9 Nov 2015 07:00
9 November 2015 |
Telit Communications PLC
("Telit" or "the Company")
Notice of general meeting
Telit Communications PLC (AIM: TCM), a global enabler of the Internet of the Things (IoT), announces that it will today issue a notice calling a general meeting of the shareholders of the Company ("Shareholders") at 1 p.m. on 2 December 2015, at the offices of Olswang LLP, 7th Floor, 90 High Holborn, London WC1V 6XX ("General Meeting").
The General Meeting is convened for the purpose of seeking Shareholders' general authority for the Company to make market purchases of its own ordinary shares (limited to up to 10 per cent of the Company's issued ordinary share capital). Such general authority, if approved, would take effect at the end of the General Meeting, and expire at the conclusion of the Company's next Annual General Meeting or 15 months from the passing of the resolution, whichever is the earlier.
In recent months, the Company's share price has experienced increased volatility. The Board is cognisant of the fact that it has not previously requested authority from its Shareholders to enable it to buyback the Company's shares. The Board feels it is appropriate at this time to seek such authority, in order to ensure it has scope to put in place a share buyback in the future, in the event the Board was to consider this to be the best use of the Company's cash resources to generate shareholder value.
A copy of the notice to be sent to Shareholders to convene the General Meeting will be available on the Company's website, http://www.telit.com, by close of business today.
For further information:
Telit Communications PLC | Tel: +39 06 4204601 |
Oozi Cats, CEO Yosi Fait, President & Finance Director
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Canaccord Genuity Limited Simon Bridges Cameron Duncan Mark Whitmore
| Tel: +44 20 7523 8000 |