04/05/2005 Telit Communications opens the market
4 April 2005
Telit Communications opens the market
Telit is an international business which specialises in the design and sale of mobile telecommunications hardware. Telit operates in worldwide markets with its principal operating business located in the UK, Italy and Israel. The business has two distinct operating divisions: the design, development, manufacture and sale of cellular wireless terminals for application in the machine-to-machine communication market; and the branded cellular terminal enhanced value-added reseller business, which customises and distributes cellular handsets manufactured by third parties.
The placing price is set at 140p per ordinary share, which will give the company a market capitalization of £60.5million. The placing consists of 16,428,571 ordinary shares, representing 38% of the 43,214,281 ordinary shares in issue.
The listing is a natural step in Telit’s development. The proceeds from the placing will be used to further research and development, to strengthen Telit’s sales and marketing function, for investment in fixed assets and to provide working capital.
Oozi Cats, CEO of Telit Communications, said: “We are delighted that the flotation of the company has been completed successfully and it is pleasing to see such high levels of institutional demand for the shares. We now look forward to using the funds raised from the flotation to increase our sales and marketing to take Telit to its next stage of growth.”
Seymour Pierce is acting as Nominated Advisor and Broker.