Proposed Board Change & Notice of Results & AGM

RNS Number : 9243O
MTI Wireless Edge Limited
06 February 2023
 

6 February 2023

 

MTI Wireless Edge Ltd

("MTI" or the "Company")

 

Notice of shareholder meetings

 

Proposed appointment of Non-Executive Director

 

Notice of announcement of the 2022 Full Year Results and Investor Presentation

 

 

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 be holding its Annual General Meeting (the "AGM") at 14.00 hrs (London time) on 14 March 2023. The AGM will be held at the offices of Allenby Capital Limited, 5 St Helen's Place, London, EC3A 6AB for the purpose of:

1.  the presentation of the financial reports for the year ended 31 December 2022;

2.  re-electing Mr. Zvi Borovitz as chairman of the Company;

3.  re-electing Mr Moni Borovitz, the Company's CEO, as a director of the Company;

4.  re-electing Mr Dov Feiner, the Company's antenna division General Manager, as a director of the Company;

5.  re-electing Mr David Yariv as a non-executive director of the Company;

6.  re-appointing BDO Israel LLP as the Company's auditors for the year ending 31 December 2023 and to authorize the directors to determine the auditors' remuneration for such year in accordance with the recommendation of the Audit Committee; and

7.  approving the appointment of Mr. Michael Yehezkel Karo as an independent director and the grant of an indemnity letter to Mr. Michael Yehezkel Karo , on the same terms as the other officers in the Company and in accordance with the existing remuneration policy.

 

Shareholders should note that Mrs Lihi Elimelech Bechor and Mr. Luke Ahern will remain in their positions as non-executive external directors as a result of the fact that their appointment was for three years from April 2021 and March 2022, respectively.

 

Shareholders should also note that, following its publication, the Company will not be posting printed copies of the annual report for the year ended 31 December 2022 to its shareholders.  Shareholders who require a copy of the annual report may download it from the Company's website at www.mtiwirelessedge.com or write to the Company at MTI Wireless Edge Ltd Headquarters,11 Hamelacha St. Afek Industrial Park, Rosh-Ha'Ayin, Israel requesting a hard copy. 

2022 Full Year Results and Investor Presentation

MTI expects to announce its financial results for the year ended 31 December 2022 on Monday, 13 March 2023.

Moni Borovitz, Chief Executive Officer, will provide a live investor presentation relating to the financial results via the Investor Meet Company (IMC) platform on Monday, 13 March 2023 at 10.00am UK time.

Investors can sign up for free via: https://www.investormeetcompany.com/mti-wireless-edge-ltd/register-investor

Investors who have already registered and added to meet the Company, will be automatically invited to the meeting.

The presentation is in line with MTI Wireless Edge's commitment to ensuring that appropriate communication structures are in place for all of its shareholders.

Questions can be submitted pre-event through your IMC dashboard up until 9.00am on the day before the meeting or at any time during the live presentation.  Management may not be in a position to answer every question it receives but will address those it can while remaining within the confines of information already disclosed to the market. Responses to the Q&A from the live presentation will be published at the earliest opportunity on the Investor Meet Company platform.

Election of Mr. Michael Yehezkel Karo as independent director

Pursuant to the provisions of the Israeli Companies Law, the Company has to nominate an independent director in addition to two external directors. Mr. Amnon Sofrin has now served for nine years (including with MTI Computers and Software Service (1982) Ltd. which merged in 2018 into the Company) and therefore can no longer be regarded as an independent director and has to be replaced. The Company therefore proposes the election of Mr. Michael Yehezkel Karo as the replacement independent director.

 

Subject to his appointment, Mr. Michael Yehezkel Karo will be entitled to annual remuneration in accordance with the Companies Regulations (Rules concerning Remuneration and Expenses for External Directors), 5760-2000 and the remuneration policy. In addition, he will be entitled to be included in the Company's insurance and indemnity arrangements for officers.

 

Michael Yehezkel Karo is a highly experienced program manager with a thorough technical background and strong proven leadership. He has worked for over 35 years in RAFAEL Advanced Defense Systems Ltd. performing multiple positions including development, system engineering, integration and program management. Mr. Karo holds an MBA in business administration from Haifa University.  

 

Michael Yehezkel Karo (who previously had the name Michael Yehezkel), age 63, is not currently a director of any company or a partner in any partnership. In the last five years Mr Karo has not served as a director of any companies or been a partner in any partnerships. Mr Karo does not currently hold any ordinary shares in the Company.

 

The audit committee has reviewed the declaration of Mr. Michael Yehezkel Karo and finds him suitable to serve as an independent director.

 

Notice to shareholders

The notice of the AGM will be posted to shareholders and will shortly be available on the Company's website at the following address , www.mtiwirelessedge.com , in accordance with AIM Rule 20.

 

For further information please contact:

MTI Wireless Edge Ltd

Moni Borovitz, CEO

+972 3 900 8900

http://www.mtiwirelessedge.com

Allenby Capital Limited (Nomad and Joint Broker)

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

Amrit Nahal/David Johnson (Sales and Corporate Broking)

+44 20 3328 5656

 

Shore Capital (Joint Broker)

Toby Gibbs/John More (Corporate Advisory)

Fiona Conroy (Corporate Broking)

 

 

+44 20 7408 4090

Novella (Financial PR)

Tim Robertson/Safia Colebrook

+44 20 3151 7008

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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