MTI Wireless Edge Limited Further re Proposed Merger (6558X)
14 August 2018 - 1:00AM
UK Regulatory
TIDMMWE
RNS Number : 6558X
MTI Wireless Edge Limited
13 August 2018
13 August 2018
MTI Wireless Edge Ltd
("MTI" or the "Company")
Proposed merger with MTI Computers & Software Services
(1982) Ltd
Receipt of final court approval and completion of the merger
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, announces receipt of the
final court approval from the Israeli court required for the
completion of the proposed merger (the "Merger") between the
Company and MTI Computers & Software Services (1982) Ltd
("MTIC").
On 13 August 2018 the Israeli court issued the certification for
the Merger in the framework of the Scheme of Arrangement, and the
final Court Order. As result the Company and MTIC (the "Merging
Companies") have now received all the approvals required for the
Merger to complete and the Merging Companies are moving to complete
the Merger ("Completion"). Completion remains contingent only upon
there being no court order that prohibits the implementation of the
Merger being issued prior to Completion.
Application will shortly be made to the London Stock Exchange
for the 31,600,436 new ordinary shares nominal value of NIS 0.01
each in the Company being issued as consideration to the
shareholders of MTIC to be admitted to trading on AIM
("Admission"). Admission of these shares is expected to occur at
8.00 am on 17 August 2018.
At the same time as Admission, the Board of MTIC will arrange
for the 29,510,716 existing new ordinary shares nominal value of
NIS 0.01 each in the Company, currently held by MTIC, to be
transferred to the shareholders of MTIC, pro rata to their holdings
of shares in MTIC, in accordance with the terms of the Merger
Agreement entered into between the Merging Companies on 1 May 2018,
as further described in the Company's announcement of 2 May
2018.
It is expected that the last day of dealings in MTIC share on
the Tel Aviv Stock Exchange will be 16 August 2018.
Further details regarding the Merger are set out in the
Company's circular to shareholders dated 12 June 2018 (the
"Circular"). The Circular is available on the Company's website at
the following address, www.mtiwe.com. Additional information and
documents, which may be read in conjunction with the Circular, are
also available at the following location on the Company's website:
http://www.mtiwe.com/?CategoryID=378&ArticleID=214.
Following the issue of the 31,600,436 new ordinary shares
nominal value of NIS 0.01 each in the Company there will be
87,038,724 ordinary shares nominal value of NIS 0.01 each in the
Company in issue.
The Company anticipates announcing it results for the 6 months
ended 30 June 2018 during the last week in August 2018.
For further information please contact:
MTI Wireless Edge Ltd http://www.mtiwe.com/
Dov Feiner, CEO +972 3 900 8900
Moni Borovitz, Financial Director
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
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 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 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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