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REG - MTI Wireless Edge - Update regarding Share Repurchase Programme

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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 £200,000.

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 (http://www.mtiwirelessedge.com)

 Allenby Capital Limited (Nomad and Joint Broker)               +44 20 3328 5656

 Nick Naylor/Alex Brearley/Piers Shimwell (Corporate Finance)

 Amrit Nahal/David Johnson (Sales and Corporate Broking)

 Shore Capital (Joint Broker)                                   +44 20 7408 4090

 Toby Gibbs/John More (Corporate Advisory)

 Fiona Conroy (Corporate Broking)

 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 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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