CML Microsystems PLC Oval Park Planning Progress (2294Q)
17 Febbraio 2023 - 8:00AM
UK Regulatory
TIDMCML
RNS Number : 2294Q
CML Microsystems PLC
17 February 2023
17 February 2023
CML Microsystems Plc
("CML", the "Company" or the "Group")
Oval Park Planning Progress
State of the art business hub planned for land excess to CML's
trading requirements at its current 29-acre site
CML Microsystems Plc, which develops mixed-signal, RF, and
microwave semiconductors for global communications markets, is
pleased to announce that conditional planning approval has been
granted at its current 29-acre site located at Oval Park,
Maldon.
On 26 September 2022, the Company announced that it had signed
sale contracts with two separate parties, subject to planning
permission. At a meeting of the Maldon District Council on 16th
February 2023, conditional planning approval was granted on all
four planning applications relating to the development of Oval Park
(Application numbers 2200840FUL, 2200858FUL, 200841OUT and
2200837FUL). Final approval is subject to the completion of the
necessary Section 106 Unilateral Undertakings relating to the
payment of a financial contribution towards the County Council's
costs of monitoring a Travel Plan. The decision notices granting
planning permission should be issued once the Unilateral
Undertakings are complete which is expected shortly.
The transformation of the brownfield Oval Park site is expected
to bring over 200 jobs to the district by 2024 and potentially many
more in the following years. Two world-leading organisations,
Maldon Crystal Salt company and Tecniq, plan to relocate to the
site providing the cornerstone of the development of Oval Park.
Works on the site are expected to commence this Autumn.
Nigel Clark, Chairman of CML Microsystems commented:
"This transaction yields funds from an underutilised asset which
will benefit the business moving forward. It underpins the Group's
well publicised strategy as a pure play semiconductor business with
a sole focus on global communications markets."
Enquiries:
CML Microsystems Plc www.cmlmicroplc.com
Chris Gurry, Group Managing Director Tel: +44 (0) 1621 875 500
Nigel Clark, Executive Chairman
Shore Capital (Nominated Adviser Tel: +44 (0) 20 7408 4090
and Broker)
Toby Gibbs
James Thomas
John More
Fiona Conroy (Corporate Broking)
Alma PR Tel: +44 (0)20 3405 0205
Josh Royston
Andy Bryant
Matthew Young
About CML Microsystems PLC
CML develops mixed-signal, RF and microwave semiconductors for
global communications markets. The Group utilises a combination of
outsourced manufacturing and in-house testing with trading
operations in the UK, Asia and USA. CML targets sub-segments within
Communication 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 commercial and industrial
product manufacturers.
The spread of its customers and diversity of the product range
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 appetite for data to
be transmitted faster and more securely, the upgrading of telecoms
infrastructure around the world and the growing prevalence of
private commercial wireless networks for voice and/or data
communications linked to the industrial internet of things
(IIoT).
The Group is cash-generative, has no debt and is dividend
paying.
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END
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