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RNS Number : 1851I
MTI Wireless Edge Limited
13 April 2022
Dissemination of a Regulatory Announcement that contains inside
information for the purposes of Regulation 11 of the retained UK
law version of the Market Abuse Regulation 596/2014/EU.
13 April 2022
MTI Wireless Edge Ltd
("MTI" or the "Company")
Update regarding Share Repurchase Programme
MTI Wireless Edge Ltd. (AIM: MWE), the technology group focused
on comprehensive communication and radio frequency solutions across
multiple sectors, is pleased to provide an update in relation to
its programme to conduct market purchases of its ordinary shares of
par value 0.01 Israeli Shekels each ("Ordinary Shares") in the
Company (the "Share Repurchase Programme").
The Share Repurchase Programme originally commenced on 28
January 2019, and was put in place until no later than 26 July 2019
and was subsequently extended until the end of August 2022. At a
recent meeting, the board of directors of the Company decided to
extend the Share Repurchase Programme until 31 March 2023, with the
Share Repurchase Programme now being managed by Shore Capital
Stockbrokers Limited ("Shore Capital") pursuant to the terms
described below. Purchases of Ordinary Shares under the Share
Repurchase Programme will now be for an increased maximum value of
up to GBP200,000.
The Company has entered into an arrangement with Shore Capital
in relation to the Share Repurchase Programme where Shore Capital
will make the trading decisions concerning the timing of the market
purchases of Ordinary Shares independently of and uninfluenced by
the Company, with such trading decisions being in line with the
terms of the Share Repurchase Programme. Purchases may continue
during any closed periods of the Company, as defined by the
retained UK law version of the Market Abuse Regulation 596/2014/EU
("UK MAR"), which may fall during the term of the Share Repurchase
Programme. The Company reserves the right to bring a halt to the
Share Repurchase Programme under circumstances that it deems to be
appropriate and in accordance with relevant law and regulation.
Any market purchases will be conducted in compliance with the
following restrictions regarding price conditions:
-- the maximum price (exclusive of expense) at which any
Ordinary Shares may be purchased is the price equal to 105 per cent
of the average of the middle market quotations of an Ordinary Share
as derived from the London Stock Exchange Daily Official List for
the five business days preceding the date of such purchase; and
-- the minimum price at which any share may be purchased shall
be 0.23p (being the Sterling equivalent of the par value of an
Ordinary Share).
The Company intends to acquire Ordinary Shares under the Share
Repurchase Programme through its wholly owned subsidiary, MTI
Engineering Ltd. ("MTI Engineering"). Ordinary Shares acquired as a
result of the Share Repurchase Programme will be held by MTI
Engineering and in accordance with the Israeli Companies Law, 1999
will not have any voting rights.
An objective of the Share Repurchase Programme is that Ordinary
Shares acquired by MTI Engineering will be resold, provided that
this occurs under circumstances that the Board of MTI deems to be
appropriate and in compliance with applicable law and regulation.
Cash generated from any eventual resales of Ordinary Shares
acquired by MTI Engineering under the Share Repurchase Programme
will be credited to an account held with Shore Capital and such
cash may be used by Shore Capital to make future purchases of
Ordinary Shares under the Share Repurchase Programme.
The Share Repurchase Programme will not necessarily comply with
the safe harbour requirements set out under Article 5 of UK MAR
and, accordingly, the Company may not at all times benefit from the
exemption contained in Article 5 of UK MAR. Furthermore, due to the
limited liquidity in the Ordinary Shares, any market purchase of
Ordinary Shares pursuant to the Share Repurchase Programme on any
trading day could represent a significant proportion of the daily
trading volume in the Ordinary Shares on AIM and could exceed 25
per cent. of the average daily trading volume, being the limit laid
down in Article 5(1) of MAR.
The Company will announce any market purchase of Ordinary Shares
pursuant to the Share Repurchase Programme without delay.
The Company confirms that, other than as disclosed in this
announcement, it is not currently in possession of any unpublished
inside information.
Commenting on the Share Repurchase Programme, CEO Moni Borovitz,
said: "We are pleased that Shore Capital will now manage the Share
Repurchase Programme on behalf of the Company. We believe that this
programme has contributed to a significant increase in liquidity in
MTI's shares and it is logical therefore for it to continue."
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)
Nick Naylor/Alex Brearley/Piers Shimwell
(Corporate Finance)
Amrit Nahal/David Johnson (Sales and
Corporate Broking) +44 20 3328 5656
Shore Capital (Joint Broker)
Toby Gibbs/John More (Corporate Advisory)
Fiona Conroy (Corporate Broking) +44 20 7408 4090
Novella (Financial PR)
Tim Robertson/Fergus Young +44 20 3151 7008
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 174 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 5G
backhaul, Broadband access, public safety, RFID, base station 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 and monitoring 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, increase crops quality and yield
while reducing operational and maintenance costs providing fast ROI
while helping sustain the environment. 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. It also
specializes in the development, manufacture and integration of
communication systems and advanced monitoring and control systems
for the Government and defence industry market.
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