16th Jul 2010 07:00
TELIT COMMUNICATIONS PLC
("Telit" or the "Company")
Issue of equity to BAMES
Telit Communications plc (AIM: TCM), announces that it has issued and allotted 2,700,000 new ordinary shares of 1 penny each ("Ordinary Shares") to Bartolini After Market Electronics Services s.r.l. ("BAMES"). This follows the transferral from BAMES of its 10 per cent. of the share capital in the Company's Italian subsidiary Telit Wireless Solutions s.r.l ("Telit s.r.l."), as anticipated in the announcement made by Telit on 16 June 2010.
Following this transaction Telit owns 100 per cent. of the share capital of Telit s.r.l. and the cross-holdings between the two groups has ended.
Application has been made for the new Ordinary Shares to be admitted to trading on AIM on 21 July 2010. Following the issue of the new shares, the Company's issued share capital will consist of 76,922,859 Ordinary Shares with voting rights.
For the purposes of the Disclosure and Transparency Rules, the Company's total issued share capital following the admission of the placing shares consists of 76,922,859 ordinary shares of 1 penny each with one voting right per share. There are no shares held in treasury.
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, the Company, under the Disclosure and Transparency Rules.
For further information please visit www.telit.com or contact:
Telit Communications Plc |
Tel: +972 3791 4040 |
Oozi Cats, CEO Yariv Dafna, CFO Michael Galai, General Counsel |
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Astaire Securities Plc, Nomad & Broker |
Tel: +44 20 7492 4775 |
Shane Gallwey Sebastian Wykeham |
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Related Shares:
TCM.L