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22 Feb 2011 10:24
22 February 2011
Telit Communications Plc("Telit" or the "Company")
Final approval for Proposed Placing
Telit is pleased to announce that it has received approval from the Israeli Office of the Chief Scientist of the Israeli Ministry of Industry, Trade & Labour (the "Office of the Chief Scientist") in relation to the proposed Acquisition of Motorola M2M.
On 17 February 2011, Telit announced the results of the General Meeting held on 16 February 2011 approving the proposed Placing of 23,793,750 New Ordinary Shares at 80 pence per share. Completion of the Placing remained, at that time, conditional upon the Company's receipt of approval from the Office of the Chief Scientist, which has now been received.
Accordingly, all conditions to the Placing (save for Admission) have now been satisfied and the Company expects that the admission of the 23,793,750 New Ordinary Shares will take place on 25 February 2011.
Expressions used in this announcement shall have the meanings set out in circular sent to shareholders on 28 January 2011.
For further information please contact:
Telit Communications Plc +39 06 420 4601
Oozi Cats, CEO
Yariv Dafna, CFO
Michael Galai, VP Legal & General Counsel
Investec +44 20 7597 4000
Andrew Pinder
Patrick Robb
Dominic Emery
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