Results for the nine months to 30 September 2017

RNS Number : 9840V
MTI Wireless Edge Limited
09 November 2017
 

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

9 November 2017

MTI Wireless Edge Ltd

("MTI" or the "Company")

Financial results for the nine months ended 30 September 2017

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, today announces its unaudited results for the nine months ended 30 September 2017.

 

Highlights:

·     Profit before tax increased 54% year-on-year to $1.2m (nine months ended 30 September 2016: $0.76m)

·     Revenues increased by 12% year-on-year to $19.6m (nine months ended 30 September 2016: $11.3m)

·     Earnings per share increased by 47% year-on-year to 1.63 US cents (nine months ended 30 September 2016: 1.11 US cents)

·     Strong cash flow from operations during the period of $1.7m (nine months ended 30 September 2016: $1.5m)

·     Shareholder's equity grew during the period to $19.6m (31 December 2016: $18.9m), equivalent to 27.9 pence per share (converted at 1.31 US dollar/1 British Pound)

·     Cash at 30 September 2017 of $5.35m (30 September 2016: $5.1m, 31 December 2016 $4.4m)

 

The third quarter has seen strong revenue generation from both the antenna division and the wireless irrigation division.  As announced on 25 October 2017, greater than anticipated costs have been incurred and recognised in the third quarter in relation to a military antenna project which has resulted in the antenna division making an operating loss in the third quarter, although the Board expects that this military antenna project will be profitable once completed.  The wireless irrigation division continued to perform strongly in the third quarter and delivered robust operating profit margins.

 

Dov Feiner, CEO of MTI Wireless, commented:

"During 2017, we have continued to see growth in both segments of our business. In our wireless controller segment, via Mottech, we continue to see opportunities in various geographical areas as the requirement for water management solutions is increasing world-wide. In 2017, we strengthened our position in key markets by opening new offices, extending distribution agreements and recruiting more value-added resellers. This, together with our continuous development of new solutions, should help us to continue to increase our revenues and profits.

"In the antenna segment, we have a very healthy order book in the military division and a good pipeline of opportunities, which provides us greater visibility of longer-term revenues. Furthermore, the OEM business is proceeding as planned, and RFiD and 80 GHz orders continue to gain attention, and we expect the order book to strengthen.  This provides us greater visibility of longer-term revenues.

Given the current performance of the Company, the growing order book and pipeline of opportunities, the board is increasingly confident in the prospects for the Company."

 

For further information please contact:

MTI Wireless Edge Ltd

Dov Feiner, CEO

Moni Borovitz, Financial Director

 

http://www.mtiwe.com/

+972 3 900 8900

Nomad and Joint Broker

Allenby Capital Limited

Nick Naylor

Alex Brearley

 

+44 20 3328 5656

 

Joint Broker
Peterhouse Corporate Finance Limited

Lucy Williams

Eran Zucker

 

+44 20 7469 0930

 

About MTI Wireless Edge

MTI is engaged in the development, production and marketing of high quality low cost, flat panel antennas for commercial and military applications. Commercial applications include: WiMAX, Wireless Networking, RFID readers and Broadband Wireless Access. With over 40 years' experience of supplying 100KHz to 90GHz antennas, 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, 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 on the market segments of agriculture, water distribution, Municipal and Commercial Landscape and Wastewater and Storm water Reuse.

 

 

 

 

 

 

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

Nine month period

ended September 30,

 

Year ended December 31,

 

2017

 

2016

 

2016

 

U.S. $ in thousands

 

Unaudited

 

 

 

 

 

 

 

 

Revenues

19,610

 

17,582

 

23,276

Cost of sales

12,641

 

11,040

 

14,728

 

 

 

 

 

 

Gross profit

6,969

 

6,542

 

8,548

Research and development expenses

675

 

828

 

1,079

Distribution expenses

2,794

 

2,570

 

3,346

General and administrative expenses

2,365

 

2,129

 

2,640

Other income

7

 

-

 

-

 

 

 

 

 

 

Profit from operations

1,142

 

1,015

 

1,483

Finance expense

153

 

307

 

334

Finance income

194

 

55

 

57

 

 

 

 

 

 

Profit before income tax

1,183

 

763

 

1,206

Income tax expense

239

 

136

 

222

 

 

 

 

 

 

Profit

944

 

627

 

984

 

Other comprehensive income (loss) net of tax:

 

 

 

 

 

Items that will not be reclassified to profit or loss:

 

 

 

 

 

Re-measurement of defined benefit plans

-

 

-

 

(16)

 

-

 

-

 

(16)

Items that may be reclassified to profit or loss:

 

 

 

 

 

Adjustment arising from translation of financial statements of foreign operations

(10)

 

202

 

121

 

(10)

 

202

 

121

Total other comprehensive income

(10)

 

202

 

105

 

 

 

 

 

 

Total comprehensive income

934

 

829

 

1,089

 

 

 

 

 

 

Profit attributable to:

 

 

 

 

 

Owners of the parent

865

 

585

 

936

Non-controlling interest

79

 

42

 

48

 

 

 

 

 

 

 

944

 

627

 

984

Total comprehensive income attributable to:

 

 

 

 

 

Owners of the parent

855

 

787

 

1,041

Non-controlling interest

79

 

42

 

48

 

 

 

 

 

 

 

934

 

829

 

1,089

 

 

 

 

 

 

Earnings per share (dollars)

 

 

 

 

 

Basic

0.0164

 

0.0113

 

0.0181

Diluted

0.0163

 

0.0111

 

0.0178

 

 

 

 

 

 

Weighted average number of shares outstanding

 

 

 

 

 

Basic

52,585,939

 

51,657,245

 

51,687,853

Diluted

53,211,172

 

52,657,327

 

52,575,593

 

 

 

 

 

 

 

The accompanying notes form an integral part of the financial statements.

INTERIM CONSOLIDATED STATEMENT OF

CHANGES IN EQUITY

 

For the Nine month period ended September 30, 2017 (Unaudited):

 

 

Attributed to owners of the parent

 

 

 

Share capital

Additional paid-in capital

Capital Reserve

for share-based

payment

transactions

Adjustment arising from translation of financial statements of foreign operations

Retained earnings

Total attributable to owners of the  parent

Non-controlling interest

Total equity

 

U.S. $ in thousands

 

 

 

 

 

 

 

 

 

Balance at January 1, 2017

109

14,964

323

44

3,468

18,908

324

19,232

 

 

 

 

 

 

 

 

 

Changes during the nine month period

    ended September 30, 2017:

 

 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

 

 

 

 

Profit for the period

-

-

-

-

865

865

79

944

Other comprehensive income

 

 

 

 

 

 

 

 

Translation differences

-

-

-

(10)

-

(10)

-

(10)

 

 

 

 

 

 

 

 

 

Total comprehensive income for the period

-

-

-

(10)

865

855

79

934

Exercise of options to share capital

2

99

(*)

-

-

101

-

101

Dividend

3

280

-

-

(518)

(235)

-

(235)

Share based payment

-

-

22

-

-

22

-

22

 

 

 

 

 

 

 

 

 

Balance at September 30, 2017

114

15,343

345

34

3,815

19,651

403

20,054

 

 

 

 

 

 

 

 

 

(*) less than one thousand dollars

 

The accompanying notes form an integral part of the financial statements.

 

 

INTERIM CONSOLIDATED STATEMENT OF

CHANGES IN EQUITY (CONT.)

For the Nine month period ended September 30, 2016 (Unaudited):

 

 

Attributed to owners of the parent

 

 

 

Share capital

Additional paid-in capital

Capital Reserve

for share-based

payment

transactions

Adjustment arising from translation of financial statements of foreign operations

Retained earnings

Total attributable to owners of the  parent

Non-controlling interest

Total equity

 

U.S. $ in thousands

 

 

 

 

 

 

 

 

 

Balance at January 1, 2016

109

 14,945

304  

(77)

3,116

18,397

266

18,663

 

 

 

 

 

 

 

 

 

Changes during the nine month period

    ended September 30, 2016:

 

 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

 

 

 

 

Profit for the period

-

-

-

-

585

585

42

627

Other comprehensive income

 

 

 

 

 

 

 

 

Translation differences

-

-

-

202

-

202

-

202

 

 

 

 

 

 

 

 

 

Total comprehensive income for the period

-

-

-

202

585

787

42

829

Share issuance to non-controlling interest in subsidiary

-

(10)

-

-

-

(10)

10

-

Exercise of options to share capital

*

23

(1)

-

-

22

-

22

Dividend paid

-

-

-

-

(568)

(568)

-

(568)

Share based payment

-

-

14

-

-

14

-

14

 

 

 

 

 

 

 

 

 

Balance at September 30, 2016

109

14,958

317

125

3,133

18,642

318

18,960

 

 

 

 

 

 

 

 

 

 (*) less than one thousand dollars

 

The accompanying notes form an integral part of the financial statements.

 

 

INTERIM CONSOLIDATED STATEMENT OF

CHANGES IN EQUITY (CONT.)

 

For the year ended December 31, 2016:

 

 

Attributable to owners of the parent

 

 

Share capital

Additional paid-in capital

Capital Reserve from share-based payment transactions

Adjustment arising from translation of financial statements of foreign operations

Retained earnings

Total attributable to owners of the  parent

Non-controlling interest

Total equity

 

U.S. $ in thousands

 

 

 

 

 

 

 

 

 

Balance as at January 1, 2016

109

14,945

304

(77)

3,116

18,397

266

18,663

Changes during 2016:

 

 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

 

 

 

 

Profit for the year

-

-

-

-

936

936

48

984

Other comprehensive income

 

 

 

 

 

 

 

 

Re measurements on defined benefit plans

-

-

-

-

(16)

(16)

-

(16)

Translation differences

-

-

-

121

-

121

-

121

 

 

 

 

 

 

 

 

 

Total comprehensive income for the year

-

-

-

121

920

1,041

48

1,089

Share issuance to non-controlling interest in subsidiary

-

(10)

-

-

-

(10)

10

-

Exercise of options to share capital

(*)

29

(1)

-

-

28

-

28

Dividend paid

-

-

-

-

(568)

(568)

-

(568)

Share based payment

-

-

20

-

-

20

-

20

 

 

 

 

 

 

 

 

 

Balance as at December 31, 2016

109

14,964

323

44

3,468

18,908

324

19,232

 

 

 

 

 

 

 

 

 

(*) less than one thousand dollars

 

The accompanying notes form an integral part of these financial statements.

 

 

 

 

 

INTERIM CONSOLIDATED STATEMENT OF

FINANCIAL POSITION

 

 

30.09.2017

 

30.09.2016

 

31.12.2016

 

U.S. $ in thousands

 

Unaudited

 

 

ASSETS

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

5,349

 

5,100

 

4,428

Trade receivables

9,244

 

7,886

 

8,159

Other receivables

791

 

1,169

 

706

Current tax receivables

416

 

393

 

455

Inventories

4,689

 

3,943

 

4,910

 

 

 

 

 

 

 

20,489

 

18,491

 

18,658

 

 

 

 

 

 

 

 

 

 

 

 

NON-CURRENT ASSETS:

 

 

 

 

 

Long term prepaid expenses

45

 

52

 

48

Property, plant and equipment

5,237

 

5,545

 

5,453

Investment property

614

 

635

 

630

Deferred tax assets

618

 

564

 

500

Intangible assets

239

 

348

 

321

Goodwill

573

 

573

 

573

 

 

 

 

 

 

 

7,326

 

7,717

 

7,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

27,815

 

26,208

 

26,183

 

 

 

 

 

 

 

The accompanying notes form an integral part of the financial statements.

 

INTERIM CONSOLIDATED STATEMENT OF

FINANCIAL POSITION

 

 

30.09.2017

 

30.09.2016

 

31.12.2016

 

U.S. $ In thousands

 

Unaudited

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Current maturities and short term bank credit and loans

919

 

811

 

802

Trade payables

2,513

 

2,239

 

2,285

Other accounts payables

2,503

 

1,702

 

1,792

Current tax payables

223

 

100

 

3

 

 

 

 

 

 

 

6,158

 

4,852

 

4,882

 

 

 

 

 

 

NON- CURRENT LIABILITIES:

 

 

 

 

 

Loans from banks, net of current maturities

1,139

 

1,870

 

1,664

Employee benefits, net

464

 

434

 

405

Other liabilities

-

 

92

 

-

 

 

 

 

 

 

 

1,603

 

2,396

 

2,069

 

 

 

 

 

 

Total liabilities

7,761

 

7,248

 

6,951

 

 

 

 

 

 

EQUITY

 

 

 

 

 

Equity attributable to owners of the parent

 

 

 

 

 

Share capital

114

 

109

 

109

Additional paid-in capital

15,343

 

14,958

 

14,964 

Capital reserve from share-based payment transactions

345

 

317

 

323

Translation differences

34

 

125

 

44

Retained earnings

3,815

 

3,133

 

3,468

 

 

 

 

 

 

 

19,651

 

18,642

 

18,908

 

 

 

 

 

 

Non-controlling interest

403

 

318

 

324

 

 

 

 

 

 

Total equity

20,054

 

18,960

 

19,232

 

 

 

 

 

 

 

 

 

 

 

 

Total equity and liabilities

27,815

 

26,208

 

26,183

 

 

 

 

 

 

             

 

November 8, 2017

 

 

 

Date of approval of financial statements

Moshe Borovitz

Finance Director

Dov Feiner

Chief Executive Officer

Zvi Borovitz

Non-executive Chairman

 

The accompanying notes form an integral part of the financial statements.

 

 

 

 

 

INTERIM CONSOLIDATED STATEMENTS OF

CASH FLOWS

 

 

Nine months period

ended September 30,

 

Year ended December 31,

 

 

 

2017

 

2016

 

2016

 

 

U.S. $ in thousands

 

 

 

Unaudited

 

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

Profit for the period

 

944

 

627

 

984

 

Adjustments for:

 

 

 

 

 

 

 

Depreciation and amortization

 

478

 

385

 

635

 

Loss (gain) from investments in financial assets

 

126

 

7

 

(57)

 

Loss (gain) from sale of property, plant and equipment

 

(7)

 

-

 

-

 

Equity settled share-based payment expense

 

22

 

14

 

20

 

Finance expenses, net

 

81

 

79

 

122

 

Income tax expense

 

239

 

136

 

222

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Decrease (increase) in inventories

 

264

 

534

 

(466)

 

Decrease (increase) in trade receivables

 

(1,141)

 

315

 

19

 

Decrease (increase) in other accounts receivables and prepaid expenses

 

(48)

 

126

 

572

 

Increase in trade and other accounts payables

4

862

 

9

 

105

 

Increase in employee benefits, net

 

59

 

47

 

2

 

Interest paid

 

(81)

 

(79)

 

(122)

 

Income tax paid

 

(94)

 

(658)

 

(837)

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

1,704

 

1,542

 

1,199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

 The accompanying notes form an integral part of the financial statements.

 

INTERIM CONSOLIDATED STATEMENTS OF

CASH FLOWS (cont.)

 

 

 

Nine months period

ended September 30,

 

Year ended December 31,

 

 

2017

 

2016

 

2016

 

 

U.S. $ in thousands

 

 

Unaudited

 

 

 

Cash Flows From Investing Activities:

 

 

 

 

 

 

Sale of investments in financial assets, net

 

-

 

2,142

 

2,142

Proceeds from sale of property, plant and equipment

 

31

 

 

 

 

Purchase of property, plant and equipment

 

(170)

 

(171)

 

(314)

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

(139)

 

1,971

 

1,828

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows From Financing Activities:

 

 

 

 

 

 

Exercise of share options

 

101

 

22

 

28

Dividend paid to the owners of the parent

 

(235)

 

(568)

 

(568)

Short term loan received from banks

 

78

 

-

 

-

Long term loan received from banks

 

19

 

27

 

87

Repayment of long-term loan from banks

 

(631)

 

(582)

 

(793)

 

 

 

 

 

 

 

Net cash used in financing activities

 

(668)

 

(1,101)

 

(1,246)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase in cash and

cash equivalents during the period 

 

921

 

2,412

 

1,781

Cash and cash equivalents

 at the beginning of the period

 

4,428

 

2,634

 

2,634

Exchange differences on balances of cash and  

     cash equivalents

 

24

 

54

 

13

 

 

 

 

 

 

 

Cash and cash equivalents

 at the end of the period

 

5,349

 

5,100

 

4,428

 

 

 

 

 

 

 

                   

 

Appendix A - Non-cash transactions:

 

 

Nine months period

ended September 30,

 

Year ended December 31,

 

 

 

2017

 

2016

 

2016

 

 

 

U.S. $ in thousands

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

  against trade payables

 

18

 

27

 

5

 

Scrip dividend (Note 5 B)

 

283

 

-

 

-

 

 

 

 

 

 

 

 

 

                   

 

The accompanying notes form an integral part of the financial statements.

 

 

 

 

 

MTI WIRELESS EDGE LTD.

(An Israeli Corporation)

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

 

Note 1 - General:

Corporate information:

M.T.I Wireless Edge Ltd. (hereafter - the "Company", or collectively with its subsidiaries, the "Group") is an Israeli corporation. The Company was incorporated under the Companies Act in Israel on December 30, 1998 as a wholly-owned subsidiary of M.T.I Computers and Software Services (1982) Ltd. (hereafter - the "Parent Company"), and commenced operations on July 1, 2000. Since March 2006, the Company's shares have been traded on the AIM market of the London Stock Exchange.

 

The formal address of the Company is 11 Hamelacha Street, Afek industrial Park, Rosh-Ha'Ayin, Israel. The Company is engaged in the development, design, manufacture and marketing of antennas and accessories.

 

Via its subsidiary, Mottech Water solutions Ltd. (hereafter "Mottech"), the Company 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.

 

 

Note 2 - Significant Accounting Policies:

The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in International Accounting Standard No. 34 ("Interim Financial Reporting").

 

The interim consolidated financial information set out above does not constitute full year-end accounts within the meaning of Israeli Companies Law. It has been prepared on the going concern basis in accordance with the recognition and measurement criteria of the International Financial Reporting Standards (IFRS). Statutory financial information for the financial year ended December 31, 2016 was approved by the board on February 15, 2017. The report of the auditors on those financial statements was unqualified.

 

The interim consolidated financial statements as of September 30, 2017 have not been audited.

 

The interim consolidated financial information should be read in conjunction with the annual financial statements as of December 31, 2016 and for the year then ended and with the notes thereto. The significant accounting policies applied in the annual financial statements of the Company as of December 31, 2016 are applied consistently in these interim consolidated financial statements.

 

 

Note 3 - operating SEGMENTS:

The following tables present revenue and profit information regarding the Group's operating segments for the nine months period ended September 30, 2017 and 2016 respectively and for the year ended December 31, 2016.

 

Nine months period ended September 30, 2017 (Unaudited)

 

 

 

 

 

 

 

 

Antennas

 

Water Solutions

 

 

Total

 

 

U.S. $ in thousands

Revenue

 

 

 

 

 

 

External

 

9,984

 

9,626

 

19,610

 

 

 

 

 

 

 

Total

 

9,984

 

9,626

 

19,610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit (loss)

 

(43)

 

1,185

 

1,142

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance income, net

 

 

 

 

 

41

 

 

 

 

 

 

 

Profit before income tax

 

 

 

 

 

1,183

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

Depreciation and amortization

 

445

 

33

 

478

 

 

 

 

 

 

 

 

 

Nine months period ended September 30, 2016 (Unaudited)

 

 

 

 

 

 

 

 

Antennas

 

Water Solutions

 

 

Total

 

 

U.S. $ in thousands

Revenue

 

 

 

 

 

 

External

 

8,324

 

9,258

 

17,582

 

 

 

 

 

 

 

Total

 

8,324

 

9,258

 

17,582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit (loss)

 

(305)

 

1,320

 

1,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance expense, net

 

 

 

 

 

(252)

 

 

 

 

 

 

 

Profit before income tax

 

 

 

 

 

763

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

Depreciation and amortization

 

347

 

38

 

385

 

 

 

 

 

 

 

 

Note 3- operating SEGMENTS (CONT.):

Year ended December 31, 2016

 

 

 

 

Antennas

 

Water Solutions

 

Total

 

 

U.S. $ in thousands

Revenue

 

 

 

 

 

 

External

 

11,427

 

11,849

 

23,276

 

 

 

 

 

 

 

Total

 

11,427

 

11,849

 

23,276

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit (loss)

 

(108)

 

1,591

 

1,483

 

 

 

 

 

 

 

Unallocated corporate expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance expense, net

 

 

 

 

 

(277)

 

 

 

 

 

 

 

Profit before income tax

 

 

 

 

 

1,206

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

Depreciation and amortization

 

591

 

44

 

635

 

 

 

 

 

 

 

 

 

Note 4-TRANSACTIONS AND BALANCES WITH RELATED PARTIES:

The following transactions occurred with the Parent Company and other related parties:

 

 

Nine months period ended 

    September 30,

 

Year ended December 31,

 

 

 

2017

 

2016

 

2016

 

 

U.S. $ in thousands

 

 

Unaudited

 

 

Purchased Goods

 

151

 

221

 

369

Management Fee

 

345

 

320

 

428

Services Fee

 

194

 

187

 

249

Lease income

 

(54)

 

(54)

 

(72)

                 

 

Compensation of key management personnel of the Group:

 

 

Nine months period ended 

    September 30,

 

Year ended December 31,

 

 

 

2017

 

2016

 

2016

 

 

U.S. $ in thousands

 

 

Unaudited

 

 

Short-term employee benefits *)

 

636

 

584

 

810

 

 

 

 

 

 

 

                 

 

*) Including Management fees for the CEO, Directors, Executive Management and other related parties.

All Transactions were made at market value.

 

Note 4 -TRANSACTIONS AND BALANCES WITH RELATED PARTIES (CONT.):

Balances with related parties:

 

As at

 

30.09.2017

 

30.09.2016

 

31.12.2016

 

U.S. $ in thousands

 

Unaudited

 

 

Other accounts payables

335

 

113

 

207

 

 

 

 

 

 

 

 

Note 5 - SIGNIFICANT EVENTS:

A.  During January, June and September 2017, employees exercised options over 822,500 ordinary shares in exchange for a total consideration of approximately $101,000.

 

B.   On April 4, 2017, the Company paid a dividend of 1 US cent per ordinary share totaling approximately $235,000 and in addition 1,022,328 new ordinary shares were issued to qualifying shareholders that chose the scrip dividend alternative.

 

C.   During June 2017 Mottech agreed to establish a joint venture company in China ("Mottech China") with Omega Technologies LTD ("OTL"), which is an existing third-party sales representative for Mottech's water irrigation solutions in China. Mottech China will be 60% owned by Mottech. In addition to supporting Mottech's activities, it is intended that Mottech China will also sell additional third party products that are complementary to Mottech's equipment which are currently being sold by OTL in China.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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