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(TCM.L) Telit Communications PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 08-03-10 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 2056I
Telit Communications PLC
08 March 2010
PressRelease 8 March 2010
Telit Communications PLC
("Telit" or "the Company")
Preliminary Results for the year ended 31 December 2009 (unaudited)
Telit Returns to Strong Growth; H2 Revenues increase by 30%
Telit Communications PLC (AIM: TCM), a global leader in machine-to-machine (m2m) communications, announces its preliminary results for the year ended 31 December 2009.
Highlights
Financial
· Revenue increased by 10.7% to EUR63.8 million (2008: EUR57.6 million, excluding non-recurring royalties of EUR1.5 million).
· Revenue in H2-2009 increased by 30% to EUR36.0 million (H1-2009: EUR27.8 million).
· Gross profit increased by 11% to EUR30.6 million (2008: EUR27.6 million, excluding non-recurring royalties of EUR1.5 million)
· Operating profit for the year (excluding one time compensation charges of EUR2.75 million) of EUR0.6 million (2008: EUR0.6 million)
· Adjusted EBITDA1 for the year EUR4.2 million (2008: EUR3.7 million)
· Loss before tax of EUR2.9 million (2008: profit of EUR1.2 million)
· Loss for the year of EUR3.0 million (2008: loss of EUR3.2 million)
_____________________
1 Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization and share
based payments from continuing operations and, for 2009 only, expenses related to manufacture
restructuring costs.
Operational
· Accelerated growth of Telit's Americas and APAC regions increases Telit's diversification.
· The transfer of the manufacturing of Telit's products to China was substantially completed at the end of the year.
· The Company continued its penetration of the automotive sector by entering into agreements with Magneti Marelli (Italy), a leading global supplier in the sector; with MetaSystem (Italy) and with Positron (Brazil), a PST Electronics company.
· The Company entered into a strategic collaboration agreement with Deutsche Telekom and T-Mobile which will see the three companies working closely together, worldwide, on sales and marketing in their target markets and to jointly develop innovative M2M products and services in the future.
Services and Products
· Launched INFINITA Services offering with Premium FOTA and extended Hardware warranty
· Presented new Short-Range product series and the smallest GSM/GPRS m2m module in the world
· Presented extremely powerful and cost-effective GPS module SE867-AGPS
Commenting on the results, Oozi Cats, Chief Executive, said: "2009 has been a supremely challenging year for the global economy in general, and Telit's market, the machine to machine industry, in particular. Despite the difficulties, Telit continued its acquisition of market share and trend of year-on-year revenue growth, albeit at a slower pace than in previous years but with the pace picking up in H2-2009, showing an increase of 30% over H1-2009. We successfully transferred our production to China in order to increase efficiency and are confident in our ability to continue our leading performance in the m2m industry and increase our rate of growth in 2010. Telit has emerged from the turmoil of 2009 as a much stronger company, ready to continue its ascent in its markets".
For further information:
Telit Communications PLC Tel: +39 06 42046020
Oozi Cats, CEO
Oozicats@telit.com
Yariv Dafna, CFO
Yariv@telit.com
Astaire Securities Plc, Nomad & Broker Tel: +44 (0) 20 7448 4400
Shane Gallwey / Sebastian Wykeham
Chairman's statement
2009 has been a very challenging year for the global economy, and the m2m market was no exception. We focused this year on continued revenue growth, while trying to minimize operating costs. In 2009 we did incur substantial costs in connection with the transfer of the manufacturing of our products to our new manufacturing partner in China, and this is reflected in our results for the year. These expenses were an investment facilitating the achievement of our goal of decreasing manufacturing costs and we believe that the long term return on this investment will be substantial and will cement Telit's position as a market leader in the m2m arena.
Results
· Revenues for the year increased by 10.7% to EUR63.8 million (2008: EUR57.6 million, excluding non-recurring royalties of EUR1.5 million received in 2008). After a slow start to the year, H2 revenues increased 30% to EUR36.0 million over the EUR27.8 million revenues in H1.
· Gross profit increased by 11% to EUR30.6 million (2008: EUR27.6 million excluding non-recurring royalties of EUR1.5 million).
· Other income decreased to EUR0.05 million (2008: EUR1.0 million). This is due to a delay in obtaining the necessary approvals for the recognition of EUR0.8 million in relation to governmental grants in Italy. The grants had initially been expected to be recognised in 2009 but this was delayed due to external reasons which are not under the Company's control.
· Research & Development expenses (EUR10.9 million during the year), as a percentage of revenues, increased slightly to 17.0% (2008: 16.3%, EUR9.6 million).
· Sales & Marketing expenses (EUR11.1 million during the year), as a percentage of revenues, decreased to 17.4% (2008: 18.3%, EUR10.8 million).
· General & Administrative expenses (EUR8.1 million during the year), as a percentage of revenues, decreased to 12.7% (2008: 15.3%, EUR9.0 million).
· Operating profit for the year, excluding one-time charges of EUR2.75 million in connection with the transfer of manufacturing to China, EUR0.6 million (2008: EUR0.6 million).
· Adjusted EBITDA increased to EUR4.2 million (2008: EUR3.7 million).
Trading
In spite of the global economic crisis, Telit continued to increase its revenues. This was achieved in a period when the m2m market did not grow at all, with certain segments even contracting. The weakness in the European market was more than compensated for by the strong growth in the Americas and APAC regions, resulting in an increasingly diversified geographical split of our revenues, as follows:
2009 (MEUR) % of Total Revenue 2008 (MEUR) % of Total Revenue
EMEA 38.5 60.3% 44.2 74.8%
APAC 15.1 23.7% 9.6 16.2%
AMERICAS 10.2 16.0% 5.3 9.0%
Total Revenue 63.8 100% 59.1 100%
The Group's natural hedging reduces the impact of currency fluctuations; 37% of Telit's revenue in 2009 was generated in Euro, with the remaining 63% generated in, or linked to, other currencies (mainly US dollar and Korean Won), with a substantial part of the Company's material purchases materials denominated in those currencies.
Cash
The Group continues to use cash in its operating activities, investing heavily in R&D and S&M. Despite this, the Group's net debt position at the end of 2009 improved to EUR7.2 million (2008: net debt of EUR11.9 million) due the successful placing of 28 million shares in August and December 2009 for a gross consideration of £5.7 million.
Outlook
The outlook for the rest of 2010 and beyond looks promising for Telit. We believe we are well positioned to take advantage of the opportunities ahead with the heavy investments made during the year in R&D and in the transfer of the manufacturing of our products to China. This will enable us to maintain our gross profitability in spite of the erosion in the average sale price. We are confident in our ability to maintain and enhance our strong position within our industry as we did in 2009 and look forward to continue business expansion.
I would like to thank the company's management team and employees across the globe for their commitment to the company and its success. Their dedication is an invaluable asset, and core strength of the company.
Enrico Testa
Chairman
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
2009 2008
EUR'000 EUR'000
Revenue 63,761 59,083
Cost of sales (33,129) (29,987)
Gross profit 30,632 29,096
Other income 49 1,002
Research and development expenses (10,866) (9,647)
Selling and marketing expenses (11,137) (10,829)
General and administrative expenses (8,105) (9,058)
Other expenses (2,750) -
Operating profit (loss) (2,177) 564
Investment income 85 192
Finance costs (857) (1,171)
Share of results of associated undertakings - 18
Gain on deemed partial disposal of subsidiary - 1,614
Profit (loss) before income taxes (2,949) 1,217
Income taxes (81) (2,586)
Loss for the year from continuing operations (3,030) (1,369)
Loss for the year from discontinued operations - (1,864)
Loss for the year (3,030) (3,233)
Other comprehensive income
Translation adjustments (140) (1,904)
Total comprehensive income for the period (3,170) (5,137)
Attributable to:
Equity shareholders of the parent (3,466) (3,052)
Minority interests 436 (181)
(3,030) (3,233)
Basic loss per share (in euro cents)
From continuing operations (7.6) (2.7)
From discontinued operations - (4.3)
Total continuing and discontinued (7.6) (7.0)
Diluted loss per share (in euro cents)
From continuing operations (7.6) (2.7)
From discontinued operations - (4.3)
Total continuing and discontinued (7.6) (7.0)
45,608,802 43,430,948
Weighted average number of equity shares in issue
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited)
2009 2008
EUR'000 EUR'000
ASSETS
Non-current assets
Intangible assets 8,819 9,883
Property, plant and equipment 3,294 3,779
Investments in associated undertakings 605 629
Other investments 1,570 1,570
Other long term assets 393 3,437
Deferred tax asset 316 548
14,997 19,846
Current assets
Inventories 6,021 10,750
Trade receivables 21,676 14,575
Other current assets 5,554 4,799
Deposits - restricted cash 5,500 6,000
Cash and cash equivalents 7,898 4,619
46,649 40,743
Total assets 61,646 60,589
LIABILITIES AND SHAREHOLDERS' EQUITY
Shareholders' equity
Share capital 956 644
Share premium account 36,043 30,188
Other reserve (260) (260)
Translation reserve (3,604) (3,464)
Retained earnings (18,207) (15,143)
Total shareholders' equity 14,928 11,965
Minority interests 1,115 77
Total equity 16,043 12,042
Non-current liabilities
Other loans 3,150 3,531
Post-employment benefits 2,030 1,807
Deferred tax liabilities 69 245
Provisions 832 748
Other long-term liabilities 221 119
6,302 6,450
Current liabilities
Short-term borrowings from banks and other lenders 17,469 19,026
Trade payables 18,026 11,140
Other current liabilities 3,806 11,931
39,301 42,097
Total equityandliabilities 61,646 60,589
CONSOLIDATED CASH FLOW STATEMENT (Unaudited)
2009 2008
EUR'000 EUR'000
CASH FLOWS - OPERATING ACTIVITIES
Net cash from (used in) continuing operations 1,913 (6,735)
Net cash used in discontinued operations - (1,441)
Net cash from (used in) from operating activities 1,913 (8,176)*
CASH FLOWS - INVESTING ACTIVITIES
Purchase of property, plant and equipment (940) (1,732)
Proceed from disposal of property, plant and equipment 50 46
Decrease in restricted cash deposits 500 -
Purchase of intangible assets (3,182) (4,888)
Grant contribution towards intangible assets 49 2,606
Acquisition of subsidiaries ( net of EUR9,000 cash - (15)
acquired)
Net proceeds from issuance of share capital in a - 7,000
subsidiary to third party
Net cash (used in) from investing activities (3,523) 3,017
CASH FLOWS - FINANCING ACTIVITIES
Short-term borrowings from banks and others (1,010) 757
Preferential rate loan - 3,909
Repayment of long term loans (381) -
Net proceeds from issuance of share capital 6,167 -
Net cash from financing activities 4,776 4,666
(Decrease) / increase in cash and cash equivalents 3,166 (493)
Cash and cash equivalents - balance at beginning of year 4,619 5,212
Effect of exchange rate differences 113 (100)
Cash and cash equivalents - balance at end of year 7,898 4,619
Supplemental disclosure of cash flow information
(included in cash flow from (used in) operating
activities):
Interest paid 857 988
Interest received 85 177
Income taxes paid 29 92
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited)
Year ended 31 December 2009
Share capital Share premium Other reserve Translation adjustment Retained earnings Total Minority interest Total
account
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
1 January 2009 644 30,188 (260) (3,464) (15,143) 11,965 77 12,042
Comprehensive income for the period
Loss for the year (3,466) (3,466) 436 (3,030)
Other comprehensive income
Translation adjustment (140) (140) 183 43
Total comprehensive income for the period (140) (3,466) (3,606) 619 (2,987)
Transaction with owners, recorded directly in equity
Issuance of shares 312 5,855 6,167 6,167
Share-based payment charge 402 402 402
Arising on deemed disposal - minority in Telit 419 419
Wireless Solutions Srl
Total transaction with owners 312 5,855 402 6,569 419 6,988
31 December 2009 956 36,043 (260) (3,604) (18,207) 14,928 1,115 16,043
Year ended 31 December 2008
Share capital Share premium Other reserve Translation Retained earnings Total Minority interest Total
account adjustment
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
1 January 2008 627 29,651 (260) (1,734) (12,512) 15,772 605 16,377
Comprehensive income for the
period
Loss for the year (3,052) (3,052) (181) (3,233)
Other comprehensive income
Translation adjustment (1,730) (1,730) (174) (1,904)
Total comprehensive income for (1,730) (3,052) (4,782) (355) (5,137)
the period
Transaction with owners,
recorded directly in equity
Issuance of shares 17 537 554 554
Share-based payment charge 421 421 15 436
Arising on deemed disposal - (188) (188)
minority in Telit Wireless
Solutions Srl
Total transactions with owners 17 537 421 975 (173) 802
31 December 2008 644 30,188 (260) (3,464) (15,143) 11,965 77 12,042
NOTES TO THE UNAUDITED PRELIMINARY ANNOUNCEMENT
1. While the financial information included in this preliminary announcement has been computed in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union, this announcement does not itself contain sufficient information to comply with IFRSs. The Company expects to publish full financial statements that comply with IFRSs by April 2010. The financial information included in this preliminary announcement has been prepared with consistent accounting policies to those set out in the Group's 2008 published financial statements.
2. The financial information set out in the announcement does not constitute the company's statutory accounts for the years ended 31 December 2009 or 2008. The financial information for the year ended 31 December 2008 is derived from the statutory accounts for that year, which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under s. 237(2) or (3) Companies Act 1985. The auditors have not reported on the financial information as at and for the year ended 31 December 2009 and as such the information set out herein is unaudited.
3. The Group meets its day to day working capital requirements through overdraft facilities, invoice advance facilities and factoring. In the main, these facilities are cancellable on demand or have renewal dates within one year of the date of approval of the financial statements. In addition, the Group has received a long-term preferential rate loan. Further information on the Group's borrowings is provided in note 7. The current economic conditions create uncertainty particularly over (a) the level of demand for the Group's products which may also affect the possibility of utilising some of these facilities since they depend upon the level of sales in specific markets and in some instances to specific customers; (b) the exchange rate between Euro and U.S. dollars and thus the consequence for the cost of the Group's raw materials; (c) the availability of bank finance in the foreseeable future; (d) the continuity of supply from key suppliers; and (e) the uncertainty over forecasts in current market environments.
The Group's forecasts and projections, taking account of the fact that there has been a loss for the year from continuing operations, of the general economic environment and impact on specific markets supplied, reasonably possible changes in trading performance, the Group's history of successfully renewing its facilities in the past and the fact that there are actions available to the Group to address risks, show that the Group should be able to operate within the level of its current facilities. The Group will open renewal negotiations with the banks in due course and has at this stage not sought any evidence that the facilities will not be renewed. The Group has held discussion with its bankers about its future borrowing needs and no matters have been drawn to its attention to suggest that renewal may not be forthcoming on acceptable terms.
After making enquiries, the directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accompanying financial information.
4. Revenue
2009 2008
EUR'000 EUR'000
Sales of goods 63,761 57,426
Licence and royalty income - 1,657
Revenue 63,761 59,083
Investment income 85 192
Continuing operations 63,846 59,275
Discontinued operations - 1,288
63,846 60,563
5. During July 2009 the Company signed an agreement with BAMES in order to convert the agreement with SEM, a leading global electronics service provider, (the Vimercate, Milan based manufacturing arm of BAMES), to be non-exclusive.
The agreement provided for SEM to produce all of Telit's m2m modules (with some exceptions) for a five year period starting from March 12, 2007. As a result of the cancellation of the exclusivity, SEM is entitled to a compensation of EUR2.75-3.50 million to be settled by set-off against the receivable balance Telit has from the license agreement entered into by the parties in December 2008. In addition, manufacturing costs will remain fixed through the end of the year. Telit and SEM will continue to cooperate in various projects and SEM will continue to provide specific manufacturing services to Telit, such as manufacturing of prototypes, on a nonexclusive basis.
6. The Group is currently the subject of ongoing tax audits in respect of tax returns made in certain jurisdictions. The calculation of the Group's charges to taxation, including income tax, employment tax, sales taxes and other taxes involves the exercise of judgement in respect of certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority or, as appropriate, through a formal legal process. The probable outcome of the tax audits has been considered in determining the appropriate level of provision for such taxes. The final resolution of some of these items may give rise to material profit and loss and/or cash flow variances.
7. Reconciliation of operating profit to EBITDA and Adjusted EBITDA
2009 2008
EUR '000 EUR'000
Operating profit (loss) (2,177) 564
Depreciation & amortization 3,259 2,673
EBITDA 1,082 3,237
Share-based payments 402 436
Other expenses (*) 2,750 -
Adjusted EBITDA 4,234 3,673
(*) See note 5.
8. Net Debt position
2009 2008
EUR '000 EUR'000
Current borrowings (1) 17,469 19,026
Non-current borrowings (2) 3,150 3,531
Cash and cash equivalents (7,898) (4,619)
Restricted cash deposits (5,500) (6,000)
Total 7,221 11,938
(1) Included within current borrowings are:
- The short-term element of the preferential rate loan from the Ministry of Trade and Commerce in Italy, amounting to EUR0.4 million.
- A drawn amount of EUR5.2 million on a loan. The interest rate on this short-term bank loan is Euribor plus 2.325% per annum. The short-term bank loan is a bridging loan in advance of funds to be received from a grant from the Italian government to Telit Italy to support a development project in Sardinia which was successfully completed on December 31, 2009. Management believes the availability of this facility will be extended until the final payment from the Italian government, subject to satisfaction of the lending bank that the Group has met certain qualifying expenditure targets with regard to its research and development project.
- Bank overdrafts of EUR2.8 million. The overdraft facilities, which are available up to EUR5.5 million, is cancellable on demand but is without a fixed renewal date.
- Drawn letters of credit and borrowings arising from invoice advances totaling EUR7.5 million
- Factoring facilities against qualifying receivables totaling EUR1.6 million. These borrowings are secured against the factored receivables and are with recourse to the company in the event that the receivables are not collected.
(2) The EUR3.15 million represents the long-term element of a preferential rate loan from the Ministry of Trade and Commerce in Italy of EUR3.9 million provided in connection with the Group's business development program in Sardinia. The loan attracts interest at a rate of 0.75% and is repayable in ten annual installments commenced on 20 March 2009.
The Directors believe, based on the past performance of the relevant subsidiaries and the history of the relationships with the lending banks, that the credit facilities will remain available to the Group in the foreseeable future and that therefore the Group will be able to continue to fund its operations from these credit facilities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SSMEDWFSSEFD
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| 09-02-10 | RNS |
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RNS Number : 8447G Telit Communications PLC 09 February 2010
TELIT COMMUNICATIONS PLC ("Telit" or the "Company") Trading update and Notice of Results The Board of Telit (AIM: TCM), the global wireless communications developer and distributor, is happy to announce a trading update ahead of its preliminary results for the year ended 31 December 2009. The Company expects that unaudited revenues for the twelve months ended 31 December 2009 will be in line with market expectations at approximately EUR63 million, or 7% above 2008 revenues. Telit expects to release its preliminary results for the twelve months ended 31 December 2009 on or about 2 March 2010. For further information please visit www.telit.com or contact:
Michael Galai, General Counsel & Finance Director michaelg@telit.com
Shane Gallwey / Sebastian Wykeham This information is provided by RNS The company news service from the London Stock Exchange END
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| 01-02-10 | RNS |
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RNS Number : 4274G Telit Communications PLC 01 February 2010 Telit Communications Plc ("Telit Communications" or the "Company") Deutsche Telekom, T-Mobile and Telit sign global agreement to work together in the growing M2M market Deutsche Telekom AG, T-Mobile GmbH and Telit Communications PLC have signed a strategic collaboration agreement which will see the three companies working together, worldwide. Telit ranks among the leading providers of technologies for mobile machine-to-machine (M2M) communication. The partners in the venture will be working closely together on sales and marketing in their target markets and plan to jointly develop innovative M2M products and services in the future. Customers will benefit from integrated solutions for the networking of vehicles, machines, measurement and control modules and other objects, as well as a comprehensive range of customised services. "As the operator of an extensive, mature mobile phone network, the M2M market offers us enormous potential for growth," says Mark B? head of business development for corporate clients at T-Mobile Deutschland. "For an especially innovative M2M supplier like T-Mobile, partnering with Telit will enable us to exploit this potential even further and lastingly expand our customer base. Telit understands what users need and therefore represents an important partner for us." Dominikus Hierl, Managing Director Strategic Accounts & Corporate Business Development at Telit Communications PLC, adds: "A leader in innovation in the world of M2M, Telit is pursuing a strategy that involves offering its customers the highest levels of quality, long-term solutions and comprehensive, individual customer support. We are moving in the same direction as Deutsche Telekom and T-Mobile. This strategic collaboration agreement provides us with the perfect foundations on which to develop new customer segments and innovative M2M solutions and services." Deutsche Telekom, T-Mobile and Telit will be pooling their expertise based on the terms of a memorandum of understanding. The clear objective in doing so will be to develop each of the partners' positions in the growing market for M2M solutions, internationally. The agreement covers the areas of product development - including the simplification and standardisation of products - sales and marketing. In particular, the companies plan to identify relevant target markets in the telematics, fleet management, navigation, smart metering (remote metering), vending machine and security segments. T-Mobile and Telit will be looking to work closely together in developing and marketing innovative M2M solutions. Telit Communications PLC Alexander Bufalino VP Global Marketing Wireless Solutions Telit Communications PLC Via San Nicola da Tolentino 1/5 00187 Rome - Italy Tel.: 0049-160-96 00 46 13 Tel.: 0039-335-87 45 345 E-Mail:alexander.bufalino@telit.com Veronika Ott / Jens Bohl Maisberger GmbH Kirchenstrasse 15 81675 Munich Tel.: 0049-89-41 95 99 -51 / -88 Fax: 0049-89-41 95 99 12 E-Mail:telit@maisberger.com Astaire Securities Plc, Nominated Adviser Shane Gallwey / Stuart Lane 020 7448 4400
Deutsche Telekom AG
Corporate Communications
Further information for journalists:www.telekom.com/presse About Deutsche Telekom AG With over 150 million mobile phone customers, plus around 39 million landline and approximately 17 million broadband connections (as of 30 September 2009), Deutsche Telekom ranks among the leading integrated telecommunications companies worldwide. Its product range includes T-Home (landline telephony, broadband Internet), T-Mobile (mobile phones) and T-Systems (ICT solutions). An international company with a presence in around 50 countries and approximately 260,000 employees worldwide (as of 30 September 2009), Deutsche Telekom derives more than half of its revenues, which totalled 61.6 billion Euros in 2008, from outside Germany. For further information, please visit: www.telekom.com About Telit Telit Wireless Solutions is an internationally leading specialist in wireless machine-to-machine (M2M) technology. Telit is the only company worldwide to offer communications modules for all of the various wireless technologies: it develops, produces and markets modules for GSM/GPRS, UMTS/WEDGE/HSDPA, CDMA/EVDO and Short-Range RF applications. M2M applications rationalise business processes by enabling machines, equipment and vehicles to communicate with each other via mobile networks. Telit products are used all over the world and marketed via Telit's offices in Brazil, China, Denmark, France, Germany, Israel, Italy, Korea, Spain, the Republic of South Africa, Taiwan, Turkey, the UK and the USA. Telit's global distributor network comprises specialists in wireless technologies and enhances the customer experience in over 56 countries worldwide. Telit Communications PLC is listed on AIM (ticker: TCM). Further information about Telit and its products can be found at www.telit.com. Stay up to date with the latest news from Telit Wireless Solutions on twitter (Telit_WS) and Facebook! This information is provided by RNS The company news service from the London Stock Exchange END
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| 26-01-10 | RNS |
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RNS Number : 1358G Telit Communications PLC 26 January 2010
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting
rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
notification obligation:
which the threshold is crossed or reached:
reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
GB00B06GM726 B: Qualifying Financial Instruments Resulting situation after the triggering transaction
N/A N/A N/A N/A N/A C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or
the
financial instruments are effectively held, if applicable:
RATHBONE BROTHERS PLC*
*Rathbone Brothers Plc is the holding company of the following Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:
This information is provided by RNS The company news service from the London Stock Exchange END
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Second half upturn at Telit
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It has been reported this morning in this morning's press that Avigdor Kelner, CEO of Polar (Former parent of Telit) is under house arrest in connection with insider trading in both London and Tel Aviv.
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They have not been approved or issued by Interactive Investor Trading Limited.
Discussion Board Terms & Conditions FSA Market Abuse Fact Sheet
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