24th May 2017 07:00
24 May 2017 FOR IMMEDIATE RELEASE
Telit Communications PLC
("Telit" or "the Company")
Change in Director's disclosable interest
Telit (AIM: TCM), a global enabler of the Internet of Things (IoT), has today been notified that Boost B.V. and Mariselia Ltd, entities controlled by Oozi Cats, Chief Executive Officer of the Company, have sold in aggregate 7,081,620 ordinary shares in the Company at a price of 340 pence per share (the "Sale").
Funds from the Sale will be used to repay his secured loan from Viola Credit Funds announced on 29 May 2014 and following this repayment, Mr. Cats will no longer have any financing arrangements attached to any part of his interest in the Company. Following the repayment of the loan, Mr Cats will also lose the voting rights on the 1,080,000 ordinary shares held through Viola Credit Funds.
As a result of the transactions above, Mr. Cats' beneficial interest in the Company has reduced to 14,810,599 ordinary shares representing approximately 11.59% of the Company. This holding is comprised of 7,010,599 shares personally held and 7,800,000 held by Boost B.V., a company held by Mr. Cats through Mariselia Ltd. (50%) and VAG Holdings Ltd (50%);
ANNEX
Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name
| Mr. Oozi Cats
| ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| CEO and Director / PDMR | ||||
b)
| Initial notification /Amendment
| Initial | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Telit Communications PLC | ||||
b)
| LEI
| NA | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 1 pence
GB00B06GM726 | ||||
b)
| Nature of the transaction
| Sale of shares | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
|
NA | ||||
e)
| Date of the transaction
| 24 May 2017 | ||||
f)
| Place of the transaction
| London Stock Exchange | ||||
For further information, please contact:
Telit Communications PLC Oozi Cats, CEO Yosi Fait, Finance Director & President
| Tel: +39 06 4204601 |
Canaccord Genuity Limited (Nominated Adviser and Joint Broker) Simon Bridges/Martin Davison
| Tel: +44 20 7523 8000 |
Berenberg (Joint Broker) Chris Bowman/Ben Wright
| Tel: +44 20 3465 2722 |
Instinctif Partners Adrian Duffield/Chantal Woolcock | Tel: +44 20 7457 2020 |
Related Shares:
TCM.L