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Telit Communications’ incoming non-executive chairman purchases stake in company

The AIM-listed Internet of Things software developer said Paolo Dal Pino had purchased a total of 55,000 shares in the company, around 0.04% of its share capital

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Dal Pino's appointment to the board will take effect on 1 September

Telit Communications PLC’s (LON:TCM) incoming non-executive chairman, Paolo Dal Pino, has purchased a stake in the company.

The AIM-listed Internet of Things (IoT) software developer said Dal Pino had purchased a total of 55,000 shares in the company, around 0.04% of its share capital, after previously holding no shares.

READ: Telit Communications names Paolo Dal Pino as its new chairman

The purchase follows an announcement from the company on 14 August that Dal Pino would be joining the board as non-executive chairman, effective from 1 September 2018.

Dal Pino was previously chief executive of Prometeon Tyre Group, previously part of the Pirelli Group, leaving the position in January this year.

In lunchtime trading Monday, Telit shares were up 0.5% at 160.8p.

Quick facts: Telit Communications PLC

Price: 131.2 GBX

AIM:TCM
Market: AIM
Market Cap: £174.54 m
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