Abingdon, UK July 20, 2012) – Toumaz Limited (AIM: TMZ, ‘Toumaz, or ‘the Group’), a pioneer in and provider of ultra-low power, high-performance wireless communications technologies and solutions, has agreed to acquire Frontier Silicon (Holdings) Limited (‘Frontier’), a leading supplier of semiconductor, module and software solutions for digital radio and connected audio systems, for a maximum consideration of up to £32.3m (‘Acquisition’).
The Group also announces the conditional placing (‘Placing’) of 285.6m new Ordinary Shares (the “Placing Shares”) at a placing price of 10.25 pence, raising £29.25m before expenses. The Placing Shares have been placed at a premium by finnCap with both new and existing institutional investors.
“This acquisition is consistent with our strategy for providing ultra-low power, high performance wireless communications across the healthcare, fitness and consumer electronics markets.”
“Bringing these two innovative UK technology companies will enable the enlarged Group to exploit the strengths and opportunities of both businesses. Our wireless solutions have huge potential and combined with the software systems, commercial expertise and tier one customer access of Frontier, will create a significant total solution provider for the wireless communications market.”
“This acquisition will also enable us to strengthen our commercial presence and provides us with essential engineering and R&D resource, allowing Toumaz to accelerate its profitable expansion towards becoming the global leader in complete wireless platforms.”
About Toumaz
Toumaz is pioneering ultra-low power, high-performance wireless communications technologies and solutions for a wide range of markets including medical monitoring and internet-connected consumer devices.
About Frontier Silicon
Frontier is a market leading supplier of digital audio chips and modules to global consumer electronic brands £22m+ revenue base and historically strong product margins.