28 Dec 2017 08:52
Telit Communications PLC
Bank Covenant Update
London, 28 December 2017 - Telit Communications PLC ("Telit", "the Group", AIM: TCM), a global enabler of the Internet of Things (IoT), publishes an update on the banking covenants, further to the announcement of 15 December 2017.
The Board is pleased to report that the Group's leading financing bank has granted an advance waiver for the potential breach of covenants as at 31 December 2017.
The Group and the bank remain in discussions with regard to amending its covenant package for future periods.
Enquiries:
Telit Communications PLC Yosi Fait, Chief Executive Officer Yariv Dafna, Finance Director | Tel: +44 203 289 3831 |
finnCap (Nomad and joint broker) Henrik Persson/Giles Rolls (corporate finance) Tim Redfern/Richard Chambers (corporate broking) | Tel: +44 20 7220 0500 |
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Berenberg (Joint Broker) Chris Bowman/Mark Whitmore/Ben Wright | Tel: +44 20 3465 2722 |
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Instinctif Partners | Tel: +44 20 7457 2077 |
Adrian Duffield/Chantal Woolcock |
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About Telit
Telit (AIM: TCM), is a global leader in Internet of Things (IoT) enablement. The company offers the industry's broadest portfolio of integrated products and services for end-to-end IoT deployments - including cellular communication modules in all technologies, GNSS, Wi-Fi, short-to-long range wireless modules, IoT connectivity plans and IoT platform services. Through the IoT Portal, Telit makes IoT onboarding easy, reduces risk, time to market, complexity and costs for asset tracking, remote monitoring and control, telematics, industrial automation and others, across many industries and vertical markets worldwide.
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Copyright © 2017 Telit Communications PLC. All rights reserved. Telit and all associated logos are trademarks of Telit Communications PLC in the United States and other countries. Other names used herein may be trademarks of their respective owners.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.