MTI Wireless Edge Limited Update re Proposed Merger (4662Q)
06 June 2018 - 5:31PM
UK Regulatory
TIDMMWE
RNS Number : 4662Q
MTI Wireless Edge Limited
06 June 2018
6 June 2018
MTI Wireless Edge Ltd
("MTI" or the "Company")
Proposed merger with MTI Computers & Software Services
(1982) Ltd
The Israeli court approved the Company's application to convene
an extraordinary general meeting
Further to the Company's announcements on 2 May 2018, 8 May 2018
and 30 May 2018, MTI Wireless Edge Ltd (AIM: MWE) announces that
yesterday, it and its controlling shareholder, MTI Computers &
Software Services (1982) Ltd ("MTIC"), received the approval of the
Israeli court with respect to the their application requesting the
court to order the convening of Extraordinary General Meetings of
the shareholders of each company in accordance with Sections
350-351 of the Israeli Companies Law, 1999 (the "Court Order"). The
Extraordinary General Meetings are being convened so that the MTI
and MTIC shareholders may consider and, if thought fit, approve the
proposed merger between the two companies in accordance with the
terms of the merger agreement entered into on 1 May 2018, further
details of which are set out in the Company's announcement of 2 May
2018 (the "Merger").
The key instructions included in the Court Order are, inter
alia, as follows:
-- the Company and MTIC are required to publish, without delay,
a notice regarding the Court Order in accordance with the Israeli
Companies Regulations;
-- the Extraordinary General Meetings shall not be convened
earlier than 21 days from the date of the Court Order
-- following the Extraordinary General Meetings, the Company and
MTIC shall publish the results of the meetings and act in
accordance therewith; and
-- the Company and MTIC are instructed to submit a copy of the
application to court and the Court Order to the Israeli Securities
Authority and the Official Receiver.
The date and additional details regarding the Extraordinary
General Meeting of the shareholders of the Company will be provided
in future announcements and in the circular to be sent to
shareholders in connection with approval of the Merger.
For further information please contact:
MTI Wireless Edge Ltd http://www.mtiwe.com/
Dov Feiner, CEO +972 3 900 8900
Moni Borovitz, Financial Director
Nominated Adviser 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 for
military applications. Commercial applications include: WiMAX;
wireless networking; RFID readers; and broadband wireless access.
With over 40 years' experience MTI supplies 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 base stations and terminals for the
utility market. Military applications includes 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 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 activities are focused in the market
segments of agriculture, water distribution, municipal and
commercial landscape and wastewater and storm water reuse.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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