Telit Communications PLC Bank Covenant Update (4357A)

TIDMTCM

RNS Number : 4357A

Telit Communications PLC

28 December 2017

Telit Communications PLC

Bank Covenant Update

London, 28 December 2017 - Telit Communications PLC ("Telit", "the Group", AIM: TCM), a global enabler of the Internet of Things (IoT), publishes an update on the banking covenants, further to the announcement of 15 December 2017.

The Board is pleased to report that the Group's leading financing bank has granted an advance waiver for the potential breach of covenants as at 31 December 2017.

The Group and the bank remain in discussions with regard to amending its covenant package for future periods.

Enquiries:

 
Telit Communications PLC                   Tel: +44 203 
 Yosi Fait, Chief Executive Officer            289 3831 
 Yariv Dafna, Finance Director 
                                            Tel: +44 20 
  finnCap (Nomad and joint broker)            7220 0500 
  Henrik Persson/Giles Rolls (corporate 
  finance) 
  Tim Redfern/Richard Chambers (corporate 
  broking) 
 
Berenberg (Joint Broker)                    Tel: +44 20 
 Chris Bowman/Mark Whitmore/Ben               3465 2722 
 Wright 
 
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 (c) 2017 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 28, 2017 03:52 ET (08:52 GMT)

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