TIDMMWE
RNS Number : 4062T
MTI Wireless Edge Limited
25 March 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF
DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 ("EUWA")) ("UK MAR"). IN ADDITION, MARKET SOUNDINGS (AS
DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS
CONTAINED WITHIN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN
PERSONS BECAME AWARE OF INSIDE INFORMATION (AS DEFINED UNDER UK
MAR). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
INFORMATION SERVICE, THOSE PERSONS THAT RECEIVED INSIDE INFORMATION
IN A MARKET SOUNDING ARE NO LONGER IN POSSESSION OF SUCH INSIDE
INFORMATION, WHICH IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
25 March 2021
MTI Wireless Edge Ltd
("MTI" or the "Company")
Transactions by PDMRs and substantial shareholders
Highlights
-- A total of 3,650,000 existing Ordinary Shares in the Company
have been sold to institutional and other investors at a price of
80p per share.
-- A series of investor presentations was completed by MTI
following the recent publication of its Annual Results.
-- Following resultant interest from a range of new and existing
institutional and private investors, MTI has arranged for a limited
release of equity from certain key shareholders.
-- The Board believes that this should enhance MTI's profile in
the UK public markets and provide additional liquidity for MTI's
publically-traded shares
Background
Following the publication of the Company's Final Results for the
year ended 31 December 2020, MTI Wireless Edge Ltd. (AIM: MWE)
embarked on a series of investor meetings and discussions, via the
Company's brokers, Allenby Capital Limited ("Allenby") and
Peterhouse Capital Limited ("Peterhouse"). Following this Roadshow,
Allenby and Peterhouse reported to the Company that there was
interest amongst the parties met to invest into MTI. Given the
relative lack of liquidity in the market for the Company's shares
and with the Company adequately financed for its current business
plans, the Company has sought to at least partially satisfy this
new interest via arranging for certain existing, long-term
shareholders to release some shares.
Against this background the Company announces that it was
informed on 24 March 2021 of the following sales of the Company's
ordinary shares of 0.01 Israeli shekels each ("Ordinary Shares")
which were made by certain of the Company's persons discharging
managerial responsibilities ("PDMRs") and substantial shareholders.
These Ordinary Shares have been sold to institutional and other
investors.
On 24 March 2021, Mokirei Aya Ltd, a company controlled by
members of the Borovitz family (including Zvi Borovitz, Chairman of
the Board of Directors and Moni Borovitz, Director and Chief
Executive Officer of the Company), sold 2,412,613 Ordinary Shares
at a price of 80p per share. Following this sale, Mokirei Aya Ltd
has an interest in 26,420,895 Ordinary Shares, equivalent to 29.84%
of the voting rights in the Company. Zvi Borovitz and Moni Borovitz
are beneficially interested in 1,146,429 and 371,254 Ordinary
Shares respectively and these holdings remain unchanged,
representing 1.29% and 0.42% of the voting rights in the Company
respectively.
On 24 March 2021, Dov Feiner, Director of the Company and
general manager of the Company's antenna division, sold 304,123
Ordinary Shares at a price of 80p per share. Following this sale,
Dov Feiner is beneficially interested in 3,528,265 Ordinary Shares,
equivalent to 3.98% of the voting rights in the Company.
On 24 March 2021, Menashe Mani, an executive in the company,
sold 153,546 Ordinary Shares at a price of 80p per share. Following
this sale, Menashe Mani is beneficially interested in 2,025,309
Ordinary Shares, equivalent to 2.29% of the voting rights in the
Company.
On 24 March 2021, Jacques and Rina Beer, who are collectively a
substantial shareholder in the Company, sold 779,718 Ordinary
Shares at a price of 80p per share. Following this sale, Jacques
and Rina Beer are collectively beneficially interested in 9,097,042
Ordinary Shares, equivalent to 10.27% of the voting rights in the
Company.
The FCA notifications, made in accordance with the requirements
of UK MAR, are appended below and give further details regarding
the sales of Ordinary Shares by PDMRs and persons closely
associated with them.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Mokirei Aya Ltd
--------------------- ------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Mokirei Aya Ltd is a person closely associated
with MTI Wireless Edge Ltd's Non Executive
Chairman, Zvi Borovitz and MTI Wireless
Edge Ltd's Chief Executive Officer, Moni
Borovitz, both of whom are persons discharging
managerial responsibilities
--------------------- ------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- ------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name MTI Wireless Edge Ltd
--------------------- ------------------------------------------------
b) LEI 2138003Y3AHVBB1QCY91
--------------------- ------------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------
a) Description Ordinary Shares of 0.01 Israeli shekels
of the financial each
instrument,
type of instrument
Identification Identification code (ISIN) for MTI Wireless
code Edge Ltd's Ordinary Shares: IL0010958762
--------------------- ------------------------------------------------
b) Nature of Sale of Ordinary Shares
the transaction
--------------------- ------------------------------------------------
c) Price(s) Price(s) Volume(s)
and volume(s) 80 pence 2,412,613
per share Ordinary
Shares
----------
--------------------- ------------------------------------------------
d) Aggregated
information
--------------------- ------------------------------------------------
- Aggregated N/A
volume
--------------------- ------------------------------------------------
- Price N/A
--------------------- ------------------------------------------------
e) Date of the 2 4 March 2021
transaction
--------------------- ------------------------------------------------
f) Place of London Stock Exchange (XLON ), AIM market
the transaction
--------------------- ------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Dov Feiner
--------------------- ---------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------
a) Position/status Director - General manager of MTI Wireless
Edge Ltd's antenna division
--------------------- ---------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name MTI Wireless Edge Ltd
--------------------- ---------------------------------------------
b) LEI 2138003Y3AHVBB1QCY91
--------------------- ---------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------
a) Description Ordinary Shares of 0.01 Israeli shekels each
of the financial
instrument,
type of instrument Identification code (ISIN) for MTI Wireless
Identification Edge Ltd's Ordinary Shares: IL0010958762
code
--------------------- ---------------------------------------------
b) Nature of Sale of Ordinary Shares
the transaction
--------------------- ---------------------------------------------
c) Price(s) Price(s) Volume(s)
and volume(s) 80 pence 304,123 Ordinary
per share Shares
-----------------
--------------------- ---------------------------------------------
d) Aggregated
information
--------------------- ---------------------------------------------
- Aggregated N/A
volume
--------------------- ---------------------------------------------
- Price N/A
--------------------- ---------------------------------------------
e) Date of the 2 4 March 2021
transaction
--------------------- ---------------------------------------------
f) Place of London Stock Exchange (XLON ), AIM market
the transaction
--------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Menashe Mani
--------------------- ---------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------
a) Position/status PDMR - General manager of MTI Wireless Edge
Ltd's system engineering division
--------------------- ---------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name MTI Wireless Edge Ltd
--------------------- ---------------------------------------------
b) LEI 2138003Y3AHVBB1QCY91
--------------------- ---------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------
a) Description Ordinary Shares of 0.01 Israeli shekels each
of the financial
instrument,
type of instrument Identification code (ISIN) for MTI Wireless
Identification Edge Ltd's Ordinary Shares: IL0010958762
code
--------------------- ---------------------------------------------
b) Nature of Sale of Ordinary Shares
the transaction
--------------------- ---------------------------------------------
c) Price(s) Price(s) Volume(s)
and volume(s) 80 pence 153,546 Ordinary
per share Shares
-----------------
--------------------- ---------------------------------------------
d) Aggregated
information
--------------------- ---------------------------------------------
- Aggregated N/A
volume
--------------------- ---------------------------------------------
- Price N/A
--------------------- ---------------------------------------------
e) Date of the 2 4 March 2021
transaction
--------------------- ---------------------------------------------
f) Place of London Stock Exchange (XLON ), AIM market
the transaction
--------------------- ---------------------------------------------
For further information please contact:
MTI Wireless Edge Ltd +972 3 900 8900
Moni Borovitz, CEO http://www.mtiwirelessedge.com
Allenby Capital Limited (Nomad and Joint Broker) +44 20 3328
5656
Nick Naylor/Alex Brearley (Corporate Finance)
Guy McDougall (Sales and Corporate Broking)
Peterhouse Capital Limited (Joint Broker) +44 20 7469 0930
Lucy Williams/ Eran Zucker
Novella (Financial PR) +44 20 3151 7008
Tim Robertson/Fergus Young
About MTI Wireless Edge Ltd. ("MTI")
Headquartered in Israel, MTI is a technology group focused on
comprehensive communication and radio frequency solutions across
multiple sectors through three core divisions:
Antenna Division
MTI is a world leader in the design, development and production
of high quality, state-of-the-art, and cost-effective antenna
solutions including Smart Antennas, MIMO Antennas and Dual Polarity
Antennas for wireless applications. MTI supplies antennas for both
military and commercial markets from 100 KHz to 90 GHz.
Internationally recognized as a producer of commercial
off-the-Shelf and custom-developed antenna solutions in a broad
frequency range, MTI addresses both commercial and military
applications.
MTI supplies directional and omnidirectional antennas for
outdoor and indoor deployments, including smart antennas for WiMAX,
Broadband access, public safety, RFID, base stations and terminals
for the utility market.
Military applications include a wide range of broadband,
tactical and specialized communication antennas, antenna systems
and DF arrays installed on numerous airborne, ground and naval,
including submarine, platforms worldwide.
Water Control & Management Division
Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI
provides high-end remote control solutions for water and irrigation
applications based on Motorola's IRRInet state-of-the-art control,
monitoring and communication technologies.
As Motorola's global prime-distributor Mottech serves its
customers worldwide through its international subsidiaries and a
global network of local distributors and representatives. With over
25 years of experience in providing customers with irrigation
remote control and management, Mottech's solutions ensure constant,
reliable and accurate water usage, while reducing operational and
maintenance costs. Mottech's activities are focused in the market
segments of agriculture, water distribution, municipal and
commercial landscape as well as wastewater and storm-water
reuse.
Distribution & Professional Consulting Services Division
Via its subsidiary, MTI Summit Electronics Ltd., MTI offers
consulting, representation and marketing services to foreign
companies in the field of RF and Microwave solutions and
applications including engineering services (including design and
integration) in the field of aerostat systems and the ongoing
operation of Platform subsystems, SIGINT, RADAR, communication and
observation systems which is performed by the Company.
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