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Waiver and Grant of Options

2nd Feb 2009 07:00

RNS Number : 6097M
Telit Communications PLC
02 February 2009
 



Press Release

2 February 2009

Telit Communications plc

("Telit" or "the Company")

Waiver and Grant of Share Options 

Telit Communications plc (AIM: TCM), the global wireless communications developer and distributor, announces that on 29 January 2009 its Remuneration Committee, following the waiver of 1,625,000 options over ordinary shares, approved the granting of 3,100,000 options over ordinary shares in the capital of the Company to the directors detailed below This grant was authorized as part of a group-wide waiver of options by the existing employees, officers, consultants and directors, and a subsequent grant of new options to the waiving optionholders and to employees who joined the Telit group during the past 18 months, at an exercise price closer to the current market price of the Company's shares.  The total number of options waived is 2,972,666 and the total number of options granted is 6,057,000.

The Remuneration Committee determined that the current economic downturn has created exceptional circumstances whereby the proposed grant is imperative for the continued incentivisation and retention of executives and key employees. The grant benefits the participants of the plan by offering options over the ordinary shares in the Company at an exercise price of 20p (12.5% above the average price of the shares in the 2-week period before the date of the grant, and 8.1% above the closing price of the shares on the date of the grant) which is more representative of the share's current market value.

  New Option Scheme:

Name 

Number of options waived under the old scheme

Number of Ordinary Shares subject to option under the Scheme

Exercise Price of options under the Scheme

Exercise period

Oozi Cats, Chief Executive

925,000

2,000,000

20p

Up to 2 years from date of grant

Enrico Testa, Chairman of the board

700,000

1,000,000

20p

Up to 2 years from date of grant

Michael Galai, Finance Director

*

100,000

20p

Up to 2 years from date of grant

* Mr. Galai will waive his existing 100,000 options only following the approval of the Israeli tax authorities. Therefore, his waiver of his existing shares is conditional and he was granted only 100,000 options with the grant an additional 100,000 conditional on the future waiver.

In addition to the share options above, Messrs Cats and Testa are interested in 16,460,357 of Telit's issued voting shares, representing 37% of the issued voting shares of the Company.

- Ends -

  For further information:

Telit Communications plc

Michael Galai, Finance Director

Maya Lustig, VP Investor Relations

Tel: 00 972 3 7914040

www.telit.com

Seymour Pierce

Stuart Lane, Corporate Finance

Tel: +44 (0) 20 7107 8000

www.seymourpierce.com

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