8th Oct 2015 06:49
LONDON (Alliance News) - Telit Communications PLC on Thursday said it has secured a smart electricity meters contract in the Netherlands and said a UK court has ruled in favour of is plans to cancel its share premium account.
The communications technology company, which makes technology for Internet of Things products, said it has secured a USD30.0 million contract to supply modules to an unnamed smart electricity meters provider in the Netherlands.
Telit said the smart electricity meters are due to be deployed nationwide starting in 2016.
In a separate statement, Telit also said the High Court of Justice in England and Wales on Wednesday ruled confirming the company's cancellation of its share premium account, increasing its retained earnings.
Subject to the terms of the order, Telit expects distributable reserves on its balance sheet will be around USD73.0 million in due course and, as it continues to improve its overall performance, this should allow it to pay dividends when the board decides this the most appropriate action.
By Sam Unsted; [email protected]; @SamUAtAlliance
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