Appointment of David Grant CBE as Senior Independent Director

18 September 2012

Cardiff, UK. 18 September 2012: IQE plc (AIM: IQE, “IQE” or the “Group”), the leading global supplier of advanced semiconductor wafer products and wafer services to the semiconductor industry, announces the appointment of David Grant CBE, FREng, FLSW, CEng, FIET as a Non-Executive Director and as Senior Independent Director of the Group.

David Grant, 65, gained his PhD in Engineering Science from Durham University in 1974. Following a period with Reyrolle Parsons Automation designing power station control and instrumentation systems, Dr Grant was appointed Technical Director of a European subsidiary of United Technologies Corporation.

In 1984 Dr Grant took up an appointment as Managing Director of Dowty Electronics Ltd., and in 1988 he became Technical Director of the Dowty Group. His last industrial appointment commenced in 1991, as Technical Director of GEC plc, with responsibility for engineering, research and technology development in an £11bn turnover international company employing 25,000 engineers and spending £1.2bn per annum on product development and technology. He was appointed Vice-Chancellor of Cardiff University in October 2001. He retired from the post in August this year.

Dr Grant is also a non-executive director of Renishaw plc., and holds directorships with Welsh Networking Limited and The Russell Group of Universities.

Dr Grant is actively involved in engineering professional development and has been a Council member and Vice President of the Institution of Electrical Engineers (IEE, now IET). He was awarded the IEE's Mensforth Gold Medal in 1996. He was elected as a Fellow of the Royal Academy of Engineering in 1997, and in the same year was made a CBE for his contribution to the UK’s Foresight Programme. Dr Grant was a Council member of the Engineering and Physical Sciences Research Council, EPSRC, from 2000 until 2006. In 2007 he was appointed a governing board member of the Technology Strategy Board. In 2012 he was appointed a non-executive director of Dstl, the UK's Defence Science and Technology Laboratory. Dr Grant was a Vice-President of the Royal Academy of Engineering from 2007 to 2012. In 2011 he was appointed Chairman of the Science Engineering Technology Mathematics Network, a UK-wide organisation that promotes Science, Engineering, Technology and Mathematics in schools.

David has, in the last five years, held directorships with Rhwydweithio Cymru Cyf, The Leadership Foundation for Higher Education, Cardiff & Co Limited and Cardiff Partnership Fund Limited.

Save for the information disclosed above there is no other information falling to be disclosed under schedule 2 paragraph (g) of the AIM Rules.

Dr Godfrey Ainsworth, IQE’s Chairman, said:

David has performed leadership roles in a number of international businesses and I look forward to working with him and my other board colleagues in continuing to build the Group. David’s appointment will bring both large company experience and a broad technology background, which can meld with an existing non-executive team that has considerable history and knowledge of IQE’s business. A great combination

Dr David Grant, said:

I am excited to be joining IQE at such an interesting time in its development. IQE is a world leader in its sector and I have been impressed with the quality of the team and their future plans. I believe that I can help them build on their existing achievements, at the same time as adding further weight to the non-executive responsibilities of the Board.

Dr Drew Nelson, IQE’s Chief Executive, said

The appointment of David to the IQE Board as Senior Independent Director will strengthen the non-executive team and our ability to comply with best corporate governance practice. With his technology background and considerable industry experience, he will undoubtedly add significant value to our strategic thinking. I am delighted that we have been able to secure the services of an individual of such high calibre and reputation.


Contacts:

IQE plc +44 (0) 29 2083 9400
Godfrey Ainsworth
Drew Nelson
Chris Meadows

Espirito Santo Investment Bank + 44 (0) 20 7456 9191
Richard Crawley
James Bromhead

Canaccord Genuity + 44 (0) 20 7523 8000
Simon Bridges
Cameron Duncan

College Hill +44 (0) 20 7457 2020
Adrian Duffield
Kay Larsen


Note to Editors 

 IQE is the leading global supplier of advanced semiconductor wafers with products that cover a diverse range of applications, supported by an innovative outsourced foundry services portfolio that allows the Group to provide a 'one stop shop' for the wafer needs of the world's leading semiconductor manufacturers.

IQE uses advanced crystal growth technology (epitaxy) to manufacture and supply bespoke semiconductor wafers 'epi-wafers' to the major chip manufacturing companies, which then use these wafers to make the chips which form the key components of virtually all high technology systems. IQE is unique in being able to supply wafers using all of the leading crystal growth technology platforms.

IQE's products are found in many leading-edge consumer, communication, computing and industrial applications, including a complete range of wafer products for the wireless industry, such as mobile handsets and wireless infrastructure, Wi-Fi, WiMAX, base stations, GPS, and satellite communications; optical communications, optical storage (CD, DVD), laser optical mouse, laser printers & photocopiers, thermal imagers, leading-edge medical products, barcode, ultra high brightness LEDs, a variety of advanced silicon based systems and high efficiency concentrator photovoltaic (CPV) solar cells.

The manufacturers of these chips are increasingly seeking to outsource wafer production to specialist foundries such as IQE in order to reduce overall wafer costs and accelerate time to market.

In February 2012, IQE made a strategic investment and exclusive wafer supply agreement with leading edge Concentrated Photovoltaic (“CPV”) cell developer and manufacturer Solar Junction Corporation (“SJC”). The move marked a significant step in its strategy to become a leading global supplier of CPV wafers for the solar power markets.

In June 2012, IQE acquired the in-house MBE epitaxy manufacturing unit of RF Micro Devices and secured a seven-year wafer supply agreement.

IQE operates a number of global manufacturing and R&D facilities: Cardiff, Milton Keynes and Bath in the United Kingdom; Bethlehem (PA), Somerset (NJ), Greensboro (NC) and Spokane (WA) in the USA; and Singapore. The Group also has 11 sales offices located in major economic centres worldwide.