Business
IQE plc: Acquisition of minority interests in I...
IQE plc: Acquisition of minority interests in I....
About this update from Iqe Plc
[{"type":"text","content":"\n \n \n IQE plc: Acquisition of minority interests in IQE Taiwan Corporation \n \n \n \n \n IQE plc \n \n Cardiff, UK\n 5 October 2020\n \n \n Acquisition of minority interests in IQE Taiwan Corporation\n \n \n IQE plc (AIM: IQE, \"IQE\" or the \"Group\"), the leading manufacturer of advanced semiconductor wafer products for the global semiconductor industry, is pleased to announce the acquisition of third-party shareholdings in IQE Taiwan Corporation (“IQE Taiwan”), taking IQE’s ownership from 90.18% to 100% (the “Acquisition”).\n The Acquisition was effected using a statutory share swap arrangement under Taiwan’s Business Mergers and Acquisitions Law (the “Share Swap”). Selling shareholders who accepted the Share Swap will be issued with shares in IQE on the basis of the average closing price of IQE’s ordinary shares of 1p (“Ordinary Shares”) on AIM in the 30-day period prior to today’s Acquisition effective date. Selling shareholders who rejected the Share Swap will have their shares in IQE Taiwan purchased for cash.\n Selling shareholders representing 5.04% of the shares in IQE Taiwan, and 51% of the third-party shareholdings, accepted the Share Swap and the aggregate consideration payable to those shareholders is £1,437,646 which will be settled through the issue of 2,606,689 Ordinary Shares at an issue price of 55.15p per Ordinary Share (the “Consideration Shares”). Selling shareholders representing 4.78% of the shares in IQE Taiwan, and 49% of the third-party shareholdings, rejected the Share Swap and will have their shares in IQE Taiwan purchased for cash. IQE has agreed a cash price with a number of those shareholders but is waiting for the Taiwan Court to determine the price payable to the others, as part of the normal process to be followed under Taiwan’s Business Mergers and Acquisitions Law. IQE will therefore update the market once the total consideration has been determined.\n \n \n Application for admission\n \n \n Application will be made for the Consideration Shares to be admitted to trading on AIM (“Admission”) and it is expected that Admission will take place on or around 6 October 2020.\n Following Admission, the Consideration Shares will rank pari passu with the existing Ordinary Shares, the total number of Ordinary Shares in issue will be 799,889,941 and the total number of voting rights will also b...