MTI Wireless Edge Limited Transactions by PDMRs and substantial shareholders (4062T)

TIDMMWE

RNS Number : 4062T

MTI Wireless Edge Limited

25 March 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("EUWA")) ("UK MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED WITHIN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF INSIDE INFORMATION (AS DEFINED UNDER UK MAR). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THOSE PERSONS THAT RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING ARE NO LONGER IN POSSESSION OF SUCH INSIDE INFORMATION, WHICH IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

25 March 2021

MTI Wireless Edge Ltd

("MTI" or the "Company")

Transactions by PDMRs and substantial shareholders

Highlights

-- A total of 3,650,000 existing Ordinary Shares in the Company have been sold to institutional and other investors at a price of 80p per share.

-- A series of investor presentations was completed by MTI following the recent publication of its Annual Results.

-- Following resultant interest from a range of new and existing institutional and private investors, MTI has arranged for a limited release of equity from certain key shareholders.

-- The Board believes that this should enhance MTI's profile in the UK public markets and provide additional liquidity for MTI's publically-traded shares

Background

Following the publication of the Company's Final Results for the year ended 31 December 2020, MTI Wireless Edge Ltd. (AIM: MWE) embarked on a series of investor meetings and discussions, via the Company's brokers, Allenby Capital Limited ("Allenby") and Peterhouse Capital Limited ("Peterhouse"). Following this Roadshow, Allenby and Peterhouse reported to the Company that there was interest amongst the parties met to invest into MTI. Given the relative lack of liquidity in the market for the Company's shares and with the Company adequately financed for its current business plans, the Company has sought to at least partially satisfy this new interest via arranging for certain existing, long-term shareholders to release some shares.

Against this background the Company announces that it was informed on 24 March 2021 of the following sales of the Company's ordinary shares of 0.01 Israeli shekels each ("Ordinary Shares") which were made by certain of the Company's persons discharging managerial responsibilities ("PDMRs") and substantial shareholders. These Ordinary Shares have been sold to institutional and other investors.

On 24 March 2021, Mokirei Aya Ltd, a company controlled by members of the Borovitz family (including Zvi Borovitz, Chairman of the Board of Directors and Moni Borovitz, Director and Chief Executive Officer of the Company), sold 2,412,613 Ordinary Shares at a price of 80p per share. Following this sale, Mokirei Aya Ltd has an interest in 26,420,895 Ordinary Shares, equivalent to 29.84% of the voting rights in the Company. Zvi Borovitz and Moni Borovitz are beneficially interested in 1,146,429 and 371,254 Ordinary Shares respectively and these holdings remain unchanged, representing 1.29% and 0.42% of the voting rights in the Company respectively.

On 24 March 2021, Dov Feiner, Director of the Company and general manager of the Company's antenna division, sold 304,123 Ordinary Shares at a price of 80p per share. Following this sale, Dov Feiner is beneficially interested in 3,528,265 Ordinary Shares, equivalent to 3.98% of the voting rights in the Company.

On 24 March 2021, Menashe Mani, an executive in the company, sold 153,546 Ordinary Shares at a price of 80p per share. Following this sale, Menashe Mani is beneficially interested in 2,025,309 Ordinary Shares, equivalent to 2.29% of the voting rights in the Company.

On 24 March 2021, Jacques and Rina Beer, who are collectively a substantial shareholder in the Company, sold 779,718 Ordinary Shares at a price of 80p per share. Following this sale, Jacques and Rina Beer are collectively beneficially interested in 9,097,042 Ordinary Shares, equivalent to 10.27% of the voting rights in the Company.

The FCA notifications, made in accordance with the requirements of UK MAR, are appended below and give further details regarding the sales of Ordinary Shares by PDMRs and persons closely associated with them.

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                   Mokirei Aya Ltd 
     ---------------------  ------------------------------------------------ 
 2    Reason for the notification 
     ----------------------------------------------------------------------- 
 a)   Position/status        Mokirei Aya Ltd is a person closely associated 
                              with MTI Wireless Edge Ltd's Non Executive 
                              Chairman, Zvi Borovitz and MTI Wireless 
                              Edge Ltd's Chief Executive Officer, Moni 
                              Borovitz, both of whom are persons discharging 
                              managerial responsibilities 
     ---------------------  ------------------------------------------------ 
 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            Ordinary Shares of 0.01 Israeli shekels 
       of the financial       each 
       instrument, 
       type of instrument 
       Identification         Identification code (ISIN) for MTI Wireless 
       code                   Edge Ltd's Ordinary Shares: IL0010958762 
     ---------------------  ------------------------------------------------ 
 b)   Nature of              Sale of Ordinary Shares 
       the transaction 
     ---------------------  ------------------------------------------------ 
 c)   Price(s)                Price(s)     Volume(s) 
       and volume(s)           80 pence     2,412,613 
                                per share    Ordinary 
                                             Shares 
                                           ---------- 
     ---------------------  ------------------------------------------------ 
 d)   Aggregated 
       information 
     ---------------------  ------------------------------------------------ 
      - Aggregated           N/A 
       volume 
     ---------------------  ------------------------------------------------ 
      - Price                N/A 
     ---------------------  ------------------------------------------------ 
 e)   Date of the            2 4 March 2021 
       transaction 
     ---------------------  ------------------------------------------------ 
 f)   Place of               London Stock Exchange (XLON ), AIM market 
       the transaction 
     ---------------------  ------------------------------------------------ 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                   Dov Feiner 
     ---------------------  --------------------------------------------- 
 2    Reason for the notification 
     -------------------------------------------------------------------- 
 a)   Position/status        Director - General manager of MTI Wireless 
                              Edge Ltd's antenna division 
     ---------------------  --------------------------------------------- 
 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            Ordinary Shares of 0.01 Israeli shekels each 
       of the financial 
       instrument, 
       type of instrument     Identification code (ISIN) for MTI Wireless 
       Identification         Edge Ltd's Ordinary Shares: IL0010958762 
       code 
     ---------------------  --------------------------------------------- 
 b)   Nature of              Sale of Ordinary Shares 
       the transaction 
     ---------------------  --------------------------------------------- 
 c)   Price(s)                Price(s)     Volume(s) 
       and volume(s)           80 pence     304,123 Ordinary 
                                per share    Shares 
                                           ----------------- 

     ---------------------  --------------------------------------------- 
 d)   Aggregated 
       information 
     ---------------------  --------------------------------------------- 
      - Aggregated           N/A 
       volume 
     ---------------------  --------------------------------------------- 
      - Price                N/A 
     ---------------------  --------------------------------------------- 
 e)   Date of the            2 4 March 2021 
       transaction 
     ---------------------  --------------------------------------------- 
 f)   Place of               London Stock Exchange (XLON ), AIM market 
       the transaction 
     ---------------------  --------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                   Menashe Mani 
     ---------------------  --------------------------------------------- 
 2    Reason for the notification 
     -------------------------------------------------------------------- 
 a)   Position/status        PDMR - General manager of MTI Wireless Edge 
                              Ltd's system engineering division 
     ---------------------  --------------------------------------------- 
 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            Ordinary Shares of 0.01 Israeli shekels each 
       of the financial 
       instrument, 
       type of instrument     Identification code (ISIN) for MTI Wireless 
       Identification         Edge Ltd's Ordinary Shares: IL0010958762 
       code 
     ---------------------  --------------------------------------------- 
 b)   Nature of              Sale of Ordinary Shares 
       the transaction 
     ---------------------  --------------------------------------------- 
 c)   Price(s)                Price(s)     Volume(s) 
       and volume(s)           80 pence     153,546 Ordinary 
                                per share    Shares 
                                           ----------------- 
     ---------------------  --------------------------------------------- 
 d)   Aggregated 
       information 
     ---------------------  --------------------------------------------- 
      - Aggregated           N/A 
       volume 
     ---------------------  --------------------------------------------- 
      - Price                N/A 
     ---------------------  --------------------------------------------- 
 e)   Date of the            2 4 March 2021 
       transaction 
     ---------------------  --------------------------------------------- 
 f)   Place of               London Stock Exchange (XLON ), AIM market 
       the transaction 
     ---------------------  --------------------------------------------- 
 

For further information please contact:

MTI Wireless Edge Ltd [phone]

Moni Borovitz, CEO http://www.mtiwirelessedge.com

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

Nick Naylor/Alex Brearley (Corporate Finance)

Guy McDougall (Sales and Corporate Broking)

Peterhouse Capital Limited (Joint Broker) [phone]

Lucy Williams/ Eran Zucker

Novella (Financial PR) [phone]

Tim Robertson/Fergus Young

About MTI Wireless Edge Ltd. ("MTI")

Headquartered in Israel, MTI is a technology group 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.

Internationally recognized as a producer of commercial off-the-Shelf and custom-developed antenna solutions in a broad frequency range, MTI 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.

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.

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

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 the Company.

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March 25, 2021 03:00 ET (07:00 GMT)