Business
Move to AIM and Board Update
Move to AIM and Board Update.
About this update from Cml Microsystems Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4320A\n CML Microsystems PLC\n 01 June 2021\n \n \n \n \n 1 June 2021\n \n \n CML Microsystems Plc\n \n \n (\"CML\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Proposed cancellation of the Company's Ordinary Shares from the Official List, proposed admission to trading on AIM and Board Update\n \n \n \n \n \n Move to AIM\n \n \n CML Microsystems Plc, which develops mixed-signal, RF and microwave semiconductors for global communications markets, today announces that the Board is proposing to cancel the admission of the Company's ordinary shares of 5 pence each (\"Ordinary Shares\") from the standard segment of the Official List and from trading on the London Stock Exchange's Main Market for listed securities (\"Cancellation\") and is proposing to apply for the admission of the Company's Ordinary Shares to trading on the AIM market (\"AIM\") of the London Stock Exchange (\"Admission\"), such that Cancellation and Admission (together the \"Move to AIM\") will take place simultaneously. \n \n \n The Listing Rules do not require a company wishing to cancel the admission of its shares to listing on the standard segment of the Official List to seek shareholder approval at a general meeting. Notwithstanding this, the Directors believe that as a matter of good corporate governance, the Company's shareholders (\"Shareholders\") should be consulted and accordingly have resolved that the Cancellation should be subject to shareholder approval by way of an ordinary resolution (\"Cancellation and Admission Resolution\") to be proposed at the Company's Annual General Meeting (\"AGM\"). Therefore, the Cancellation and Admission Resolution will be proposed at the Company's forthcoming AGM. \n \n \n The Board believes that a move to AIM is in the best interests of the Company and its Shareholders. Following completion of the sale of its storage division (the \"Disposal\"), the Group is fully focussed on a much larger global opportunity within the \n wireless communications market and the Board considers that AIM provides a more appropriate regulatory environment for the Company and its growth prospects. The Directors also believe that as an AIM company, certain Shareholders may also benefit from particular inheritance tax and stamp duty reserve tax exemptions in respect of their interests in the Co...