Vela Technologies PLC GBP200,000 investment in MTI Wireless Edge Ltd (5366T)
26 March 2021 - 1:15AM
UK Regulatory
TIDMVELA
RNS Number : 5366T
Vela Technologies PLC
25 March 2021
25 March 2021
Vela Technologies plc
("Vela" )
GBP200,000 investment in MTI Wireless Edge Ltd
The Board of Vela (AIM: VELA) announces that it has purchased
250,000 ordinary shares in MTI Wireless Edge Ltd ("MTI") at a price
of 80 pence per share. Vela's share purchase was part of a placing
out of 3,650,000 existing ordinary shares in MTI on behalf of
certain key shareholders in MTI and following investor demand from
a range of institutional and other investors. Further details can
be found in the announcement released by MTI earlier today.
Further information on MTI Wireless
Headquartered in Israel, MTI is an AIM quoted technology group
(AIM:MWE) 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 90 GHz.
- Water Control & Management Division: Via its subsidiary,
Mottech Water Solutions Ltd ("Mottech"), MTI provides high-end
remote control solutions for water and irrigation applications
based on Motorola's IRRInet state-of-the-art control, monitoring
and communication technologies.
- 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 MTI.
Details of the share purchase
Vela has purchased 250,000 ordinary shares in MTI Wireless Edge
Ltd at a price of 80 pence per share. The consideration for the
purchase of GBP200,000 has been funded from Vela's existing cash
resources. Following this purchase Vela will hold approximately
0.28 per cent. of the issued share capital of MTI.
For further information, please contact:
Vela Technologies plc Tel: +44 (0) 7421
Brent Fitzpatrick, Non-Executive Chairman 728875
James Normand, Executive Director
Allenby Capital Limited (Nominated Adviser Tel: +44 (0) 20
and Joint Broker) 3328 5656
Nick Athanas / Asha Chotai
Peterhouse Capital Limited (Joint Broker) Tel: +44 (0) 20
Lucy Williams / Duncan Vasey / Eran Zucker 7469 0930
About Vela Technologies
Vela Technologies (AIM: VELA) is an investing company focused on
early stage and pre-IPO long term disruptive technology
investments. Vela's investee companies have either developed ways
of utilising technology or are developing technology with a view to
disrupting the businesses or sector in which they operate. Vela
Technologies will also invest in listed companies where valuations
may offer additional opportunities.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCUVASRAOUOUAR
(END) Dow Jones Newswires
March 25, 2021 10:15 ET (14:15 GMT)
Vela Technologies (LSE:VELA)
Historical Stock Chart
From Apr 2024 to May 2024
Vela Technologies (LSE:VELA)
Historical Stock Chart
From May 2023 to May 2024