21 Feb 2019 14:34
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Telit Communications PLC
Update on Automotive deal
London, 21 February 2019 - Telit Communications PLC ("Telit", "the Group", AIM: TCM), a global enabler of the Internet of Things (IoT), provides an update in relation to the status of negotiations of the disposal of its automotive division.
Prior to completion, the Buyer has indicated to Telit that it is required to (i) take certain administrative steps to comply with banking regulations in China and (ii) formalise financing arrangements for a part of the overall consideration. The Buyer has indicated it expects to satisfy these steps in the coming days. The Buyer has taken steps to provide the Board with comfort that it will be in a position to proceed to completion including having provided evidence of the availability of funds that remain subject to formal regulatory approval.
Accordingly, whilst the Board is disappointed that the transaction has not yet been able to be completed, it expects that the Buyer will be in a position to do so shortly.
Enquiries:
Telit Communications PLC Paolo Dal Pino, Executive Chairman | Tel: +44 203 289 3831 |
Yariv Dafna, Finance Director | |
finnCap (Nomad and joint broker) | Tel: +44 20 7220 0500 |
Henrik Persson/Giles Rolls (corporate finance) | |
Tim Redfern/Richard Chambers (ECM) | |
Berenberg (Joint Broker) | Tel: +44 20 3465 2722 |
Chris Bowman/Mark Whitmore | |
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.
# # #
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.