EQS Group-News: u-blox AG / Key word(s): Corporate Action
u-blox AG: Statement regarding Telit Communications PLC ('Telit')

20.11.2020 / 07:30


Press release
 

Statement regarding Telit Communications PLC ("Telit")
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A TAKEOVER OFFER OR AN OFFER OF SECURITIES. NO OFFER OR SALE OF SECURITIES MAY OCCUR IN THE UNITED STATES UNLESS THE TRANSACTION HAS BEEN REGISTERED UNDER THE US SECURITIES ACT OF 1933 OR IS EXEMPT FROM REGISTRATION THEREUNDER.
 

THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND THERE CAN BE NO CERTAINTY THAT A FIRM OFFER WILL BE MADE NOR AS TO THE TERMS ON WHICH ANY SUCH OFFER WOULD BE MADE.
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
 

For immediate release
 

Thalwil, Switzerland - 20 November 2020 - u-blox Holding AG ("u-blox") (SIX:UBXN,OTC:UBLXF), a global leader in wireless and positioning technologies, notes the recent press speculation and confirms it submitted to the Board of Directors of Telit a non-binding all-share offer valuing Telit at GBP £2.50 per share (the "Possible Offer"). The response of the Board of Telit is still outstanding and there can be no certainty that any transaction will ultimately be forthcoming nor as to the terms on which any such offer would ultimately be made.
 

Whilst discussions are at an early stage and remain subject to due diligence, the Board of u-blox believes that such a combination has a strong strategic rationale and could result in substantial synergies for both organisations.
 

Pursuant to Rule 2.5 of the Code, u-blox reserves the right to:

(i) introduce other forms of consideration and/or to vary the form and/or mix of the consideration described in this announcement; and
(ii) make an offer on less favourable terms:
a. with the recommendation or consent of the Board of Telit;
b. if Telit announces, declares or pays any dividend or any other distribution to shareholders, in which case u-blox will have the right to make an equivalent reduction to the proposed price;
c. if a third party announces a firm intention to make an offer for Telit on less favourable terms than the Possible Offer; or
d. following the announcement by Telit of a whitewash transaction pursuant to the Code.
 

In accordance with Rule 2.6(a) of the Code, u-blox is required, by no later than 5.00 pm (London time) on 18 December 2020, to announce a firm intention to make an offer for Telit in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
 

In accordance with Rule 2.9 of the Code, the Company confirms that it has 7'114'839 ordinary shares in issue. The ISIN reference for these securities is CH0033361673.
 

A further statement will be made as appropriate.
 

Enquiries:

Credit Suisse, financial adviser to u-blox
Ben Deary
Phone: +44 20 7888 8888
 

Important notices

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available on u-blox's website at (www.u-blox.com). The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
 

This communication is not intended to and does not constitute an offer to buy or the solicitation of an offer to subscribe for or sell or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction. The release, publication or distribution of this communication in whole or in part, directly or indirectly, in, into or from certain jurisdictions may be restricted by law and therefore persons in such jurisdictions should inform themselves about and observe such restrictions.
 

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdictions.
 

Credit Suisse International ("Credit Suisse"), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK, is acting as lead financial adviser exclusively for u-blox and no one else in connection with the matters set out in this announcement and will not be responsible to any person other than u-blox for providing the protections afforded to clients of Credit Suisse, nor for providing advice in relation to the content of this announcement or any matter referred to herein. Neither Credit Suisse nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Credit Suisse in connection with this announcement, any statement contained herein or otherwise.
 

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
 

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
 

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3. Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
 

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at http://www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129.
 

About u-blox

u-blox (SIX:UBXN) is a global provider of leading positioning and wireless communication technologies for the automotive, industrial, and consumer markets. Their solutions let people, vehicles, and machines determine their precise position and communicate wirelessly over cellular and short range networks. With a broad portfolio of chips, modules, and a growing ecosystem of product supporting data services, u-blox is uniquely positioned to empower its customers to develop innovative solutions for the Internet of Things, quickly and cost-effectively. With headquarters in Thalwil, Switzerland, the company is globally present with offices in Europe, Asia, and the USA.
 

Find us on www.u‑blox.com, Facebook, LinkedIn, Twitter @ublox and YouTube

u‑blox investor relations contacts:
 

Switzerland and Europe:

Doris Rudischhauser, c/o Dynamics Group AG
Phone: +41 79 410 81 88
E-mail: dru@dynamicsgroup.ch


US:

Jeehae Linford, c/o The Equity Group Inc.
Phone: +1 (404) 840-3122
E-mail: jlinford@equityny.com


u‑blox AG
Zürcherstrasse 68
8800 Thalwil
Switzerland
Phone +41 44 722 74 44
Fax +41 44 722 74 47
info@u-blox.com
www.u‑blox.com


Disclaimer
This release contains certain forward-looking statements. Such forward-looking statements reflect the current views of management and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the u-blox Group to differ materially from those expressed or implied. These include risks related to the success of and demand for the Group's products, the potential for the Group's products to become obsolete, the Group's ability to defend its intellectual property, the Group's ability to develop and commercialize new products in a timely manner, the dynamic and competitive environment in which the Group operates, the regulatory environment, changes in currency exchange rates, the Group's ability to generate revenues and profitability, and the Group's ability to realize its expansion projects in a timely manner. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this report. u-blox is providing the information in this release as of this date and does not undertake any obligation to update any forward-looking statements contained in it as a result of new information, future events or otherwise.



End of Media Release


Language: English
Company: u-blox AG
Zürcherstrasse 68
8800 Thalwil
Switzerland
Phone: +41 44 722 74 44
Fax: +41 44 722 74 47
E-mail: info@u-blox.com
Internet: www.u-blox.com
ISIN: CH0033361673
Listed: SIX Swiss Exchange
EQS News ID: 1149528

 
End of News EQS Group News Service

1149528  20.11.2020 

fncls.ssp?fn=show_t_gif&application_id=1149528&application_name=news&site_id=boersennews