Share purchase by a substantial shareholder

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	[phone]
Moni Borovitz, CEO	http://www.mtiwirelessedge.com
Allenby Capital Limited (Nomad and Joint Broker)	[phone]
Nick Naylor/Alex Brearley/Piers Shimwell (Corporate Finance)
Guy McDougall/Amrit Nahal (Sales and Corporate Broking)
Shore Capital (Joint Broker) Toby Gibbs/ Rachel Goldstein (Corporate Advisory) Fiona Conroy (Corporate Broking)	[phone]
Novella (Financial PR)
Tim Robertson/Safia Colebrook	[phone]

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

Individual transactions:

Number of Ordinary Shares sold	Transaction price (pence per Ordinary Share)	Time of transaction	Trading venue
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

 

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