1 Jul 2019 07:30
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Telit Communications PLC
Response to AIM censure
London, 1 July 2019 - Telit Communications PLC ("Telit", the "Company", AIM: TCM), a global enabler of the Internet of Things (IoT), has agreed settlement terms with the London Stock Exchange plc (the "Exchange") for a public censure and fine of £350,000 (waived in full), for breaches of rules 3 and 31 of the AIM Rules for Companies.
The events leading up to the censure relate to the actions of Oozi Cats, who was the CEO at the time of the Company's Admission to AIM up until his resignation in August 2017. The censure relates specifically to the Company's failures of disclosure regarding his indictment in the US or previous variations of his name.
Telit has subsequently entirely reconstituted its Board and as noted in the Exchange's statement, has fully cooperated in its investigation.
The Exchange recognised that, in the particular circumstances of this case, the Company and its advisers faced real difficulties in being able to reasonably uncover information relating to the former CEO's historical indictment.
Given these specific circumstances, the Exchange have decided to waive the fine in full. Further details of the Exchange's findings can be viewed here: AIM Notices
Enquiries:
Telit Communications PLC Simon Duffy, non executive Chairman | Tel: +44 203 289 3831 |
finnCap (Nomad and joint broker) | Tel: +44 20 7220 0500 |
Henrik Persson/Giles Rolls (corporate finance) | |
Tim Redfern/Richard Chambers (ECM) | |
Instinctif Partners | Tel: +44 20 7457 2077 |
Adrian Duffield/Chantal Woolcock | |
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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