By Sabela Ojea
CML Microsystems PLC said Tuesday that it is applying for the admission of its shares to trading on the AIM market, and that it has decided to hire Nigel Clark as chairman.
The U.K. semiconductor company said Mr. Clark, who was holding the dual role of chairman and financial director on an interim basis since the financial director left in February 2020, will become executive chairman with immediate effect.
CML Microsystems said there is now no immediate need to appoint a group financial director.
Regarding the move to AIM, it said: “Following completion of the sale of its storage division, the group is fully focused on a much larger global opportunity within the wireless communications market and the board considers that AIM provides a more appropriate regulatory environment for the company and its growth prospects.”
Shares at 1040 GMT were up 25.00 pence, or 7.0%, at 380.00 pence.
Write to Sabela Ojea at firstname.lastname@example.org; @sabelaojeaguix