Telit Communications gets advanced waiver on banking convenants

AIM-listed Internet of Things provider Telit Communications said on Thursday that its leading financing bank has granted an advance waiver for the potential breach of covenants as at 31 December 2017.

“The group and the bank remain in discussions with regard to amending its covenant package for future periods,” it said.

Earlier this month, the company said it was in advanced discussions with the bank to agree an advance waiver and with regard to amending its covenants to be appropriate for the group going into the future.

At 1125 GMT, the shares were up 0.7% at 154p.