Toumaz Limited Completion of Acquisition of Frontier Silicon Limited
Toumaz Limited (AIM: TMZ, 'Toumaz' or 'the Group'), a pioneer in and provider of ultra-low power, high-performance wireless communications technologies and solutions, announces that the acquisition of Frontier Silicon (Holdings) Limited ('Frontier') has today been completed, as set out in the Group's announcement of 3 July 2012.
Frontier is a market-leading supplier of digital audio chips and modules to global consumer electronic brands, and a leader in internet-connected and streaming audio. It brings important electronic engineering resource to the Group with R&D centres in the UK, Hong Kong and China.
There is a strong technological alignment of Toumaz's healthcare, radio and wireless chip technologies and Frontier's expertise in semiconductor, module and software systems, which will be integrated to create a genuine total solution provider, capable of addressing key high growth markets. Toumaz also has the opportunity to exploit Frontier's established commercial infrastructure and sales and marketing expertise.
It is expected that the Second Admission of 41,300,925 new Ordinary Share in respect of the Second Placing Shares, the revised number of Initial Consideration Shares and the Subscription Shares will be effective from tomorrow, 21 August 2012. Subsequent to the Second Admission, the Company's total issued share capital will be 1,132,127,628 Ordinary Shares. Toumaz holds no shares in treasury. Therefore, the total number of voting rights in Toumaz is 1,132,127,628.
The above figure 1,132,127,628 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Toumaz under the FSA's Disclosure and Transparency Rules.
Terms and expressions defined in the announcement of 3 July 2012 have the same meaning in this announcement.