MTI Wireless Edge Limited Exercise of Options and PDMR Shareholding (1680V)

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RNS Number : 1680V

MTI Wireless Edge Limited

04 April 2019

4 April 2019

MTI Wireless Edge Ltd

("MTI" or the "Company")

Exercise of Options and PDMR Shareholding

MTI Wireless Edge Ltd. (AIM: MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, announces the exercise of a total of 450,000 share options by the Company's Chairman, Zvi Borovitz and the Company's Chief Executive Officer, Moni Borovitz.

Zvi Borovitz has exercised 200,000 options to subscribe for new ordinary shares in the Company with a nominal value of NIS 0.01 each ("Ordinary Shares") and Moni Borovitz has exercised 250,000 options to subscribe for new Ordinary Shares. All of these options had an exercise price of 9.5 pence per Ordinary Share. The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

The Company will shortly be making an application for 450,000 new Ordinary Shares in the capital of the Company (the "New Shares") to be admitted to trading on AIM. Trading in the New Shares is expected be become effective on or around 12 April 2019.

Following the issue of the New Shares, the Company will have a total of 87,488,724 Ordinary Shares in issue. The Company holds 510,000 Ordinary Shares in treasury. The total number of voting rights in the Company as at the date of this announcement is therefore 86,978,724. The figure of 86,978,724 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 share capital of the Company.

Following the issue of the New Shares, Zvi Borovitz and Moni Borovitz will be beneficially interested in 1,146,429 and 371,254 Ordinary Shares respectively, which will represent 1.3% and 0.4% of the voting rights in the Company respectively. Mokirey Aya Ltd., a company controlled by members of the Borovitz family (including Zvi Borovitz and Moni Borovitz), is also interested in a total of 28,833,508 Ordinary Shares, which will represent 33.2% of the voting rights in the Company following the issue of the New Shares.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

 
 1     Details of the person discharging managerial 
        responsibilities / person closely associated 
 a)    Name                         Zvi Borovitz 
      ---------------------------  -------------------------------------- 
 2     Reason for the notification 
      ------------------------------------------------------------------- 
 a)    Position/status              Chairman of MTI Wireless Edge Ltd 
      ---------------------------  -------------------------------------- 
 b)    Initial notification         Initial notification 
        /Amendment 
      ---------------------------  -------------------------------------- 
 3     Details of the issuer, emission allowance 
        market participant, auction platform, 
        auctioneer or auction monitor 
      ------------------------------------------------------------------- 
 a)    Name                         MTI Wireless Edge Ltd 
      ---------------------------  -------------------------------------- 
 b)    LEI                          2138003Y3AHVBB1QCY91 
      ---------------------------  -------------------------------------- 
 4     Details of the transaction(s): section 
        to be repeated for (i) each type of instrument; 
        (ii) each type of transaction; (iii) each 
        date; and (iv) each place where transactions 
        have been conducted 
      ------------------------------------------------------------------- 
 a)    Description of the                 Ordinary shares of 0.01 Israeli 
        financial instrument,                                shekels each 
        type of instrument 
        Identification code 
                                       Identification code (ISIN) for MTI 
                                     Wireless Edge Ltd's ordinary shares: 
                                                             IL0010958762 
      ---------------------------  -------------------------------------- 
 b)    Nature of the transaction    Exercise of options 
      ---------------------------  -------------------------------------- 
 c)    Price(s) and volume(s)         Price(s)    Volume(s) 
                                       GBP0.095    200,000 
                                                  ---------- 
      ---------------------------  -------------------------------------- 
 d)    Aggregated information 
      ---------------------------  -------------------------------------- 
  - Aggregated volume               200,000 
 --------------------------------  -------------------------------------- 
  - Price                           GBP19,000 
 --------------------------------  -------------------------------------- 
 e)    Date of the transaction      3 April 2019 
      ---------------------------  -------------------------------------- 
 f)    Place of the transaction     Outside a Trading Venue 
      ---------------------------  -------------------------------------- 
 
 
 1     Details of the person discharging managerial 
        responsibilities / person closely associated 
 a)    Name                         Moni Borovitz 
      ---------------------------  ---------------------------------------- 
 2     Reason for the notification 
      --------------------------------------------------------------------- 
 a)    Position/status              Chief Executive Officer of MTI Wireless 
                                     Edge Ltd 
      ---------------------------  ---------------------------------------- 
 b)    Initial notification         Initial notification 
        /Amendment 
      ---------------------------  ---------------------------------------- 
 3     Details of the issuer, emission allowance 
        market participant, auction platform, 
        auctioneer or auction monitor 
      --------------------------------------------------------------------- 
 a)    Name                         MTI Wireless Edge Ltd 
      ---------------------------  ---------------------------------------- 
 b)    LEI                          2138003Y3AHVBB1QCY91 
      ---------------------------  ---------------------------------------- 
 4     Details of the transaction(s): section 
        to be repeated for (i) each type of instrument; 
        (ii) each type of transaction; (iii) each 
        date; and (iv) each place where transactions 
        have been conducted 
      --------------------------------------------------------------------- 
 a)    Description of the                   Ordinary shares of 0.01 Israeli 
        financial instrument,                                  shekels each 
        type of instrument 
        Identification code 
                                         Identification code (ISIN) for MTI 
                                       Wireless Edge Ltd's ordinary shares: 
                                                               IL0010958762 
      ---------------------------  ---------------------------------------- 
 b)    Nature of the transaction    Exercise of options 
      ---------------------------  ---------------------------------------- 
 c)    Price(s) and volume(s)         Price(s)    Volume(s) 
                                       GBP0.095    250,000 
                                                  ---------- 
      ---------------------------  ---------------------------------------- 
 d)    Aggregated information 
      ---------------------------  ---------------------------------------- 
  - Aggregated volume               250,000 
 --------------------------------  ---------------------------------------- 
  - Price                           GBP23,750 
 --------------------------------  ---------------------------------------- 
 e)    Date of the transaction      3 April 2019 
      ---------------------------  ---------------------------------------- 
 f)    Place of the transaction     Outside a Trading Venue 
      ---------------------------  ---------------------------------------- 
 

For further information please contact:

MTI Wireless Edge Ltd [phone]

Dov Feiner, CEO

Moni Borovitz, Financial Director

Allenby Capital Limited (Nomad and Joint Broker) [phone]

Nick Naylor

Alex Brearley

Peterhouse Capital Limited (Joint Broker) [phone]

Lucy Williams

Eran Zucker

About MTI Wireless Edge

Headquartered in Israel, MTI is a multi-faceted Group offering comprehensive technology solutions through four core divisions:

Antennas Division

MTI Wireless Edge 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.

Internationally recognized as a producer of commercial off-the-Shelf and custom-developed antenna solutions in a broad frequency range, MTI Wireless Edge addresses both commercial and military applications.

MTI supplies directional and omnidirectional antennas for outdoor and indoor deployments, including smart antennas for WiMAX, Broadband access, public safety, RFID, base stations 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.

Aerostat Operation Division

Via its system engineering division, the Group offers design and integration of aerostat operation systems along with the ongoing operation of Platform subsystems, SIGINT, RADAR, communication and observation systems.

Water Control & Management Division

Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), the Group 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.

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 solutions ensure constant, reliable and accurate water usage, while reducing operational and maintenance costs. Mottech activities are focused in the market segments of agriculture, water distribution, municipal and commercial landscape as well as wastewater and storm-water reuse.

RF and Microwave Representative and Consultation Division

Via its subsidiary, MTI Summit Electronics Ltd. the group offers representative and expert consultation services specializing in RF and Microwave solutions and applications. It provides its services to international electronics suppliers operating in Israel, Eastern Europe, and Russia.

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 [e-mail] or visit www.rns.com.

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April 04, 2019 06:34 ET (10:34 GMT)