IQE PLC Iqe Plc: Update To The Acquisition Of Minority Interests In Iqe Taiwan Corporation
19 Agosto 2021 - 8:30AM
UK Regulatory
TIDMIQE
IQE plc
Cardiff, UK
19 August 2021
Update to the acquisition of minority interests in IQE Taiwan
Corporation
Result of the Court determination on the valuation of
third-party shareholdings in IQE
IQE plc (AIM: IQE, "IQE", "Company" or the "Group"), the leading
supplier of compound semiconductor wafer products and advanced
material solutions to the global semiconductor industry, announces
the final Court determination of the valuation of the acquisition
of third-party shareholdings in IQE Taiwan Corporation ("IQE
Taiwan") as reported by the Company on 15 October 2020 (the
"Acquisition") to take IQE's ownership from 90.18% to 100%.
The Acquisition involved a statutory share swap arrangement
under Taiwan's Business Mergers and Acquisitions Law. Selling
shareholders representing circa 5% of the shares in IQE Taiwan,
accepted IQE's offer of IQE plc shares in consideration for their
shares in IQE Taiwan. Shareholders representing circa 1% of the
shares in IQE Taiwan, rejected the share swap but accepted a cash
equivalent offer.
Shareholders representing circa 4% of the shares in IQE Taiwan,
rejected the share swap and the monetary equivalent offer. The
price payable to these shareholders has now been determined by the
Taiwanese Court under the relevant legislation. The Court reached a
final determination on 18 August 2021. The ruling will be affirmed
after 10 days unless shareholders appeal.
As a result, IQE confirms the total consideration for the
third-party shareholdings in IQE Taiwan is 2,606,689 ordinary
shares of 1p in the capital of IQE plc (previously issued in FY20)
plus cash payments totalling GBP3m GBP. GBP1.4m of this was settled
in FY20 with GBP1.6m plus 5% annual rate of interest being payable
within FY21.
Tim Pullen, Chief Financial Officer of IQE, said:
"I am pleased the Court process in relation to the settlement
with minority shareholders has concluded. Our Taiwanese subsidiary
is a core part of the IQE Group and the foundation for IQE's
business development and production in Asia; a key strategic growth
market for IQE. This transaction ensures that the returns from our
continued investment in Taiwan will be wholly attributable to IQE's
shareholders."
Contacts:
IQE plc
+44 (0) 29 2083 9400
Drew Nelson
Tim Pullen
Amy Barlow
Peel Hunt LLP (Nomad and Joint Broker)
+44 (0) 20 7418 8900
Edward Knight
Nick Prowting
Paul Gillam
Citigroup Global Markets Limited (Joint Broker)
+44 (0) 20 7986 4000
Christopher Wren
Peter Catterall
Headland Consultancy (Financial PR)
+ 44 (0) 20 38054822
Andy Rivett-Carnac: +44 (0) 7968 997 365
Chloe Francklin: +44 (0)78 3497 4624
ABOUT IQE
https://www.globenewswire.com/Tracker?data=ZIyNcqywBlnxqpwjz5DSZG_svtg0ftIF12yz4JZgC8fd1Um6bHHao7OhyAn_mrN4BdVjGsVPvl-0n8agokKqaWvv7soEvGdLzi7SFtdZ6LkbRuDc7kJ-N94wLN24r_REjLPjc7VvflDyddTRO1DePMLMYFnNo33iRGIqUPQ-keGcToGbMCe18Ji36GkQOlluLzIEID1QEtEX9CWrxSU_LoO0GhsmE7pVEiL8kasjpKo=
http://iqep.com
IQE is the leading global supplier of advanced compound
semiconductor wafers and materials solutions that enable a diverse
range of applications across:
-- handset devices
-- global telecoms infrastructure
-- connected devices
-- 3D sensing
As a scaled global epitaxy wafer manufacturer, IQE is uniquely
positioned in this market which has high barriers to entry. IQE
supplies the whole market and is agnostic to the winners and losers
at chip and OEM level. By leveraging the Group's intellectual
property portfolio including know-how and patents, it produces
epitaxy wafers of superior quality, yield and unit economics.
IQE is headquartered in Cardiff UK, with c. 650 employees across
nine manufacturing locations in the UK, US, Taiwan and Singapore,
and is listed on the AIM Stock Exchange in London.
(END) Dow Jones Newswires
August 19, 2021 09:30 ET (13:30 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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