Telit Communications PLC Response to AIM censure (9312D)
July 01 2019 - 2:30AM
UK Regulatory
TIDMTCM
RNS Number : 9312D
Telit Communications PLC
01 July 2019
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 GBP350,000
(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 Tel: +44 203 289
Simon Duffy, non executive Chairman 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.
# # #
Copyright (c) 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.
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END
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