Resignation of NED

RNS Number : 6179W

CML Microsystems PLC

10 February 2017

 

10th February 2017

CML Microsystems Plc

Non-Executive Director Retirement

CML Microsystems Plc, ("CML", "Company" or "the Group"), which designs, manufactures and markets mixed-signal and Radio Frequency (RF) semiconductors, primarily for global communication and solid state storage markets, announces that Ron Shashoua has notified the Board of his  intention to retire as a Non-Executive Director of the Company at the end of the current Financial Year (31 March 2017). 

Nigel Clark, Group Non-Executive Chairman, said on behalf of the Board, "we would like to thank Ron for his significant and valuable contributions over the last 21 years.  Ron has brought tremendous experience, guidance and insight to the Board and we wish him well for the future." 

A process to identify and appoint another Non-Executive Director for the Board is underway and a further announcement will therefore be made in due course. 

CML Microsystems Plc Chris Gurry, Group Managing Director Neil Pritchard, Group Financial Director	www.cmlmicroplc.com Tel: [phone]
Cenkos Securities plc Max Hartley (Corporate Finance)	Tel: [phone]
SP Angel Corporate Finance LLP Jeff Keating	Tel: [phone]
Alma PR Josh Royston Robyn McConnachie	Tel: [phone] Tel: [phone]

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 no borrowings and is dividend paying.

 

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