29 Jan 2018 07:00
Telit Communications PLC
Response to press coverage
London, 29 January 2018 - Telit Communications PLC ("Telit", "the Group", AIM: TCM), a global enabler of the Internet of Things (IoT), notes press speculation regarding the sale of its automotive division. As stated on 16 October 2017, Telit has appointed Rothschild to assist in exploring the future of this division.
Telit has received interest from numerous parties and a range of proposals have been received, which are subject to due diligence. There can be no certainty at this stage that the division will be sold nor as to the terms of a potential sale.
Further to previous announcements, the Board is not considering the sale of other Telit activities or divisions, all of which remain central to the Group's end-to-end IoT solutions strategy.
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 |
Berenberg (Joint Broker) Chris Bowman/Mark Whitmore/Ben Wright | Tel: +44 20 3465 2722 |
Rothschild Vikas Sehgal/Doron Gurevitz | Tel: +44 20 7280 5000 |
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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Copyright © 2018 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.
Notice related to financial adviser
N M Rothschild & Sons Limited ("Rothschild"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Telit and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Telit for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.