance News reporter

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