Business
IQE plc : Response to Share Price Movement
IQE plc : Response to Share Price Movement.
About this update from Iqe Plc
[{"type":"text","content":"\n IQE plc : Response to Share Price Movement8 February 2018 IQE plc(\"IQE\" or the \"Company\") Response to Share Price Movement IQE plc (AIM: IQE) notes today's share price movement, which follows a report by Muddy Waters Capital LLC (\"Muddy Waters\").Allegations contained within the report were addressed in IQE's announcement on 5 February 2018, in which IQE responded to a similar report published by ShadowFall Capital & Research LLP (\"ShadowFall\"). Information in the Muddy Waters report is either factually inaccurate or has previously been disclosed in IQE's annual reports and financial statements. It is also important to note that like ShadowFall, Muddy Waters also holds a short position in IQE and so duly profits from any near-term reduction in IQE's share price.IQE continues to assure shareholders that the Company holds itself to the highest standards of corporate governance, transparency and integrity. Further details about the Cardiff joint venture (\"CSC\") with Cardiff University, and in particular its third-party engagements and expanding customer base can be found here: http://www.compoundsemiconductorcentre.com/projects IQE re-iterates that the CSC is a separate legal entity with a standalone board, separate management teams and a joint venture agreement that establishes governance procedures and decision making. CSC staff are employed under their own contracts. IQE provides support services including recruitment, to avoid the duplication of costs. The costs incurred by IQE are recharged at cost to CSC, as disclosed in IQE's annual reports and financial statements.IQE's investment in intangible assets is clearly disclosed in both its interim reports and annual report and financial statements. As disclosed in IQE's H1 2017 interim report on 5 September 2017, IQE increased its investment during the first half of 2017 in relation to the introduction of a new VCSEL product for 3D sensing that has subsequently been adopted in mass market consumer applications. This product ramped strongly during the second half of 2017, which, as reported in IQEs December trading update has enabled a doubling of IQE's photonics sales, and provides for strong continuing growth. As announced in the pre-close statement on 20 December 2017 and in the response to the ShadowFall report on 5 Februar...