Telit Communications reaches settlement with LSE

Internet of Things enabler Telit Communications has agreed to settlement terms with the London Stock Exchange over a public censure fine of £350,000 for breaches of two different rules.

The censure itself was specifically related to the AIM-listed company's failures to disclose former chief executive Oozi Cats' indictment in the US or previous variations of his name.

The London Stock Exchange concluded that while Telit had breached AIM rules three and 31 when appointing Cats, the group saw the fine waived in full as the LSE concluded the group and its advisers faced "real difficulties" in being able to reasonably uncover information relating to the former CEO's historical indictment.

Telit has subsequently entirely reconstituted its board and fully cooperated with the LSE in its investigation.

As of 0920 BST, Telit shares had picked up 1.75% to 162.80p.