REG - MTI Wireless Edge - Share purchase by a substantial shareholder

MTI Wireless EdgeAnnouncement

21/11/2023 09:15

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RNS Number : 1361U  MTI Wireless Edge Limited  21 November 2023

21 November 2023

MTI Wireless Edge Ltd

("MTI", the "Company" or the "Group")

Share purchase by a substantial shareholder

Transaction in own shares

Total voting rights

MTI Wireless Edge Ltd (AIM: MWE), the technology group focused on
comprehensive communication and radio frequency solutions across multiple
sectors, is pleased to announce the following:

Share purchase by Mokirey Aya Ltd

MTI announces that it was informed on 21 November 2023 that Mokirey 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), has purchased 250,000 ordinary shares of
par value 0.01 Israeli Shekels each in the capital of the Company ("Ordinary
Shares") at a price of 31.5p per Ordinary Share, being the prevailing
mid-market share price at the time that the trade was agreed. These Ordinary
Shares were purchased from the Company's treasury shares, as described below.

Following this share purchase, Mokirey Aya Ltd has an interest in 26,670,895
Ordinary Shares, equivalent to 30.12% of the voting rights in the Company (as
detailed below).  Separately, 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 (as detailed below) respectively.

Share purchase by Jacques and Rina Beer (the "Beer Family")

MTI announces that it was informed on 21 November 2023 that the Beer Family
has purchased 100,000 ordinary shares of par value 0.01 Israeli Shekels each
in the capital of the Company ("Ordinary Shares") at a price of 31.5p per
Ordinary Share, being the prevailing mid-market share price at the time that
the trade was agreed. These Ordinary Shares were purchased from the Company's
treasury shares, as described below.

Following this share purchase, the Beer Family has an interest in 9,197,042
Ordinary Shares, equivalent to 10.39% of the voting rights in the Company (as
detailed below).

Transaction in own shares and total voting rights

MTI further announces that, in accordance with the Company's Share Repurchase
Programme, 350,000 Ordinary Shares were sold by the Company on 20 November
2023, at a price of 31.5 pence per share (being the prevailing mid-market
share price at the time that the trade was agreed) from the Company's treasury
shares. The funds raised by the sale of the treasury shares will remain within
the Share Repurchase Programme for future transactions. Following this sale of
treasury shares, the Company holds no Ordinary Shares in treasury. The total
number of Ordinary Shares in issue is 88,538,724 and the total number of
voting rights in the Company as at the date of this announcement is also
therefore 88,538,724, which may be used by shareholders as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in the Company.

In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 as retained
in UK law (UK MAR), the schedule appended further below contains detailed
information about the sales of Ordinary Shares made by Shore Capital
Stockbrokers Limited on behalf of the Company as part of the Share Repurchase
Programme.

The FCA notifications, made in accordance with the requirements of UK MAR, are
appended further below and give further details regarding the sales of
Ordinary Shares by persons closely associated with PDMRs.

 

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.

 

Information about the sales made by Shore Capital Stockbrokers Limited on
behalf of the Company as part of the Share Repurchase Programme.

Schedule of Sales

 Shares sold:      MTI Wireless Edge Ltd (ISIN: IL0010958762)
 Date of sale:     20 November 2023
 Investment firm:  Shore Capital Stockbrokers Limited

Aggregate information:

 Venue                  Volume-weighted        Aggregated volume

average price, pence
 London Stock Exchange  31.5p                  350,000

Individual transactions:

 Number of Ordinary Shares sold  Transaction price            Time of transaction  Trading venue

(pence per Ordinary Share)
 250,000                         31.5p                        08:23                Outside a trading venue
 100,000                         31.5p                        08:23                Outside a trading venue

 

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                                                         Mokirey Aya Ltd
 2    Reason for the notification
 a)   Position/status                                              Mokirey 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 /Amendment                              Initial notification

 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 of the financial instrument, type of instrument

      Identification code
Ordinary Shares of 0.01 Israeli shekels each

                                                                   Identification code (ISIN) for MTI Wireless Edge Ltd's Ordinary Shares:
                                                                   IL0010958762
 b)   Nature of the transaction                                    Purchase of Ordinary Shares
 c)   Price(s) and volume(s)                                       Price(s)                       Volume(s)
                                                                   31.5 pence per Ordinary Share  250,000 Ordinary Shares
 d)   Aggregated information
      - Aggregated volume                                          N/A
      - Price                                                      N/A
 e)   Date of the transaction                                      20 November 2023
 f)   Place of the transaction                                     Outside a trading venue

d)

Aggregated information

- Aggregated volume

N/A

- Price

N/A

e)

Date of the transaction

20 November 2023

f)

Place of the transaction

Outside a trading venue

 

 

 

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