Last checked at 3 Mar 2020 16:49
CML Microsystems Plc
(The "CML" or the "Group")
Acquisition of Plextek RFI Ltd
CML Microsystems Plc, which designs, manufactures and markets semiconductors, primarily for global communication and solid state storage markets, announces that it has acquired 100% of the share capital of UK-based Plextek RFI Ltd ("PRFI").
PRFI is part of the Plextek Group of companies and is a UK based design house specialising in the design and development of RF, Microwave and Millimetre-wave (mm-wave) ICs and modules. The team has completed in excess of 100 IC designs, operating at radio frequencies up to 100GHz and are a third-party approved design house for a number of leading semiconductor companies globally. Design experience includes front end ICs for mm-wave 5G, broadband Monolithic Microwave ICs (MMICs), receiver, transmitter and power amplifier (PA) ICs for microwave links and GaN PAs for both commercial and defence applications. PRFI is located on the Essex-Cambridge borders in Great Chesterford.
The acquisition has been funded from a mixture of existing cash resources and shares from treasury.
"PRFI's dedicated and experienced team enhances our strategy for expansion within Communications markets. Their design expertise expands upon the Group's existing skills and provides a new independent services and consulting income stream for CML" said Chris Gurry, CML's Group Managing Director."
Total voting rights
In conformity with the Financial Conduct Authority's ("FCA") Disclosure and Transparency Rules, CML Microsystems Plc hereby notifies the market that the Company's issued share capital comprises 17,177,652 ordinary shares of 5p each ("Ordinary Shares"), of which 23,467 Ordinary Shares are held in treasury. Accordingly, the total number of voting rights in the Company is 17,154,185.
This figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
The information contained within this announcement is deemed by the Group to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.
CML Microsystems Plc Nigel Clark, Group Chairman & Financial Director Chris Gurry, Group Managing Director
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About CML Microsystems PLC
CML designs and develops semiconductors for the industrial storage and communications markets. The Group utilises a combination of in-house and outsourced manufacturing and has trading operations in Europe, the Far East and USA. CML targets niche 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 telecoms equipment providers and industrial product manufacturers
The spread of its customers and products 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 ever increasing trend towards solid state storage devices in the commercial and industrial sectors, the upgrading of telecoms infrastructure around the world and the growing prevalence of private commercial communications networks for voice and/or data communications linked to the industrial internet of things (IIoT).
The Group is cash-generative, has a net cash position and is dividend paying.