logo-loader
viewTelit Communications PLC

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

Judges gavel
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: 163 GBX

AIM:TCM
Market: AIM
Market Cap: £216.29 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Telit Communications PLC named herein, including the promotion by the Company of Telit Communications PLC in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

London Finance Show: Quiet day but North Korea détente lifts markets

“Everything seems to have calmed down a little bit from North Korea over the weekend so that’s certainly helped the market push higher,” says market commentator Matt Brown in today’s London Finance Show. Brown has his say on Standard Life Aberdeen which began its first day of trading this...

on 14/8/17

RNS

Holding(s) in Company

2 days, 19 hours ago

Director/PDMR Shareholding

1 week, 3 days ago

Total Voting Rights

1 week, 6 days ago

Holding(s) in Company

4 weeks ago

Interim Results

on 9/9/19

Change of auditor

on 6/9/19

2 min read