Filtronic to sell semiconductors division

Filtronic plc announces that it has agreed non binding heads of terms with a selected party in relation to the intended purchase by that party of the entire issued share capital of Filtronic Compound Semiconductors Limited for no initial consideration with the potential for deferred consideration dependent on the achievement of certain targets and with this company's pension liabilities remaining with Filtronic plc. These terms include specified confirmatory due diligence that must be completed by the proposed purchaser prior to the execution of a definitive legal agreement.