Moosey - thanks for that; where my doubt comes in is that cREO...

Moosey - thanks for that; where my doubt comes in is that cREO is only quoted once and then in connection with filters. From my reading cREO provides a means of matching the crystal structures of dissimilar materials and stops (or at least alleviates) a parasitic channel developing in the substrate material. You quote says:
"Translucent's cREO™ technology offers a unique approach to the manufacture of a wide range of innovative CS on Silicon products, including GaN on Si for the burgeoning Power Switching and RF markets"
Where my suspicions are is that it may well be that the FEM is the only product IQE are currently producing whereby dissimilar material are used between the substrate and/or epitaxial layers. I emphasis currently in that they may also wish to use cREO in other areas in the future (and probably will do)

See my Post of 19 Jan 2019 for more detail

IQE's 2018 interim report (page 7) says

"Wireless “Front End Modules” – The Front End Module (FEM) refers to the communications module in a smartphone. It is the FEM that performs all of the wireless communications. The FEM is made up of many individual chips, which can essentially be grouped into Filters (for filtering out undesired wireless frequencies),Switches (for high speed, high efficiency switches), and Power Amplifiers (for high efficiency amplification of wireless signals). Each of these three types of chips is made from different semiconductor materials technology. The sweet spot for IQE has historically been the Power Amplifier, but it has also developed the technologies for Switches (SOI) and for Filters (AlN). Armed with its patented cREO technology, IQE has a clear route to combining these three material systems on a single wafer, which paves the way for higher levels of integration of the FEM on a single chip. This would be highly disruptive. An FEM solution on a single chip would be more efficient, with a smaller footprint at a dramatically lower cost of production"

I hope you are right about cREO being in other products now, but I am a pragmatist and strongly suspect that cREO in the FEM is the front runner and from IQE's latest announcement will hit the market on a 2 - 3 year time scale leaving SLX only with the minimum royalty revenue in the meantime. Also note that the market value of SLX's IQE shares is now 47.4 pence which at 0.53 A$/GBP and an SLX holding of 9,456,410 shares as A$8,457,242 (a lot down from their peak in 2018).