6 Sep 2019 08:00
6 September 2019
Telit Communications PLC
Change of auditor
Telit Communications PLC (AIM: TCM "Telit" and "Company") a global enabler of the Internet of Things (IoT), announces that it has appointed Mazars LLP as the Company's auditor with immediate effect. Mazars will be the Company's auditor for the financial year ended 31 December 2019. This appointment follows a competitive tender process led by the audit committee.
The Company's previous auditor, Ernst & Young LLP ("EY"), submitted its letter of resignation on 5 September 2019. The letter stated that "in accordance with section 519(3A) of that Act, we (EY) consider the reasons for our resignation, as detailed in this letter, should be brought to the attention of the members or creditors of the Company. We are ceasing to hold office following a competitive tender, in which we did not participate. We did not participate in the tender as the Company had indicated that they were expecting a fee reduction and we had already determined that the current audit fee did not provide us with an economic return that we consider reasonable for the audit work we would need to perform. This is the reason for our resignation."
Telit will continue to work closely with local EY offices as it remains the auditor to a number of the Company's non-UK subsidiaries.
Enquiries:
Telit Communications PLCPaolo Dal Pino, Chief Executive Yariv Dafna, Finance Director & President | Tel: +44 20 3289 3831 |
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finnCap (Nomad and Broker) Henrik Persson/Giles Rolls (corporate finance) Tim Redfern/Richard Chambers (ECM) | Tel: +44 20 7220 0500 |
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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 © 2019 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.