TIDMMWE
RNS Number : 0306P
MTI Wireless Edge Limited
14 November 2016
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR)
14 November 2016
MTI Wireless Edge Ltd
("MTI" or the "Company")
Financial results for the nine months ended 30 September
2016
MTI Wireless Edge Ltd. (AIM: MWE), a market leader in the
manufacture of flat panel antennas for fixed wireless broadband and
a wireless irrigation solution provider, today announces its
unaudited results for the nine months ended 30 September 2016 (the
"Period").
Highlights:
-- Revenue increased by 31 per cent. year-on-year in the Period
to US$17.6m (nine months to 30 September 2015: US$13.4m), primarily
due to the acquisition of Mottech.
-- Gross profit increased by 22 per cent. year-on-year to
US$6.5m (nine months to 30 September 2015: US$5.4m).
-- Operating profit of approximately US$1.0m in the Period, in
line with nine months to 30 September 2015.
-- Cash flow generated from operations tripled to US$1.5m (nine
months to 30 September 2015: US$0.5m).
-- Dividend of US 1.1 cent per share for the year ended 31 December 2015 paid on 1 April 2016.
-- Shareholders' equity of US$18.6m (at 30 September 2015:
US$17.9m) after payment of dividend, equivalent to 28.9 pence per
share.
Dov Feiner, the Company's Chief Executive Officer,
commented:
"I am happy to report on another excellent quarter for Mottech
and its contribution to revenue growth and profit. Our antenna
business is continuing to make a good progress in the third
quarter, with another military contract win, as announced in
August, which provides us with longer-term visibility. The RFID
business has experienced a very good year to date and together with
the continued development of the 60 - 80 GHz line we continue to be
confident about the long-term future of the antenna business. At
Mottech, we continue to see a variety of opportunities over many
continents, all of which makes us believe that the combined
business will continue to grow and be successful in 2016 and
beyond".
For further information, please contact:
MTI Wireless Edge http://www.mtiwe.com/
Dov Feiner, CEO +972 3 900 8900
Moni Borovitz, Financial
Director
--------------------------- ----------------------
Allenby Capital Limited
(Nominated adviser and
broker)
Nick Naylor
Alex Brearley +44 20 3328 5656
--------------------------- ----------------------
About MTI Wireless Edge
MTI is engaged in the development, production and marketing of
High Quality, Low Cost, Flat Panel Antennas for Commercial &
for Military applications. Commercial applications such as: WiMAX,
Wireless Networking, RFID readers &, Broadband Wireless Access.
With over 40 years' experience, supplying antennas 100KHz to 90GHz
including directional antennas and Omni directional for outdoor and
indoor deployments including Smart Antennas for WiMAX, Wi-Fi,
Public Safety, RFID and for Base Stations and Terminals - Utility
Market. Military applications include a wide range of broadband,
tactical and specialized communications antennas, antenna systems
and DF arrays installed on numerous airborne, ground and naval,
including submarine, platforms worldwide.
Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI
is also a leading provider of remote control solutions for water
and irrigation applications based on Motorola's IRRInet state of
the art control, monitoring and communication technologies.
Mottech, headquartered in Israel, is the global prime distributor
of Motorola for the IRRInet remote control solutions serving its
customers worldwide through its subsidiaries and a global network
of local distributers and representatives. It utilizes over 25
years of experience in providing its customers with remote control
and management systems which ensure constant, reliable and accurate
water usage, while reducing operational costs and maintenance
costly expenses. Mottech's activities are focused in the market
segments of agriculture, water distribution, Municipal and
Commercial Landscape and Wastewater and Storm Water Reuse.
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Nine months Year ended
ended September December
30, 31,
-------------------------- -------------
2016 2015 2015
------------ ------------ -------------
U.S. $ in thousands
-----------------------------------------
Unaudited Audited
-------------------------- -------------
Revenues 17,582 13,405 19,579
Cost of sales 11,040 8,041 11,870
------------ ------------ -------------
Gross profit 6,542 5,364 7,709
Research and development
expenses 828 962 1,216
Distribution expenses 2,570 1,693 2,408
General and administrative
expenses 2,129 1,656 2,323
------------ ------------ -------------
Profit from operations 1,015 1,053 1,762
Finance expense 307 234 432
Finance income 55 9 44
------------ ------------ -------------
Profit before income tax 763 828 1,374
Income tax expense 136 74 110
------------ ------------ -------------
Profit 627 754 1,264
Other comprehensive income
(net of tax):
Items that will not be reclassified
to profit or loss:
Re-measurement of defined
benefit plans - - (42)
------------ ------------ -------------
- - (42)
Items that may be reclassified
to profit or loss:
Adjustment arising from
translation of financial
statements of foreign operations 202 (67) (77)
------------ ------------ -------------
202 (67) (77)
------------ ------------ -------------
Total other comprehensive
income (loss) 202 (67) (119)
------------ ------------ -------------
Total comprehensive income 829 687 1,145
============ ============ =============
Profit Attributable to:
Owners of the parent 585 710 1,222
Non-controlling interest 42 44 42
------------ ------------ -------------
627 754 1,264
============ ============ =============
Total comprehensive income
Attributable to:
Owners of the parent 787 643 1,103
Non-controlling interest 42 44 42
------------ ------------ -------------
829 687 1,145
============ ============ =============
Earnings per share (dollars)
Basic 0.0113 0.0138 0.0237
============ ============ =============
Diluted 0.0111 0.0138 0.0235
============ ============ =============
Weighted average number
of shares outstanding
Basic 51,657,245 51,571,990 51,571,990
============ ============ =============
Diluted 52,657,327 51,571,990 51,897,027
============ ============ =============
The accompanying notes form an integral part of the financial
statements.
INTERIM CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the nine months period ended September 30, 2016:
Attributed to owners of the parent
----------------------------------------------------------------------
Adjustment
arising
from
Capital translation
Reserve of Total
for financial attributable
Additional share-based statements to owners
Share paid-in payment of foreign Retained of the Non-controlling Total
capital capital transactions operations earnings parent interest equity
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
U.S. $ in thousands
Balance at January
1, 2016
(Audited) 109 14,945 304 (77) 3,116 18,397 266 18,663
Changes during the
nine months
ended September 30,
2016
(Unaudited):
Comprehensive
income
Profit for the
period - - - - 585 585 42 627
Other
comprehensive
income
Translation
differences - - - 202 - 202 - 202
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Total
comprehensive
income
for the period - - - 202 585 787 42 829
Share issuance
to
non-controlling
interest in
subsidiary - (10) - - - (10) 10 -
Exercise of
options to
share
capital * 23 (1) - - 22 - 22
Dividend paid - - - - (568) (568) - (568)
Share based
payment - - 14 - - 14 - 14
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Balance at
September
30,
2016
(Unaudited) 109 14,958 317 125 3,133 18,642 318 18,960
======= ========== ============ =========== ======== ============ =============== =========
(*) less than 1 thousand dollar
The accompanying notes form an integral part of the financial
statements.
INTERIM CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the nine months period ended September 30, 2015:
Attributed to owners of the parent
----------------------------------------------------------------------
Adjustment
arising
from
Capital translation
Reserve of Total
for financial attributable
Additional share-based statements to owners
Share paid-in payment of foreign Retained of the Non-controlling Total
capital capital transactions operations earnings parent interest equity
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
U.S. $ in thousands
--------------------------------------------------------------------------------------- ---------
Balance at January
1, 2015
(Audited) 109 14,945 286 - 2,287 17,627 216 17,843
Changes during the
nine
months
ended September 30,
2015
(Unaudited):
comprehensive
income
Profit for the
period - - - - 710 710 44 754
Other
comprehensive
income
Translation
differences - - - (67) - (67) - (67)
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Total
comprehensive
income
for the period - - - (67) 710 643 44 687
Non-controlling
Interest
of newly
purchased
subsidiary - - - - - - 8 8
Dividend paid - - - - (351) (351) - (351)
Share based
payment - - 19 - - 19 - 19
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Balance at
September 30,
2015
(Unaudited) 109 14,945 305 (67) 2,646 17,938 268 18,206
======= ========== ============ =========== ======== ============ =============== =========
The accompanying notes form an integral part of the financial
statements.
INTERIM CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the year ended December 31, 2015 :
Attributable to owners of the parent
----------------------------------------------------------------------
Adjustment
arising
from
Capital translation
Reserve of Total
from financial attributable
Additional share-based statements to owners
Share paid-in payment of foreign Retained of the Non-controlling Total
capital capital transactions operations earnings parent interest equity
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
U.S. $ in thousands
--------------------------------------------------------------------------------------------------
Audited
--------------------------------------------------------------------------------------------------
Balance as at
January 1, 2015 109 14,945 286 - 2,287 17,627 216 17,843
Changes during
2015:
Comprehensive
income
Profit for the
year - - - - 1,222 1,222 42 1,264
Other
comprehensive
income
Re measurements
on defined
benefit plans - - - - (42) (42) - (42)
Translation
differences - - - (77) - (77) - (77)
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Total
comprehensive
income
for the year - - - (77) 1,180 1,103 42 1,145
Non-controlling
Interest of
newly purchased
subsidiary - - - - - - 8 8
Dividend paid - - - - (351) (351) - (351)
Share based
payment - - 18 - - 18 - 18
------- ---------- ------------ ----------- -------- ------------ --------------- ---------
Balance as
at December
31,
2015 109 14,945 304 (77) 3,116 18,397 266 18,663
======= ========== ============ =========== ======== ============ =============== =========
The accompanying notes form an integral part of the financial
statements.
INTERIM CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
30.9.2016 30.9.2015 31.12.2015
--------- --------- ----------
U.S. $ in thousands
--------------------------------
Unaudited Audited
-------------------- ----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 5,100 3,054 2,634
Restricted cash - 170 -
Other current financial assets - 2,051 2,086
Trade receivables 7,886 7,721 8,074
Other receivables 1,169 1,392 1,296
Current tax receivables 393 74 139
Inventories 3,943 4,239 4,426
--------- --------- ----------
18,491 18,701 18,655
--------- --------- ----------
NON-CURRENT ASSETS:
Long term prepaid expenses 52 21 28
Property, plant and equipment 5,545 5,130 5,643
Investment property 635 1,212 656
Deferred tax assets 564 336 393
Intangible assets 348 456 429
Goodwill 573 573 573
--------- --------- ----------
7,717 7,728 7,722
--------- --------- ----------
Total assets 26,208 26,429 26,377
========= ========= ==========
The accompanying notes form an integral part of the financial
statements.
INTERIM CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
30.9.2016 30.9.2015 31.12.2015
--------- --------- ----------
U.S. $ In thousands
--------------------------------
Unaudited Audited
-------------------- ----------
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities and short
term bank credit and loans 811 790 792
Trade payables 2,239 2,392 1,772
Other accounts payables 1,702 1,777 2,098
Current tax payables 100 170 192
--------- --------- ----------
4,852 5,129 4,854
========= --------- ----------
NON- CURRENT LIABILITIES:
Loans from banks, net of current
maturities 1,870 2,578 2,381
Employee benefits 434 424 387
Other liabilities 92 92 92
--------- --------- ----------
2,396 3,094 2,860
--------- --------- ----------
Total liabilities 7,248 8,223 7,714
========= --------- ----------
EQUITY
Equity attributable to owners
of the parent
Share capital 109 109 109
Additional paid-in capital 14,958 14,945 14,945
Capital reserve from share-based
payment transactions 317 305 304
Translation differences 125 (67) (77)
Retained earnings 3,133 2,646 3,116
--------- --------- ----------
18,642 17,938 18,397
Non-controlling interest 318 268 266
--------- --------- ----------
Total equity 18,960 18,206 18,663
--------- --------- ----------
Total equity and liabilities 26,208 26,429 26,377
========= ========= ==========
November 13,
2016
----------------- ------------------ ----------------- ---------------
Date of approval Moshe Borovitz Dov Feiner Zvi Borovitz
of financial Finance Director Chief Executive Non-executive
statements Officer Chairman
The accompanying notes form an integral part of the financial
statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Nine months Year ended
ended September December
30, 31,
---------------------- ------------
2016 2015 2015
---------- ---------- --------------
U.S. $ in thousands
------------------------------------
Unaudited Audited
---------------------- --------------
Cash Flows from Operating Activities:
Profit for the period 627 754 1,264
Adjustments for:
Depreciation and amortization 385 428 593
Loss (gain) from investments
in financial assets 7 (1) (36)
Equity settled share-based payment
expense 14 19 18
Finance expenses, net 79 74 113
Income tax expense 136 74 110
Changes in operating assets and
liabilities:
Decrease in inventories 534 269 90
Decrease (increase) in trade
receivables 315 (763) (1,136)
Decrease (increase) in other
accounts receivables and prepaid
expenses 126 (418) (326)
Increase (decrease) in trade
and other accounts payables 9 202 (98)
Increase (decrease) in employee
benefits, net 47 25 (54)
Interest paid (79) (74) (113)
Income tax paid (658) (77) (214)
---------- ---------- ------------
Net cash provided by (used in)
operating activities 1,542 512 211
---------- ---------- ------------
The accompanying notes form an integral part of the financial
statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Nine months Year ended
ended September December
30, 31,
-------------------------------- -------------
2016 2015 2015
------------------- ----------- -------------
U.S. $ in thousands
-----------------------------------------------------
Unaudited Audited
------------------- -----------------
Cash Flows From Investing
Activities:
Sale of investments in financial
assets, net 2,142 1,639 1,639
Acquisition of subsidiary,
net of cash acquired - (3,042) (3,042)
Increase in restricted cash - (170) -
Purchase of property, plant
and equipment (171) (195) (297)
------------------- ----------- -------------
Net cash provided by (used
in) investing activities 1,971 (1,768) (1,700)
------------------- ----------- -------------
Cash Flows From Financing
Activities:
Exercise of share options 22 - -
Long term loan received from
banks 27 2,090 2,090
Dividend paid to the owners
of the parent (568) (351) (351)
Repayment of long-term loan
from banks (582) (331) (526)
------------------- ----------- -------------
Net cash provided by (used
in) financing activities (1,101) 1,408 1,213
------------------- ----------- -------------
Increase (decrease) in cash
and
cash equivalents during the
period 2,412 152 (276)
Cash and cash equivalents
at the beginning of the period 2,634 2,918 2,918
Exchange differences on balances
of cash and
cash equivalents 54 (16) (8)
------------------- ----------- -------------
Cash and cash equivalents
at the end of the period 5,100 3,054 2,634
=================== =========== =============
Appendix A - Non-cash transactions:
Nine months Year ended
ended September December
30, 31,
------------------ ----------
2016 2015 2015
-------- -------- ----------
U.S. $ in thousands
------------------------------
Unaudited Audited
------------------ -------------
Purchase of property, plant
and equipment
against trade payables 27 17 8
======== ======== ==========
The accompanying notes form an integral part of the financial
statements.
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - General:
Corporate information:
M.T.I Wireless Edge Ltd. (hereafter - the "Company", or
collectively with its subsidiaries, the "Group") is an Israeli
corporation. The Company was incorporated under the Companies Act
in Israel on December 30, 1998 as a wholly-owned subsidiary of
M.T.I Computers and Software Services (1982) Ltd. (hereafter - the
"Parent Company") and commenced operations on July 1, 2000.
Since March 2006, the Company's shares have been traded on the
AIM Stock Exchange.
The formal address of the company is 11 Hamelacha Street, Afek
industrial Park, Rosh-Ha'Ayin, Israel.
The Company is engaged in the development, design, manufacture
and marketing of antennas and accessories. Since September 11, 2015
via its subsidiary, Mottech Water solutions, MTI is also a leading
provider of remote control solutions for water and irrigation
applications based on Motorola's IRRInet state of the art control,
monitoring and communication technologies.
Note 2 - Significant Accounting Policies:
The interim consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for the
preparation of financial statements for interim periods, as
prescribed in International Accounting Standard No. 34 ("Interim
Financial Reporting").
The interim consolidated financial information set out above
does not constitute full year end accounts within the meaning of
Israeli Companies Law. It has been prepared on the going concern
basis in accordance with the recognition and measurement criteria
of the International Financial Reporting Standards (IFRS).
Statutory financial information for the financial year ended
December 31, 2015 was approved by the board on February 16, 2016.
The report of the auditors on those financial statements was
unqualified.
The interim consolidated financial statements as of September
30, 2016 have not been audited.
The interim consolidated financial information should be read in
conjunction with the annual financial statements as of 31 December,
2015 and for the year then ended and with the notes thereto. The
significant accounting policies applied in the annual financial
statements of the Company as of December 31, 2015 are applied
consistently in these interim consolidated financial
statements.
Note 3 - operating SEGMENTS:
The following tables present revenue and profit information
regarding the Group's operating segments for the nine months ended
September 30, 2016 and 2015, respectively and for the year ended
December 31, 2015.
Nine months ended September 30,
2016 (Unaudited)
Water
Antennas Solutions Total
-------- ---------- ---------
U.S. $ in thousands
-------------------------------
Revenue
External 8,324 9,258 17,582
-------- ---------- ---------
Total 8,324 9,258 17,582
======== ========== =========
Segment income (305) 1,320 1,015
======== ==========
Finance expense, net (252)
---------
Profit before income tax 763
=========
Other
Depreciation and amortization 347 38 385
======== ========== =========
Nine months ended September 30,
2015 (Unaudited)
Water
Antennas* Solutions** Total
--------- ------------ ---------
U.S. $ in thousands
----------------------------------
Revenue
External 10,297 3,108 13,405
--------- ------------ ---------
Total 10,297 3,108 13,405
========= ============ =========
Segment income 648 405 1,053
========= ============ =========
Finance expense, net (225)
---------
Profit before income tax 828
=========
Other
Depreciation and amortization 408 20 428
========= ============ =========
(*) Reclassified.
(**) Results for four month ending on September 30, 2015.
Year ended December 31, 2015
(audited)
Water
Antennas Solutions* Total
--------- ----------- ---------
U.S. $ in thousands
---------------------------------
Revenue
External 13,305 6,274 19,579
--------- ----------- ---------
Total 13,305 6,274 19,579
========= =========== =========
Segment profit 859 903 1,762
========= ===========
Unallocated corporate expenses
Finance expense, net (388)
---------
Profit before income tax 1,374
=========
Other
Depreciation and amortization 561 32 593
========= =========== =========
(*) Results for seven month ending December 31, 2015.
Note 4-TRANSACTIONS AND BALANCES WITH RELATED PARTIES:
The following transactions occurred with the Parent Company and
other related parties:
Year ended
Nine months ended December
September 30, 31,
--------------------- ----------------
2016 2015 2015
----------- -------- ------------
U.S. $ in thousands
-----------------------------------------
Unaudited Audited
--------------------- ------------
Purchased Goods 221 218 328
Management Fee 320 314 410
Services Fee 187 159 212
Lease income (54) (86) (104)
Compensation of key management personnel of the Group:
Year ended
Nine months ended December
September 30, 31,
--------------------- -----------------
2016 2015 2015
----------- -------- ------------
U.S. $ in thousands
------------------------------------------
Unaudited Audited
--------------------- ------------
Short-term employee benefits
*) 584 560 738
=========== ======== ============
*) Including Management fees for the CEO, Directors Executive
Management and other related parties
All Transactions were made at market value.
Balances with related parties:
As at
---------------------------------
30.9.2016 30.9.2015 31.12.2015
---------- --------- ----------
U.S. $ in thousands
---------------------------------
Unaudited Audited
--------------------- ----------
Other receivables (Other accounts
payables) (113) (17) 50
========== ========= ==========
Amendment to Service Agreement with controlling shareholder:
Following the receipt of recommendations of both the
remuneration committee and the board of directors of the Company,
an amendment to the service agreement between the Company and the
controlling shareholders (via their management company) was
approved at a shareholders' meeting held on May 18, 2016. According
to the amendment, the agreement is in place for 3 years starting
September 1, 2016, after which it will be renewed for periods of 3
years in accordance to the relevant rules and regulations.
Nevertheless the agreement can be terminated by either party by
providing 90 days' notice. The agreement includes remuneration (per
month) of:
1. 25,000 NIS to Mr. Zvi Borovitz (raised from 20,000 NIS prior
to this approval) for his service as a chairman of the board of the
Company in capacity of at least 25% and
2. 65,000 NIS to Mr. Moni Borovitz (raised from 60,000 NIS prior
to this approval) for his service as CFO of the Company in capacity
of at least 80%.
All amounts are prior to VAT which will be added to the invoices
and are linked to the increase in the consumer price index.
In addition to the above, and in accordance with the
remuneration policy adopted by the Company, as required under rule
20 to the Israeli Companies Law, a bonus scheme was granted to each
of the managers. The bonus scheme states that Zvi Borovitz and Moni
Borovitz will be entitled (each one of them) to a bonus amounting
2.5% of the company's net profit exceeding US$400,000 per year
(raised from US$250,000 prior to this approval), prior to any
bonuses grant in the Company. In case of a loss in a year the bonus
for the next year will be for a net profit exceeding US$400,000
above the loss made in the previous year. In addition Mr. Moni
Borovitz shall be entitled to a bonus equal to two months
management fee, based on the meeting of targets specified by the
remuneration committee at the beginning of each year.
A ceiling to the bonuses was set at 8 months management fees for
Mr. Moni Borovitz and US$100,000 for Mr. Zvi Borovitz.
The agreement also states that the Company shall reimburse the
management of the Company for any expense made in performance of
the manager's duty. The Company shall also provide each of the
managers with a car and phones and will be responsible for all its
related expenses, including all relevant taxes.
Note 5 - SIGNIFICANT EVENTS:
a. On January 12, 2016, following the approval of its
shareholders, the Company adopted a change to its article of
association allowing the Company the ability to pay dividends by
way of scrip, meaning the board would be able to announce a
dividend which could be paid in cash or through the issue of new
shares in the Company (the "Scrip Dividend Policy").Under the Scrip
Dividend Policy, shareholders could, in the future, be given the
option to elect to receive dividends in new shares of the Company
rather than in cash. The default arrangement will be for the
payment of dividends in cash, and if the shareholder prefers to
receive their dividends in new shares of the Company, then they
would have to make an election. There would be no ability to make
mixed elections and each shareholder would be able to choose either
cash or new shares but not both. The decision to offer shareholders
a scrip dividend alternative for future dividend payments will be
at the sole discretion of the Board.
b. During the first half of 2016 several employees exercised
options over 167.5 thousand shares in exchange for an approximately
of US$22,000.
c. On April 1, 2016 the company paid a dividend of 1.1 US cents
per share totaling approximately $568,000.
d. On May 2, 2016 shares in Mottech Water Management (Pty) Ltd.
in South Africa ("Mottech SA") were allotted to its general
manager. Following this allotment the Company owns 85% of Mottech
SA.
e. A new option scheme for key Employees was approved at the
Company's Annual General Meeting on May 18, 2016. Under the plan,
options to purchase 800,000 ordinary shares were granted (with each
option being over one ordinary share). This represents
approximately 1.5% of the Company's current issued and voting share
capital on a fully diluted basis. The vesting period of the options
shall be as follows: 2 years for 50% of the options, 3 years for
additional 25% of the options and 4 years for the reminder of the
options. Unexercised options expire nine years after date of the
grant, after which they will be void. Options are forfeited when
the employee leaves the Company. There is no cash settlement of the
options.
The weighted average fair value of the options as at the grant
date is 6 pence (approximately 9 US cents) per option, which was
estimated using a Black and Scholes option pricing model based on
the following significant data and assumptions:
Share price - 19.88 pence (representing approximately 29 US
cents)
Exercise price - 27 pence (representing approximately 39 US
cents)
Expected volatility - 45.34%
Risk-free interest rate - 0.85%
And expected average life of options 4.375 years
The volatility measured at the standard deviation of expected
share price returns is based on the historical volatility of the
Company's share price. The options were granted as part of a plan
that was adopted in accordance with the provision of section 102 of
the Israeli Income Tax Ordinance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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