Telit Comms CEO ups stake to 20.17%

29th May 2014 14:26

Telit Communications was a notable riser on Thursday after the group's Chief Executive Officer, Oozi Cats, increased his stake in the global wireless technology company by 7.8m shares.The increase came after Cats acquired 50% of Boostt BV's shares, the effective price of which was around 280p each. As such, Cats now owns all of Boostt, which has subsequently transferred 1.08m shares to Viola Credit Funds as part of the loan agreement carried out by Cats to fund the deal. The director's stake in Telit now stands at 20.17%, or 22.2m shares.The share price declined 8.15% to 215.75p by 14:45 on Thursday.NR