Notification of Major Interests in Shares

RNS Number : 5841Y

MTI Wireless Edge Limited

22 August 2018

 

22 August 2018

MTI Wireless Edge Ltd

("MTI" or the "Company")

Notification of Major Interests in Shares

PDMR Shareholdings

MTI Wireless Edge Ltd (AIM: MWE), a market leader in the manufacture of flat panel antennas for fixed wireless broadband and a wireless irrigation solutions provider, announces the following changes in certain notifiable interests in the ordinary shares in the capital of the Company ("Ordinary Shares") following the completion of the merger ("Merger") between the Company and MTI Computers & Software Services (1982) Ltd ("MTIC").  The Company also announces notifications on behalf of a number of persons discharging managerial responsibilities ("PDMRs"). 

Update on notifiable interests in the Company

Following the completion of the Merger, 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 Financial Officer of the Company), is interested in a total of 28,833,508 Ordinary Shares, which represents 33.13% of the voting rights in the enlarged issued ordinary share capital of the Company. Zvi Borovitz and Moni Borovitz are beneficially interested in 946,429 and 121,254 Ordinary Shares respectively and these holdings are unchanged by the completion of the Merger, now representing 1.09% and 0.14% of the voting rights in the enlarged issued ordinary share capital of the Company respectively.

Following the completion of the Merger, Jacques and Rina Beer with whom Mokirey Aya Ltd, has a joint control agreement, are collectively interested in a total of 9,876,760 Ordinary Shares, which represents 11.35% of the voting rights in the enlarged issued ordinary share capital of the Company. The Company's non-executive director, David Yariv is the son in-law of Jacques and Rina Beer and is appointed to the Company's Board as a representative director pursuant to the aforementioned joint control agreement.

Following the completion of the Merger, Dov Feiner (director and Company Chief Executive Officer) is interested in a total of 3,832,388 Ordinary Shares, which represents 4.40% of the voting rights in the enlarged issued ordinary share capital of the Company.

Following the completion of the Merger, MTIC no longer has an interest in the Company.

The notifiable interests in Ordinary Shares of Miton UK Microcap Trust PLC and Herald Investment Management Limited following the completion of the Merger were announced by the Company on 20 August 2018.

PDMR notifications

A number of PDMRs received Ordinary Shares as consideration for the Merger. The FCA notifications, made in accordance with the requirements of the EU Market Abuse Regulation, are appended further below and give further details regarding the receipt by directors and PDMRs and persons closely associated with them of Ordinary Shares as consideration for the Merger.

For further information please contact:

MTI Wireless Edge Dov Feiner, CEO Moni Borovitz, Financial Director	http://www.mtiwe.com/ [phone]
Nomad and Joint Broker Allenby Capital Limited Nick Naylor Alex Brearley	[phone]
Joint Broker Peterhouse Capital Limited Lucy Williams Eran Zucker	[phone]

 About MTI Wireless Edge

MTI is engaged in the development, production and marketing of High Quality, Low Cost, Flat Panel Antennas for Commercial & for Military applications. Commercial applications such as: WiMAX, Wireless Networking, RFID readers &, Broadband Wireless Access. With over 40 years' experience, supplying antennas 100KHz to 90GHz including directional antennas and Omni directional for outdoor and indoor deployments including Smart Antennas for WiMAX, Wi-Fi, Public Safety, RFID and for Base Stations and Terminals  - Utility Market. Military applications include a wide range of broadband, tactical and specialized communications antennas, antenna systems and DF arrays installed on numerous airborne, ground and naval, including submarine, platforms worldwide.

Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI is also a leading provider of remote control solutions for water and irrigation applications based on Motorola's IRRInet state of the art control, monitoring and communication technologies. Mottech, headquartered in Israel, is the global prime distributor of Motorola for the IRRInet remote control solutions serving its customers worldwide through its subsidiaries and a global network of local distributers and representatives. It utilizes over 25 years of experience in providing its customers with remote control and management systems which ensure constant, reliable and accurate water usage, while reducing operational costs and maintenance costly expenses. Mottech's activities are focused in the market segments of agriculture, water distribution, Municipal and Commercial Landscape and Wastewater and Storm water Reuse.

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 Financial 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	Receipt of Ordinary Shares as Consideration for Merger
c)	Price(s) and volume(s)	Price(s) Volume(s) N/A 28,833,508 Ordinary Shares received as Merger consideration on 20 August 2018
d)	Aggregated information - Aggregated volume - Price	Price(s) Volume(s) N/A 28,833,508
e)	Date of the transaction	20 August 2018
f)	Place of the transaction	Receipt of Ordinary Shares as Consideration for Merger

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Dov Feiner
2	Reason for the notification
a)	Position/status	Director - Chief Executive Officer of MTI Wireless Edge Ltd
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	Receipt of Ordinary Shares as Consideration for Merger
c)	Price(s) and volume(s)	Price(s) Volume(s) N/A 1,758,102 Ordinary Shares received as Merger consideration on 20 August 2018
d)	Aggregated information - Aggregated volume - Price	Price(s) Volume(s) N/A 1,758,102
e)	Date of the transaction	20 August 2018
f)	Place of the transaction	Outside of trading venue - Consideration for Merger

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Menashe Mani
2	Reason for the notification
a)	Position/status	General Manager, System Engineering Division
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	Receipt of Ordinary Shares as Consideration for Merger
c)	Price(s) and volume(s)	Price(s) Volume(s) N/A 2,072,676  Ordinary Shares received as Merger consideration on 20 August 2018
d)	Aggregated information - Aggregated volume - Price	Price(s) Volume(s) N/A 2,072,676   Ordinary Shares
e)	Date of the transaction	20 August 2018
f)	Place of the transaction	Outside of trading venue - Consideration for Merger

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