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Grant of Options & Exercise of Options

26th May 2010 16:13

RNS Number : 5994M
Telit Communications PLC
26 May 2010
 



TELIT COMMUNICATIONS PLC

("Telit" or the "Company")

 

Grant of Options & Exercise of Options

 

 

Grant of Options

 

Telit announces that on 25 May 2010 the Company's remuneration committee approved the grant of 2,201,000 new share options pursuant to the Company's share option plan. The options have been granted to more than 100 employees and have the following characteristics:

 

Ø The options have an exercise price of 25 pence, being a 3% premium to the average closing share price of the 20 trading days prior to the meeting of the remuneration committee

 

Ø The options will vest and be exercisable in three equal instalments on each of 25 May 2011, 25 May 2012 and 25 May 2013 and will expire, unless exercised, on 25 May 2015

 

The Remuneration Committee determined that the option grant is imperative for the continued incentivisation and retention of key employees, and, in addition, to compensate those employees of the Company and its group companies who have, since early to mid 2009, agreed to a non-refundable salary cut in order to assist the Company to decrease its cost base during the worst part of the economic downturn.

 

Exercise of Options

 

Telit also announces that application has been made for 5,000 new ordinary shares of 1 penny each to be admitted to trading on AIM pursuant to the exercise of 5,000 options.

The new ordinary shares will rank pari passu with the Company's existing ordinary shares and trading is expected to commence on 28 May 2010.

In accordance with the FSA's Disclosure and Transparency Rules, we would like to notify the market that following the exercise of these options:

 

·; Telit's capital consists of 74,222,859 ordinary shares with voting rights

·; Telit does not hold any ordinary shares in Treasury

 

Therefore, the total number of voting rights in Telit is 74,222,859.

 

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Telit under the FSA's Disclosure and Transparency Rules.

 

 

 

For further information please visit www.telit.com or contact:

 

Telit Communications Plc

Tel: +972 3791 4040

Michael Galai, General Counsel & Finance Director

[email protected]

Astaire Securities Plc, Nomad & Broker

 Tel: +44 20 7448 4400

Shane Gallwey / Sebastian Wykeham

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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