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Telit reaches settlement over BAMES dispute

In an announcement issued late afternoon Tuesday, Telit said it would pay €840,000 plus €21,000 in legal costs without any admission of liability and against a waiver from the administrators of BAMES of all claims against the company

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A civil claim against Telit was filed in July 2018 by BAMES’ administrators

Telit Communications PLC (LON:TCM) said it has reached a settlement with the administrators of Bartolini After Market Electronic Services (BAMES) in regard to the liquidation of the latter.

In an announcement issued late afternoon Tuesday, the internet of things (IoT) products provider said it would pay €840,000 plus €21,000 in legal costs without any admission of liability and against a waiver from the administrators of BAMES of all claims against Telit.

READ: Telit says it is blameless in respect of BAMES's demise

BAMES entered into several agreements with Telit and its Italian subsidiaries between 2007 and 2010.

In 2013, BAMES went into liquidation and some three years later Telit became aware of a criminal investigation against a number of parties with respect to BAMES's insolvency, including Telit's former chief executive officer.

This was followed by a civil claim against Telit in July 2018 by BAMES’ administrators in regard to Telit’s involvement in the firm.

In early trading Wednesday, Telit shares were down 1.5% at 137p.

Quick facts: Telit Communications PLC

Price: 111 GBX

AIM:TCM
Market: AIM
Market Cap: £147.29 m
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