Share Repurchase Programme

RNS Number : 0444O

MTI Wireless Edge Limited

24 January 2019

 

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

 

24 January 2019

MTI Wireless Edge Ltd

("MTI" or the "Company")

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 announce that it will commence a programme to conduct market purchases of ordinary shares of par value 0.01 Israeli Shekels each ("Ordinary Shares") in the Company up to a maximum value of £150,000 (the "Programme"). The Programme will be managed by Peterhouse Capital Limited ("Peterhouse Capital").

The Company has entered into an arrangement with Peterhouse Capital in relation to the Programme where Peterhouse 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 Programme. Purchases may continue during any prohibited periods of the Company, as defined by the Market Abuse Regulation 596/2014/EU ("MAR"), which may fall during the term of the Programme.  The Company reserves the right to bring a halt to the programme under circumstances that it deems to be appropriate, provided that it is permissible for this to occur in compliance with MAR.

The Programme will commence on 28 January 2019 and will continue until no later than 26 July 2019.

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 Share 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 0.21p (being the Sterling equivalent of the par value of an Ordinary Share).

The Company intends to acquire Ordinary Shares under the Programme through its wholly owned subsidiary, MTI Engineering Ltd. ("MTI Engineering"). Ordinary Shares acquired as a result of the 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 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 MAR.  Cash generated from any eventual resales of Ordinary Shares acquired by MTI Engineering under the Programme will be credited to an account held with a third party, which will be under the direction of Peterhouse Capital and such cash may be used by Peterhouse Capital to make future purchases of Ordinary Shares under the Programme. 

The Programme does not comply with the safe harbour requirements set out under Article 5 of MAR and, accordingly, the Company will not benefit from the exemption contained in this Article.  Furthermore, due to the limited liquidity in the Ordinary Shares, any market purchase of Ordinary Shares pursuant to the 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 Programme without delay.

The Company confirms that it currently has no unpublished Inside Information, other than what has been disclosed above.

For further information please contact:

MTI Wireless Edge Ltd                                                                                          [phone]

Dov Feiner, CEO                                                                                                              

Moni Borovitz, Financial Director

Allenby Capital Limited (Nomad and Joint Broker)                                          [phone]

Nick Naylor

Alex Brearley

Peterhouse Capital Limited (Joint Broker)                                                           [phone]

Lucy Williams

Eran Zucker

About MTI Wireless Edge

Headquartered in Israel, MTI is a multi-faceted Group offering comprehensive technology solutions through four core divisions:

Antennas Division

MTI Wireless Edge 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 90 GHz.

Internationally recognized as a producer of commercial off-the-Shelf and custom-developed antenna solutions in a broad frequency range, MTI Wireless Edge addresses both commercial and military applications.

MTI supplies directional and omnidirectional antennas for outdoor and indoor deployments, including smart antennas for WiMAX, Broadband access, public safety, RFID, base stations 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.

Aerostat Operation Division

Via its system engineering division, the Group offers design and integration of aerostat operation systems along with the ongoing operation of Platform subsystems, SIGINT, RADAR, communication and observation systems.   

Water Control & Management Division 

Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), the Group provides high-end remote control 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 solutions ensure constant, reliable and accurate water usage, while reducing operational and maintenance costs. Mottech activities are focused in the market segments of agriculture, water distribution, municipal and commercial landscape as well as wastewater and storm-water reuse.

RF and Microwave Representative and Consultation Division

Via its subsidiary, MTI Summit Electronics Ltd. the group offers representative and expert consultation services specializing in RF and Microwave solutions and applications. It provides its services to international electronics suppliers operating in Israel, Eastern Europe, and Russia. 

 

 

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