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MTI Wireless Edge - PDMR Shareholding and Exercise of Options

RNS Number : 1483Y
MTI Wireless Edge Limited
07 September 2020
 

 

7 September 2020

 

MTI Wireless Edge Ltd

("MTI" or the "Company")

 

PDMR Shareholding and Exercise of Options

 

MTI Wireless Edge Ltd. (AIM: MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, announces an exercise of options and sales of ordinary shares by Mr. David Shani, the Chief Executive Officer of Mottech Water Solutions Ltd. (the Company's water control and management subsidiary).  

 

On 4 September 2020, Mr. Shani sold a total of 600,000 ordinary shares in the Company at a weighted average price of 40.25 pence per ordinary share and has also exercised 600,000 options to subscribe for new ordinary shares in the Company. The aforementioned options had an exercise price of 27 pence per ordinary share.  The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

 

Following the above actions, Mr Shani does not have a beneficial interest in the Company's ordinary shares or options. The Company now has only 20,000 share options that remain granted under its current option plan, which are held by one employee. 

 

Following the above exercise of options, MTI has made an application for 600,000 new ordinary shares in the Company (the "New Shares") to be admitted to trading on AIM. Trading in the New Shares is expected to become effective on 10 September 2020.

 

Following the above, the total number of ordinary shares in issue is now 88,518,724. The Company does not currently hold any ordinary shares in treasury. Therefore, the total number of voting rights in the Company is 88,518,724, which 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 Company.

 

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

David Shani

2

Reason for the notification

a)

Position/status

CEO of Mottech Water Solutions Ltd.

b)

 

Initial notification /Amendment

Initial notification

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 financial instrument, type of instrument

Identification code

Ordinary shares of 0.01 Israeli shekels each

 

 

Identification code (ISIN) for MTI Wireless Edge Ltd's ordinary shares: IL0010958762

b)

Nature of the transaction

Exercise of options and disposal of ordinary shares

c)

Price(s) and volume(s)


Price(s)

Volume(s)

Exercise of options:

£0.27

Disposal of ordinary shares:

£0.41

£0.39

£0.42

Exercise of options:

600,000

Disposal of ordinary shares:

150,000

300,000

150,000

 

d)

Aggregated information

 

 

- Aggregated volume

Exercise of options: 600,000

Disposal of ordinary shares: 600,000

 

- Price

Exercise of options: £162,000

Disposal of ordinary shares: £241,500

e)

Date of the transaction

Exercise of options: 4 September 2020

Disposal of ordinary shares: 4 September 2020

f)

Place of the transaction

Exercise of options: Outside a Trading Venue

Disposal of ordinary shares: London Stock Exchange (XLON), AIM market

 

 

For further information please contact:

 

MTI Wireless Edge Ltd                                                                                              +972 3 900 8900

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

 

Allenby Capital Limited (Nomad and Joint Broker)                                           +44 20 3328 5656

Nick Naylor, Alex Brearley (Corporate Finance)

Guy McDougall (Equity Sales)

 

Peterhouse Capital Limited (Joint Broker)                                                          +44 20 7469 0930

Lucy Williams

Eran Zucker

 

Novella (Financial PR)                                                                                              +44 20 3151 7008

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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Quick facts: MTI Wireless Edge Limited

Price: 47.5

Market: AIM
Market Cap: £42.06 m
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