REG - MTI Wireless Edge - Enlargement of share buy-back programme

MTI Wireless EdgeAnnouncement

11/03/2024 07:15

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RNS Number : 2465G  MTI Wireless Edge Limited  11 March 2024

11 March 2024

MTI Wireless Edge Ltd

("MTI" or the "Company")

Enlargement of share buy-back programme

 

MTI Wireless Edge Ltd. (AIM: MWE), the technology group focused on
comprehensive communication and radio frequency solutions across multiple
sectors is pleased to announce an enlarged share buyback programme to
repurchase ordinary shares of 0.01 Israeli Shekels ("Ordinary Shares") in the
Company (the "Share Repurchase Programme").

The Share Repurchase Programme originally commenced on 28 January 2019, and
has been subsequently extended, most recently to terminate at the end of March
2024. At a recent meeting, the board of directors of the Company resolved,
effective from 12 March 2024, to extend the Share Repurchase Programme to 31
March 2025.  The Share Repurchase Programme will continue to be managed by
Shore Capital Stockbrokers Limited ("Shore Capital") on the terms described
below.

Reflective of its confidence in the prospects of the business, the board has
resolved to increase the maximum aggregate consideration payable for the
acquisition of Ordinary Shares pursuant to the Share Repurchase Programme from
£200,000 to £700,000, and to hold the Ordinary Shares purchased for a longer
period of time.

The Company has entered into an agreement with Shore Capital in relation to
the Share Repurchase Programme whereby Shore Capital will make trading
decisions concerning the timing of the market purchases of Ordinary Shares
under the Share Purchase Programme independently of and uninfluenced by the
Company, in accordance with certain pre-agreed parameters. Subject to
compliance with relevant law and regulation, purchases of Ordinary Shares
under the Share Repurchase Programme 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")), falling during the term of the Share
Repurchase Programme.  In order the maintain the independence of the Share
Repurchase Programme, the Company is only able to terminate the Share
Repurchase Programme in certain limited circumstances.

Any purchases of Ordinary Shares will be made 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 0.22p
(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 in treasury and in accordance with
the Israeli Companies Law, 1999 will not have any voting rights.

Ordinary Shares acquired by MTI Engineering will be resold in the market,
provided that this occurs in circumstances that the Board of MTI deem 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 may not comply with the safe harbour
requirements set out in 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 and in compliance with all
relevant law and regulation.

The Company confirms that, other than as disclosed in this announcement, it is
not currently in possession of any unpublished inside information.

As at today's date, the Company holds 470,000 Ordinary Shares in treasury.

For further information please contact:

 

 MTI Wireless Edge Ltd                                         +972 3 900 8900
 Moni Borovitz, CEO                                            http://www.mtiwirelessedge.com
                                                               (https://url.avanan.click/v2/___http:/www.mtiwirelessedge.com___.YXAxZTpzaG9yZWNhcDphOm86YTU4NDM5MzdjZjhkNjVmODcxMThhN2ZkZjA2OTY0MzU6NjozYmQ0OjQ3YjhjNzAyNDgyNjc2OWZmZDJiZjBkOGRlNDlmZjdiMTVhNDcwNmEwODYyMmQ5N2E3YmU2NTZiY2Q5MmI4N2Q6cDpU)

 Allenby Capital Limited (Nomad and Joint Broker)              +44 20 3328 5656
 Nick Naylor/Alex Brearley/Piers Shimwell (Corporate Finance)

 Guy McDougall/Amrit Nahal (Sales and Corporate Broking)

 Shore Capital (Joint Broker)                                  +44 20 7408 4090

 Toby Gibbs/ Rachel Goldstein (Corporate Advisory)

 Fiona Conroy (Corporate Broking)

 Novella (Financial PR)
 Tim Robertson/Safia Colebrook                                 +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 internationally recognised as a producer of commercial off-the-Shelf
and custom-developed antenna solutions in a broad frequency range of HF to 170
GHz for commercial, RFID and military applications. MTI continuously invests
in ground breaking technologies, explores new frequencies, and devises
innovative solutions which empower our wireless communication customers with
cutting-edge off-the-shelf and custom-made antennas.

We are at the forefront of technology and innovation, being the first to
introduce Dual Band parabolic antennas, E Band Automatic Beam Steering
antennas, E Band FCC compliant flat antennas, and more.

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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