LONDON (Alliance News) - Telit Communications PLC on Friday said it has received a general meeting requisition from major shareholders to replace several directors.
The wireless technology provider said its fourth biggest shareholder, Davide Serra, along with other investors holding in excess of 5% stakes has sought a general meeting of the company to remove Interim Chairman Simon Duffy and Chief Executive Officer Yosi Fait as directors of the company.
The shareholders also have proposed four new directors to be appointed, including Finland's former minister of communications Suvi Linden, Trinity College Chief Operating Officer Jonny Bourne, Aava Mobile Oy Chairman Anders Torstensson, and Adam Power, who has global management experience in online, media TV and technology.
Telit said, under the company's act, it is required to post a notice of a general meeting within 21 days from the date on which a requisition was received. The meeting must be held on a date not more than 28 days after the date of the notice convening the meeting.
Telit shares were trading down 1.2% on Friday at 152.00 pence each.