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Telit CEO lifts direct stake above 20%

Last updated: 18:49 18 Mar 2014 AEDT, First published: 19:49 18 Mar 2014 AEDT

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Telit Communications (LON:TCM) chief executive Oozi Cats is increasing his direct holding in the machine-to-machine (m2m) communications group to more than 20% through a purchase of shares held by holding company Boostt B.V.

Cats is buying the 7.8mln shares for £15.1mln or an effective price of 194p per share. He already controlled 50% of Boostt, which owns 15.6mln Telit shares.

The closing of the agreement is subject to Cats obtaining a financing facility and is due to complete on 30 April.

After the deal, Cats’s holding in Telit will rise to 22.18mln shares or 20.17% of the total.

Telit reported more than doubled profits yesterday as the “internet of things” gains traction. Its share price has also more than doubled over the past twelve months.

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