CML Microsystems sells spare land at headquarters for PS7 million
CML Microsystems PLC on Monday said it has agreed to sell excess land at its headquarters to Chapel 110 LLP for £7 million.
The Essex, England-based developer of mixed-signal, radio frequency and microwave semiconductors said the land in Essex is non-operational and identified as surplus to requirements.
The cash proceeds will be received in two tranches over the current financial year, with £4 million due immediately and the remaining £3 million during March.
The company said the deal is part of its strategy to ‘unlock value from its non-operational property assets’. It said the proceeds will provide financial flexibility to support growth opportunities.
CML Microsystems noted that its headquarters will continue to operate from its existing facilities on the retained land.
‘This transaction demonstrates further progress in realising value from our non-core property assets and reinforces our commitment to efficient capital management in support of long-term shareholder value creation,’ said Chair Nigel Clark.
Shares in CML Microsystems were up 4.2% at 323.00 pence in London on Monday afternoon.
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