18 Mar 2014 07:00
TELIT COMMUNICATIONS PLC
("Telit" or the "Company")
Director's Dealing
The Company announces that on 17 March 2014, Mr. Oozi Cats, its CEO and executive director, signed a binding agreement that will increase his direct holding in the Company by 7,800,000 ordinary shares of 1 pence each ("Ordinary Shares"), subject to closing. The agreement is for the acquisition of 50% of Boostt B.V.'s shares ("Boostt"), a holding company in which Mr. Cats currently already holds 50% through a company under his control, at an effective price of 194 pence per share. The closing of the agreement is subject to Mr. Cats having obtained a financing facility and is due on 30 April 2014.
After the closing Mr. Cats will have full control in Boostt, which holds 15,600,000 Ordinary Shares. Following this acquisition, Mr. Cats will own or be directly interested in 22,180,357 Ordinary Shares, representing 20.17% of the issued share capital of the Company.
Mr. Enrico Testa, the Company's chairman, has previously been disclosed as being interested in all of Boostt's holdings in Telit due to his holding in Wireless Solution Management S.r.l. (the vendor of the shares being acquired) as well as Boostt. Following this deal Mr. Testa will no longer be deemed to hold any interest in Boostt and will have personal holdings of 1,500,000 Ordinary Shares. Moreover, Mr. Testa is the Chairman of GT S.r.l. ("GT"), which owns 750,000 shares, and is therefore deemed interested in all of GT's shares.
For further information:
Telit Communications PLC | Tel: +39 06 4204601 |
Oozi Cats, CEO | |
Yosi Fait, Finance Director | |
Canaccord Genuity Limited Nominated Adviser Simon Bridges Peter Stewart | Tel: +44 20 7523 8000 |