Result of scrip dividend alternative

RNS Number : 9519I

MTI Wireless Edge Limited

26 March 2018

 

26 March 2018

MTI Wireless Edge Ltd

("MTI" or the "Company")

Result of scrip dividend alternative

Further to the Company's announcements on 16 February 2018 and 8 March 2018, MTI Wireless Edge Ltd. (MWE), a market leader in the manufacture of flat panel antennas for fixed wireless broadband and a wireless irrigation solution provider, announces that it has received valid elections for the Scrip Dividend Alternative to the 2017 Dividend in respect of 35,301,873 existing Ordinary Shares.

Accordingly, based on the previously announced Scrip reference Price of 27 pence per share, the 2017 Dividend of US$0.02 (two cents) per Ordinary Share and a GBP/USD exchange rate of 1.382, a total of 1,813,970 Scrip Dividend Shares will be issued and allotted by the Company to Qualifying Shareholders who elected to receive the Scrip Dividend Alternative. Any fractional entitlements to Scrip Dividend Shares have been dealt with in the way described in the Circular published on 16 February 2018 regarding the Scrip Dividend Alternative, which is available on the Company's website. Words and expressions defined in the Circular bear the same meanings as in this announcement.

Application will be made to AIM for the Scrip Dividend Shares to be admitted to trading on AIM ("Admission"). Admission of the Scrip Dividend Shares is expected to occur on 5 April 2018. Following Admission, the Company will have 55,438,288 Ordinary Shares in issue and admitted to trading on AIM. Following Admission, this figure, 55,438,288 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.

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 Corporate Finance 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.

 

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