Telit Communications in talks with Richard Kilsby re possible appointment as chairman

Shares in the company tanked in August following the resignation of chief executive Oozi Kats, amid allegations he was wanted for fraud in the US under the alternative name Uzi Katz. Since then, however, the stock has recovered amid speculation it could be taken over.

Earlier this month, Telit acknowledged press speculation that the Financial Conduct Authority is conducting an investigation into the company, insisting that it is not under formal investigation.

Telit said it wrote to the City watchdog in August requesting that it look into various matters which were of concern to the group. It then received a letter from the FCA in response and raising preliminary enquiries.

At 1230 GMT, the shares were up 4.3% to 194.99p.