8th May 2007 07:01
Telit Communications PLC08 May 2007 Press Release 8 May 2007 Telit Communications plc ("Telit" or "the Company") Completion of Share Purchase Agreement Directorate Changes Telit Communications plc (AIM: TCM), the global wireless communicationsdeveloper and distributor, is pleased to announce that the purchase of12,000,000 of Polar's shares to BOOSTT B.V. ("BOOSTT") has been successfullycompleted. Further details of this were announced on 16 April 2007. BOOSTT isnow interested in 27.77% of Telit's issued voting share capital. As stated in the Placing agreement, BOOSTT has nominated two directors to theBoard of Telit. Mr. Chicco Testa, currently a director of Telit's Italiansubsidiary, has accepted the position as Chairman of the Board of Directors ofTelit and Mr Giovanni Stella has accepted the position of Non-ExecutiveDirector. The two new Directors will replace Mr Avigdor Kelner, currentChairman, and Mrs Pnina Bitterman Cohen, current Non-Executive Director, the twodirectors nominated by Polar, who have resigned upon the closing of thetransaction. Mr. Testa, aged 55, is currently the Chairman of Roma Metropolitane, the companyset up by the Rome municipality to implement the city's new underground system,and a board member of Rothschild Spa and of Lloyd Adriatico. He also served asa board member of Riello Group as well as on the advisory board of the CarlyleGroup. From 1996 to 2002 Mr. Testa served as Chairman of ENEL, Italy's largestelectricity company. From 1994 to 1996 he served as Chairman of ACEA, theenergy and environment company of the Rome Municipality. Mr. Testa is a formermember of the Italian Parliament, elected in 1987 and in 1994. Mr Giovanni Stella, aged 59, began his career as an Internal Auditor at Eni.During his career at Eni, he had an active role in the restructuring of themajor subsidiary companies of the group. Mr Stella also held a number ofpositions within the Eni Group's companies, including Managing Director ofEnichem, Chairman of Chemfin, Chairman & CEO of Enichem Finance SA and of AgipPetroli International, Chairman of Enichem International Holding and CFO of AgipPetroli. In 1998, Mr. Stella joined Telecom Italia to become the Assistant tothe CEO. He was later appointed Senior Vice President for Finance and Controland a Member of the Board of TIM and Sirti. In 1999 he became Chairman ofStream S.p.A. During his career, Mr. Stella was also a member of several workgroups for Eni and for Consob. From 1989 to 1993 he was visiting lecturer ofthe Internal Auditing Course of the La Sapienza University of Rome. Mr. Stellais currently Managing Director of Rothschild S.p.A. and Vice Chairman of KelyanS.p.A. There are no further details to be announced pursuant to Schedule 2(g) of the AIM Rules for Companies. - ends - For further information: Telit Communications plc Tel: 00 39 040 419 2491 Oozi Cats, Chief Executive www.telit.com Seymour Pierce Sarah Wharry Tel: +44 (0) 20 7107 8000 www.seymourpierce.com Media enquiries: Abchurch Chris Lane Tel: +44 (0) 20 7398 7700 [email protected] www.abchurch-group.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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