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Rebel shareholders move to oust Telit boss Yosi Fait

Yosi Fait took over from Oozi Cats who resigned last summer following an internal investigation into alleged historical indictments

fired
Telit said it is “mindful” that it is obliged to hold a meeting within the next two months

Rebel shareholders have moved to oust Telit Communications Plc (LON:TCM) chief executive, Yosi Fait, and fellow director Simon Duffy.

A group of shareholders, led by Davide Serra, who hold more than 5% of the company’s shares have written to the Telit board, demanding that a general meeting is held for investors to vote on the pair’s fate.

READ: Telit expects to maintain double-digit revenue growth in 2018

As well as proposing to remove Fait and Duffy, the rebel group have proposed the appointment of four new directors; Suvi Linden, Jonny Bourne, Anders Torstensson and Adam Power.

“The board is mindful that pursuant to section 304 of the Companies Act 2006, the group must post a notice of a general meeting within 21 days from the date on which a valid requisition is received and this meeting must be held on a date not more than 28 days after the date of the notice convening the meeting.”

Shares were down 1.2% to 152.1p in mid-morning trading.

Quick facts: Telit Communications PLC

Price: 90.9 GBX

AIM:TCM
Market: AIM
Market Cap: £120.62 m
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