Telit Communications settles with London Stock Exchange over rule breaches

Writer, Stock Market Wire
Monday, July 1, 2019 - 09:29

Internet of Things investor Telit Communications said it had agreed to settlement terms with the London Stock Exchange over a breach of disclosure rules relating to its previous chief executive Oozi Cats.

The settlement involved a public censure and fine of £350k, though the fine was waived in full.

The censure related to disclosure failures regarding the previous CEO's indictment in the US, or previous variations of his name.

'Telit has subsequently entirely reconstituted its board and as noted in the exchange's statement, has fully cooperated in its investigation,' the company said.

'The exchange recognised that, in the particular circumstances of this case, the company and its advisers faced real difficulties in being able to reasonably uncover information relating to the former CEO's historical indictment.'

'Given these specific circumstances, the exchange have decided to waive the fine in full.'

At 9:29am: (LON:TCM) Telit Communications PLC share price was +3.8p at 163.8p

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